Global Hip Replacement Implants Market will grow at CAGR of 3.08 % to hit

Posted by swamiv on November 21st, 2019

Global hip replacement implants market By Product Type (Femoral Reconstruction, Acetabular Reconstruction, Hip Resurfacing, Revision Hip Implants, Bearing and Porous Metal Technologies, Total Replacement Implants) Material (Metal-On-Metal, Metal-on-Polyethylene, Ceramic-On-Metal, Ceramic-On-Polyethylene, Ceramic-On-Ceramic) End-Users (Orthopedic Clinics, Hospitals, Surgery Centers      

Market Analysis; Global Hip Replacement Implants Market

Global hip replacement implants market is set to witness a steady CAGR of 3.8% in the forecast period of 2019-2026. The report contains data of the base year 2018 and historic year 2017. The rise in the market value can be attributed to growing cases of trauma and injuries, osteoporosis, osteoarthritis and growing geriatric population.

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Market Definition: Global Hip Replacement Implants Market

A hip replacement is a kind of surgery in which an injured or damaged hip joint is substituted with an artificial implant. It is used when the mobility is abridged and even in rest, pain is experienced. These are made up of metal, plastic or ceramic.

According to the International Osteoporosis Foundation, osteoporosis causes more than 8.9 million fractures annually, more than 200 million people are suffering from osteoporosis, worldwide, 1 in 3 women over the age of 50 years and 1 in 5 men will experience osteoporotic fractures in their lifetime. Osteoporosis has no clinical manifestations until there is a fracture.

Market Drivers

•          Growing geriatric population is increasing the growth of the market
•          Advancement in technology is enhancing the market growth
•          Popular minimally invasive surgeries are increasing the market growth
•          Growing application of hip implants is acting as a catalyst for the market growth
•          Growing adoption of total hip replacement implants is boosting the market growth

Market Restraints

•          High cost of surgeries is restraining the market growth
•          Dearth of skilled professionals is hampering the market growth
•          Strict rules for the approval of devices in the market restrict the market growth

Segmentation Global Hip Replacement Implants Market

By Product Type

•           
•          Partial Femoral
•          Acetabular Reconstruction
•          Bearing and Porous Metal Technologies
•          Hip Resurfacing
•          Revision Hip Implants
•          Total Replacement Implants
•   Fixed Bearing Hip Implants
•   Mobile-Bearing Total Hip Implants

By Material

•          Metal-On-Metal
•          Metal-on-Polyethylene
•          Ceramic-On-Metal
•          Ceramic-On-Polyethylene
•          Ceramic-On-Ceramic

By End Users

•          Orthopedic Clinics
•          Hospitals
•          Surgery Centers

Key Developments in the Market:

In July 2019, Indian Institute of Technology Hyderabad researchers announced that they are developing new technologies for bio-compatible implants. This implant would allow initial detections of errors via non-invasive diagnosis and monitoring. Initial recognition deprived of surgery would help patients in avoiding reverse and painful surgery

In June 2016, Cartiva, Inc. announced that they have received Premarket Approval from the U.S. Food and Drug Administration (FDA) for its Cartiva Synthetic Cartilage Implant. It is used for arthritis of the big toe joint. The approval allows the company to begin marketing in the U.S. as it is the first synthetic cartilage device which is approved by the FDA. This device would help in treating the patient suffering from arthritis

Competitive Analysis

Global hip replacement implants market  is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of hip replacement implants market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.

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