Pune, India, Oct. 28, 2021 (GLOBE NEWSWIRE) -- The Hip Replacement Industry size is prognosticated to be worth USD 10.51 billion by the end of 2026 from USD 7.13 billion in 2018. The market is expected to grow at a CAGR of 5.0% within the forecast period of 2019 to 2026. As per current hip implants market trends, the market is dominated by hospitals and ambulatory centers segment, with respect to end-user. This is attributable to the rise in the number of hip arthroplasty implants in hospitals and the rapid adoption of robots for replacement surgeries.
North America to Dominate Market with New Product Launches and Strategic Company Collaborations
The global hip replacement industry is classified geographically into five major regions namely Latin America, Asia Pacific, North America, Europe, and the Middle East and Africa regions. In the current scenario, the market is dominated by North America with a hip replacement market revenue of USD 2.52 billion in 2018. This is on account of the surge in the number of hip replacement prostheses, rise in strategic collaborations among market vendors and new product launches. The launch of MiniMAX Hip, by Medacta International, was announced in November 2017. It is a cementless stem that will serve as an option for minimally invasive hip replacement surgery for surgeons in the U.S. Such innovations are likely to bode well for the market in the long run.
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Out research methodology is robust and includes data triangulation based on bottom-up and top-down approaches. We validated the approximate market number with the help of primary research. Secondary research was conducted to find out detailed information about mergers & acquisitions, collaborations, joint ventures, and agreements. At the same time, we have derived significant information about the market dynamics associated with growth drivers, trends, and obstacles.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2019 to 2026 |
| Forecast Period 2020 to 2027 CAGR | 5.0 % |
| 2026 Value Projection | USD 10.51 billion |
| Base Year | 2019 |
| Market Size in 2018 | USD 7.13 billion |
| Historical Data for | 2015 to 2017 |
| No. of Pages | 115 |
| Segments covered | By Procedure, By End User, Orthopedic Clinics, Hip Resurfacing |
| Growth Drivers | Increase in Preference for Customized Hip Implants to Drive Market |
| North America to Dominate Market with New Product Launches and Strategic Company Collaborations | |
| Moreover, the rise in preference for customized implants for both female and male patients is likely to drive the market. |
Apart from key developments, the report displays the names of significant players in the hip replacement market. These include:
- Exactech, Inc.
- Stryker
- B. Braun Melsungen AG
- Bioimpianti
- Zimmer Biomet
- MicroPort Scientific Corporation
- DePuy Synthes (Johnson & Johnson Services, Inc.)
- Conformis
- Smith & Nephew plc
On the other hand, the market in Asia Pacific is expected to witness significant growth in the forecast duration on account of the increasing prevalence of hip osteoarthritis serving most of the geriatric population in the region. For instance, the Surgical Variance Report of 2107 reported the funding of about 9,947 hip procedures in private hospitals by a private health insurer in Australia called Medibank Private Limited during 2015-2016. Such health reimbursement policies are prognosticated to augment the hip implants market share in Asia Pacific.
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Increase in Preference for Customized Hip Implants to Drive Market
The increasing geriatric population and their vulnerability to various health issues of the bones is a major driver for the hip replacement industry growth. In addition, the increasing prevalence of osteoarthritis is adding a boost to the market and further expected to do the same in the coming years. In addition, there is a surge in demand for partial replacement surgeries. This, coupled with the advent of robot-assisted hip implants will help boost the hip replacement market shares in the coming years.
Moreover, the rise in preference for customized implants for both female and male patients is likely to drive the market. This is attributable to the introduction of 3D printing technology for the manufacturing of customized implants. Furthermore, government-supported health reimbursement policies set to provide affordable and quality care to all patients are anticipated to create lucrative growth opportunities for the market in the long run.
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The recent coronavirus outbreak has brought major businesses to a standstill. Due to travel bans, companies in this sector are likely to take a huge hit in the coming years. Ultimately, the rapid spread of the disease has urged governments to take strict measures. The report includes the impact on Covid-19 pandemic on the global Pharmaceuticals market and discusses how major companies are coping with this.
Some major points from Table of Content:
- Introduction
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Number of Hip Replacement Procedures – For Key Countries
- Regulatory Scenario - For Key Countries/Regions
- Reimbursement Scenario - For Key Countries/Regions
- New Product Launches
- Technological Advancements in Hip Replacement Industry
- Key Industry Developments - Mergers, Acquisitions and Partnerships
- Global Hip Replacement Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Procedure
- Total Hip Replacement
- Partial Hip Replacement
- Revision & Hip Resurfacing
- Market Analysis, Insights and Forecast – By End User
- Hospitals & Ambulatory Surgery Centers
- Orthopedic Clinics
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Hip Replacement Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Procedure
- Total Hip Replacement
- Partial Hip Replacement
- Revision & Hip Resurfacing
- Market Analysis, Insights and Forecast – By End User
- Hospitals & Ambulatory Surgery Centers
- Orthopedic Clinics
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Europe Hip Replacement Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Procedure
- Total Hip Replacement
- Partial Hip Replacement
- Revision & Hip Resurfacing
- Market Analysis, Insights and Forecast – By End User
- Hospitals & Ambulatory Surgery Centers
- Orthopedic Clinics
- Others
- Market Analysis, Insights and Forecast – By Countries/ Sub-region
- U.K.
- Germany
- France
- Spain
- Italy
- Scandinavia
- Rest of Europe
- Asia Pacific Hip Replacement Industry Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Procedure
- Total Hip Replacement
- Partial Hip Replacement
- Revision & Hip Resurfacing
- Market Analysis, Insights and Forecast – By End User
- Hospitals & Ambulatory Surgery Centers
- Orthopedic Clinics
- Others
- Market Analysis, Insights and Forecast – By Countries/ Sub-region
- Japan
- China
- India
- Australia
- Southeast Asia
- Rest of Asia Pacific
-
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
Continued...
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