Global Hip Replacement Implant Market: Snapshot
Hip replacement implants are used for replacing damaged hip to restore bodily function to as normal as possible. Damage caused to the hip due to injuries, disease, or fractures can be corrected with hip replacement implants. The demand for hip replacement implants has been on the rise in recent years due to the growing number of injuries and the subsequent demand for surgeries for the required correction. Owing to this reason, the global market is expected to be worth US$9.1 bn by the end of 2024 as compared to US$6.5 bn in 2015. Between the forecast period of 2016 and 2024, the global market is estimated to expand at a CAGR of 3.9%.
High Prevalence of Trauma to Hips Augments Demand in Global Market
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.
Total Hip Replacement Implant Segment to Lead Global Market throughout Forecast Period
On the basis of product, the global market is segmented into total hip replacement implant, hip resurfacing implant, partial hip replacement implant, and revision hip replacement implant. The total hip replacement implant segment is further fragmented into fixed bearing hip implants and mobile-bearing total hip implants. Of all these segments, the total hip replacement implant segment held a leading share in the global market. The report indicates that this segment will continue to lead against the backdrop of growing incidences of trauma to the hips and increasing prevalence of osteoarthritis amongst the elderly.
North America Poised to Dominate as Region Witnesses Rising Healthcare Expenditure
In terms of geography, the global market is segmented into Europe, North America, Asia Pacific, the Middle East and Africa, and Latin America. Of these, North America dominated the global market in 2015 and is expected to continue its dominance during the forecast period. This is due to high prevalence of osteoarthritis, increasing health care expenditure leading to increase in demand for better medical devices and health care services, and number of technological advancements in the field of hip replacement implants. However, the market in Asia Pacific is projected to register a significant growth rate by 2024 due to availability of large patient pool and increasing awareness about health. In addition, high percentage of geriatric population, and increasing disposable income are expected to offer opportunities.
The key players operating in the global hip replacement 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. As of 2015, Zimmer Biomet Holdings, Inc. held a leading share in the global market with its winning business strategies such as acquisition of Clinical Graphics. The company is anticipated to continue its stance in the global market throughout the forecast period as it is expected to make significant investments in research and development of new products.
Global Hip Replacement Implant Market: Overview
Hip Replacement Implant are the artificial implant made of metal, plastics or ceramic which are replaced with the hip joint. Hip replacement procedure takes place when hip joint is damaged due to disease or injury.
A detailed overview of market dynamics, including the drivers, restraints, and opportunities of the market, has been provided in this report. Market revenue for all the above mentioned segments, and their sub segments has been provided for the forecast period of 2016-2024, considering 2015 as the base year, and 2014 as the historical year, along with compound annual growth rate (CAGR %), for the forecast period of 2016-2024. Market share estimations were based on in-depth analysis and study of products, and their features, prices etc.
This report provides in-depth analysis of the market. The stakeholders for this report include companies involved in the manufacturing of hip implant and its spares parts. For providing a snapshot of this market to the stakeholders, executive summary section is included in this report, which summarizes the market size, trends and competition in different regions. Market share analysis among the market players is analyzed to signify percentage share of the major players operating in the market. Furthermore, the report incorporates market attractiveness analysis by geography that depicts the most attractive and significant region in the global market in 2015.
Global Hip Replacement Implant Market: Research Methodology
The research methodology is a combination of primary and secondary research. Primary research includes information collected via e-mails, and telephonic interviews of Key Opinion Leaders (KOL), and forms the bulk of our research. Secondary research includes information collected from various sources, by study of company websites, annual reports, stock analysis presentations, press releases, and various national and international databases.
Global Market: Segmentation
Based on product type, global market is segmented on the basis of product are total hip replacement implant, partial hip replacement implant, hip resurfacing implant and revision hip replacement implant. Total hip replacement implant segment is further sub-segmented into fixed bearing hip implants and mobile-bearing total hip implants. Based on material, the market are segmented into metal-on-metal, metal-on-polyethylene, ceramic-on-metal, ceramic-on-polyethylene and ceramic-on-ceramic. End users in the market are, hospitals, orthopedic clinics, ambulatory surgical centers and others (long term care center, research, academics, nursing facility, etc.)
Global Hip Replacement Implant Market: Regional Outlook
Based on geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The regions are further segmented into major countries which include, U.S., Canada, Germany, U.K., France, rest of Europe, China, Japan, Australia and New Zealand, Rest of Asia Pacific, Brazil, Mexico, Rest of Latin America, Saudi Arabia, South Africa and Rest of Middle East and Africa.
Key Players Mentioned in this Report are:
The report also comprises list major players in the market, their SWOT analysis, market share of these players in the market, key business strategies, product portfolios, and recent developments. Key market players profiled in this report include, B. Braun Melsungen AG, Exactech, Inc., DJO Global, Inc., Johnson & Johnson, MicroPort Scientific Corporation, OMNIlife science, Inc., Smith & Nephew, Stryker Corporation and Zimmer Biomet Holdings, Inc. Zimmer Biomet Holdings, Inc.
The global hip replacement implant market has been segmented as follows:
- By Product Type
- Total Replacement Implant
- Fixed Bearing Hip Implants
- Mobile-Bearing Total Hip Implants
- Partial Replacement Implant
- Hip resurfacing Implant
- Revision Replacement Implant
- Total Replacement Implant
- B Material
- By End Users
- Orthopedic Clinics
- Ambulatory Surgical Centers
- By Geography
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America