Pune, India, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Increasing geriatric population worldwide is expected to drive the global hip resurfacing implants market growth in the foreseeable future. According to the World Population Prospects 2019 report released by the United Nations Population Division, approximately 16% of the world’s population will be over the age of 65 by 2050. In 2018 itself persons at and above 65 years of age outnumbered the number of children in the world and by 2050, people above the age of 80 will reach 426 million.
Aged people typically suffer from a host of bone and muscle degenerative conditions and one of the most common surgeries that they need to undergo is that of hip replacement. As a result, rising number of aged people is likely to emerge as one of the main hip resurfacing implants market trends during the forecast period. Moreover, these advanced procedures are getting an additional boost from the increasing demand for minimally and non-invasive surgical methods.
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Fortune Business Insights™, in its report, titled “Hip Resurfacing Implants Market Size, Share and Global Trend By Product (Total Hip Replacement Implant, Partial Hip Replacement Implant, Revision Hip Replacement Implants, Hip Resurfacing Implants), By Material (Metal, Plastic, Ceramics), By End User (Hospitals, Orthopedic Clinics, Ambulatory Surgery Centers, Others) and Geography Forecast Till 2026”, provides a comprehensive overview of the market through:
- A careful segmentation of the market and a thorough study of the individual segments in a peace-meal manner;
- An in-depth research into the various factors and drivers shaping the growth trajectory of the market;
- A microscopic evaluation of the regional and competitive dynamics; and
- An accurate prediction of the upcoming trends along with future prospects in the market.
Key Industry Developments:
- September 2019: DePuy Synthes partly acquired JointPoint Inc.’s hip replacement navigation software. The acquisition would enable DePuy to integrate JointPoint’s hip replacement solutions with its own tissue-sparing anterior surgical technique.
- October 2018: Zimmer Biomet teamed with Apple to transform the healing experience for patients that undergo knee and hip replacement surgeries. Zimmer would link its mymobility™ app with Apple Watch which would create a virtual connection between the patient and her/his surgical care team, making it possible for the team to efficiently track the patient’s road to recovery.
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Strategic Collaborations to Create New Pathways in the Market
The market for hip resurfacing implants is a fragmented one, dominated by a few key players. The hip resurfacing implants market report says that these players are taking definitive steps to make deeper inroads into this market. Some of the most favored strategies include entering into partnerships and acquisition of smaller companies by big players to widen their product offerings.
Rising Prevalence of Osteoarthritis to Push People Towards Hip Resurfacing Implants
According to the World Health Organization (WHO), around 9.6% males and 18% females worldwide are suffering from osteoarthritis. Of these, close to 80% are expected to have movement limitations. In this backdrop, hip resurfacing procedures gain greater significance owing to their advantages over conventional hip replacement procedures. In hip resurfacing, the femoral head is not removed, but it is trimmed and covered with a smooth metal cap.
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This makes revision surgeries easier for surgeons as the implant can be easily replaced with a new one. The American Academy of Orthopedic Surgeons states that hip resurfacing implants reduce the probability of hip dislocation because size of the implant is almost the size of the natural hip ball, making it harder to slide off its position. Conventional hip replacement techniques fail to offer these benefits, which has led to a greater number of people opting for advanced hip resurfacing tools, thus enlarging the hip resurfacing implants market size.
High Incidence of Accident Cases to Spur Growth in North America
Among regions, North America is projected to lead the hip resurfacing implants market share owing to the persistently high rate of accidents in the region. Besides this, rapid growth in geriatric population, large number of people suffering from obesity, and an increasing preference for hip resurfacing implants will fuel the market in North America. In Asia-Pacific, the market is expected to grow at a formidable rate on account of rising popularity of hip resurfacing implants and an evolving healthcare infrastructure supported by friendly insurance policies.
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Prominent Players Covered by Fortune Business Insights™:
- Corentec Co., Ltd.,
- Surgival
- B. Braun Melsungen AG
- Zimmer Biomet
- Conformis
- DePuy Synthes
- GROUP FH ORTHO communication
- Evolutis
- Waldemar LINK GmbH & Co. KG
- Corin
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