Rising Geriatric Population to Fillip Demand in Global Hip Replacement Market
Surgical procedures that were complex a decade ago are simple today, thanks to the technological disruption that has revolutionized healthcare. One such advancement is the availability of hip implants that has shot up the demand for hip replacement surgeries. The global hip replacement market has been growing at a steady pace in the last few years and is expected to maintain consistent growth rate in the future.
Eyeing potential in the market, established pharmaceutical brands have either entered the market or plan to launch their products soon. Several factors like growing geriatric population, advancement in healthcare and financial aid from governments are key for growth of the global hip replacement market.
High Incidence of Lifestyle Diseases a Contributes to Growth
Changing lifestyles of people, especially the youth and middle aged population has increased the incidence of obesity and bone diseases. Most jobs today involve sitting for long hours, thus resulting in hip ailments. Often people suffer serious diseases requiring replacement of the hip joint. Such factors can increase demand in the global hip replacement market.
At the same time, another important factor is the swelling geriatric population. Many developed nations today have a large geriatric population, thus requiring higher healthcare attention. Among the common health conditions cited by the senior citizen population, hip ailment is one. This fuels growth in the global hip replacement market.
Further, the number of road accidents and trauma cases have risen in the past few years. In many cases, victims suffer grievous hip injuries and doctors recommend a hip replacement procedure. This trend should garner growth in the global hip replacement market.
Financial Aid from Governments to Expand Consumer Base
A major concern for the global hip replacement market is the high cost of surgical procedures. Due to this, most patients adopting for treatment hailed from the middle-class or elite sections. This division of the population predominantly depends on private health insurance for healthcare. But, the economically weaker section relies on government funds or state-sponsored health insurance.
While governments cover a large number of treatments under their health insurance policies, they recently included hip replacement procedures, too. This allows the poor to obtain hip replacement surgeries, enabling companies in the global hip replacement market to expand their customer base.
Quality of Implants a Concern for Consumers
Quality of products is the prime concern for every consumer, more so in healthcare. Manufacturers have often come in the radar of regulatory authorities for failing to meet the necessary standards. Cases of faulty implants have also come to light in the recent past. Such factors could throttle demand in the global hip replacement market.
However, pharmaceutical companies have been vigilant about the quality of their products recently. They have introduced modern quality control techniques and are keeping track of feedback from doctors and patients. Simultaneously, many players are working on developing better-quality hip implants. These factors could soon rise demand in the global hip replacement market.
Rapid Development in Healthcare to Surge Growth in Asia Pacific Region
Most countries in North America and Europe are developed economies, thus have high-end healthcare infrastructure. Besides, availability of government-sponsored health insurance, high awareness levels among people, and increased disposable income favor growth in the region. North America and Europe will hold the highest share in the global hip replacement market.
On the other hand, players in the global hip replacement market are keen about the growth in Asia Pacific region. Developing economies like India and China, and other nations like South Korea, Malaysia, and Japan, will steer growth in the region. Thrust from governments on development of healthcare facilities and rising per capita income are some growth driving aspects.
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