Global Hip Resurfacing Implants Market: Overview
Those having hip problems usually go for a hip replacement. They could also opt for hip resurfacing. The latter is a more conservative procedure having greater benefits. This has led to a steady growth in the global hip resurfacing implants market. The different materials used in making hip resurfacing implants are hybrid alloy, TIN coated, and chromium alloy. Among those, cobalt chromium alloy and hybrid alloy are seeing widespread uptake in making hip resurfacing implants. In fact, going forward, both the material segments are expected to rise at the same pace. However, hybrid alloy segment currently holds a greater share in the market and in future too would lead the market on account of larger sales.
A report by Transparency Market Research finds that the global hip resurfacing implants market is rising at a sluggish yet steady pace. It valued the market at US$ 160 mn in 2017. It states that product recalls and rising issues in hip resurfacing implants have served to hamper the revenue growth in the market. Notwithstanding such hurdles, the global hip resurfacing implants market is expected to rise in the next couple of years too because of the demand from end use segments of ambulatory surgical centers, hospitals, and orthopedic clinics.
Global Hip Resurfacing Implants Market: Key Trends
Hip resurfacing emerged as a viable alternative to hip replacement thereby spawning the global hip resurfacing implants market. In fact, it steals a march over hip replacement in many ways. For example, instead of replacing all of the hip as in total hip replacement, hip resurfacing entails shaving and capping just a few millimeters of the surface of the joint. This allows preserving most of the natural bone of the patient. It serves to lessen the postoperative dislocation risk and inaccurate leg length. Thus hip resurfacing enables patients to heal faster and carry out all their previous activities such running and other competitive sports. In fact, because of such USPs, the global hip resurfacing implants market is set to rise. The younger demographics is particularly interested in it. Its lesser cost compared to hip replacement is also driving demand in the market.
Despite such benefits, the global hip resurfacing implants market is facing headwinds because of many drawbacks of the process. Many surgeons do not recommend hip resurfacing anymore since it can up the proportion of potentially harmful metal ions in the bloodstream. Besides, it also carries the risk of bone fracture just underneath the metal cap in the topmost part of the thighbone. Women with not-so-great bone quality are particularly prone to it.
Global Hip Resurfacing Implants Market: Regional Outlook
The global hip resurfacing implants market is spread across Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. Asia with its large population has been significantly contributing to demand in the market. North America is another prominent market owing to its developed healthcare system.
Global Hip Resurfacing Implants Market: Competitive Dynamics
Some of the prominent participants in the global hip resurfacing implants market are Zimmer Biomet Holdings, Inc., MicroPort Scientific Corporation, Smith & Nephew, BioPro, and Corin Group Plc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.
TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.
Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.
Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.