Albany, New York, June 19, 2019 (GLOBE NEWSWIRE) -- The Rise in Aging Population Propels Market Growth
Factors such as rising geriatric population, incidences of accidents, and industrial mishaps that causes damage to the hip and creates need for the hip reconstruction is augmenting Hip Reconstruction Devices Market. Owing to these factors, the market is likely to expand at a CAGR of 5.0% during the forecast period from 2017 to 2022; the market stood at a value of US$5.68 bn in 2016. Additionally, rising geriatric population globally is one of the important factor augmenting growth of the hip reconstruction devices market as these individuals are more vulnerable to diseases. The United States Census Bureau estimated that the average age of a U.S. citizen estimated in 2000 was 35.3 and it has increased to 37.9 years in 2016. Thus, the number of surgeries is estimated to observe a substantial rise.
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Regionally, North America accounted for a revenue of US$2.11 bn in 2017 and is projected to account for the leading share in revenue by the end of the forecast period. This is attributable to the rise in preference for minimally invasive surgeries among patients and surgeons in the region. Additionally, Europe and Asia Pacific are trailing in terms of revenue and are estimated to expand by exhibiting CAGR of 5.90% and 6.20% respectively. This is primarily attributable to rising reimbursement policies coupled with the presence of advanced medical infrastructure in both regions.
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Hip replacement or reconstruction surgery is conducted in the case of hip pain and damage due to arthritis, fractures, and osteonecrosis. Osteonecrosis is a condition caused by an inadequate blood supply to the ball of the hip joint. Rising incidences of arthritis and other joints related diseases, which cause grave damage to hip and leads to the condition of reconstruction, are primary factors driving growth of the global hip reconstruction devices market. The Healthcare Cost and Utilization Project (HCUP) and National Hospital Discharge survey suggest that in 2010, a total 2.5 million individuals underwent hip replacement in the U.S. This figure of affected individuals is estimated to increase the number of reconstruction surgeries in coming years.
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Primary Cemented Hip Replacement Devices to Register Strong Growth
On a wider level, the global market for hip reconstruction devices is assessed on the basis of the product, indication, and the end user. Revision hip replacement device, primary cemented hip replacement device, partial hip replacement device, primary cementless hip replacement device, and hip resurfacing device are the key products available in this market. Among these, the demand for primary cemented hip replacement devices is relatively higher. Over the forthcoming years, this demand is likely to increase substantially, adding US$126.6 mn per annum in revenues over the period from 2017 to 2022.
By indication, the worldwide market is bifurcated into rheumatoid arthritis, osteoarthritis, and trauma. Elderly people, suffering from osteoarthritis and rheumatoid arthritis, are the main consumers of hip reconstruction devices across the world. Hospitals, ambulatory surgical centers (ASCs), and orthopedic clinics have surfaced as the main end users of hip reconstruction devices. The demand for these devices will be comparatively higher from hospitals in the years to come.
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The global market for hip reconstruction devices is highly competitive and fragmented on nature. United Orthopedic Corp., MicroPort Scientific Corp., Exactech Inc., Waldemar LINK GmbH & Co. KG, Corin, Zimmer Inc., Braun Melsungen AG, DePuy Synthes, Smith & Nephew, and Stryker Corp. are some of the key manufacturers of hip reconstruction devices across the world.
The study presented here is based on a Transparency Market Research report titled “Hip Reconstruction Devices Market (Product - Primary Cemented Hip Replacement Device, Primary Cementless Hip Replacement Device, Partial Hip Replacement Device, Revision Hip Replacement Device, and Hip Resurfacing Device; End User - Hospitals, Orthopedic Clinics, and ASCs; Indication - Osteoarthritis, Rheumatoid Arthritis, and Trauma) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2022.”
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