(PharmaNewsWire.Com, January 22, 2018 ) Hip replacement devices Market was worth USD 5.09 billion in 2016 and estimated to be growing at a CAGR of 3%, to reach USD 5.9 billion by 2021. A hip replacement is an invasive surgical procedure, used to remove a diseased or fractured hip joint and replace it with an artificial joint or prosthesis. Osteoarthritis is one of the most common factors for hip diseases. Structures within the hip (such as the cartilage or bony joint surfaces) may get damaged due to overuse, trauma, or certain conditions, such as rheumatoid arthritis, tumors, and so on. This may lead to degenerative changes within the hip which can lead to osteoarthritis.
The steady growth of the hip replacement implant market is attributed to rising geriatric population, increasing incidences of accidents, and rising prevalence of osteoarthritis. Technological advancements in the field of artificial hip implant resulting in new and innovative products such as mobile bearing hip implant and various material combination implants have increased the mobility and flexibility of the leg. These innovations have also reduced the side effects for artificial implants, thereby augmenting their demand. However, price pressure, risk of complications after surgery, and waiting time for surgery in hospitals are some of the major hindering factors.
The market for Hip replacement devices is broadly categorized into product, material and end user. By end user the market is divided into Ambulatory surgical centres, Hospitals and Orthopaedic clinics. By product the market is classified into total, fixed, mobile-bearing, partial hip replacement, hip resurfacing and revision hip replacement. By material the market is classified into metal on metal, metal on polyethylene, ceramic on metal, ceramic on polyethylene and ceramic on ceramic. On the basis of geography, the market is analysed under various regions namely North America, Europe, Asia-Pacific and Rest of the World. The Hip replacement devices market was dominated by North America followed by Europe. Asia Pacific is expected to register a significant growth.
Scope of the Report
· Regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
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· Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
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The key players operating in the global hip replacement devices market are B. Braun Melsungen AG, Exactech, Inc., DJO Global, Inc., Johnson & Johnson, MicroPort Scientific Corporation, OMNIlife science, Inc., Smith & Nephew, Zimmer Biomet Holdings, Inc., and Stryker Corporation.
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