With a large pool of manufacturers, the global hip reconstruction devices market is demonstrating a high competitive and fragmented business landscape, finds a new research study by Transparency Market Research (TMR). Innovation and advancements in current offerings is the key trend among the leading players in this market, such as United Orthopedic, Exactech, Corin, Braun Melsungen, DePuy Synthes, and Stryker. However, over the forthcoming years, a shift in their focus towards strategic alliances, in the form of mergers, acquisitions, and partnerships, can be observed, notes the research study.
According to the research report, the global market for hip reconstruction devices stood at US$5.68 bn in 2016 and is expected to witness strong growth over the period from 2017 to 2022. Primary cemented hip replacement devices enjoy a much higher demand among all the products available in this market. With a rise of US$126.6 mn per annum in revenues, this segment is anticipated to retain its dominance over the forecast period. With an increasing patient pool, osteoarthritis and rheumatoid arthritis have emerged as the primary indication for the application of these devices. Researchers predict this trend to continue over the next few years. Hip reconstruction devices find significant application in hospitals, ambulatory surgical centers (ASCs), and orthopedic clinics.
Regionally, North America has emerged as the leading market for hip reconstruction devices across the world. Analysts at TMR anticipate this regional market for remain on the top over the forecast period on the grounds of the presence of established hip reconstruction device vendors in a large number. The increasing demand for minimally invasive surgeries is also projected to boost the North America market for hip reconstruction devices in the years to come, states the research report.
Technological Advancements to Drive Market’s Growth
“With the significant increase in the geriatric population base across the world, the prevalence of osteoporosis and rheumatoid arthritis is augmenting continuously, resulting in the soaring need for hip reconstruction surgeries, which, subsequently, is boosting the demand for hip reconstruction devices,” says a TMR analyst. The rising cases of hip injuries and the growing demand for minimally invasive procedures is also propelling the global hip reconstruction devices market remarkably.
Going forward, the technological advancements in hip reconstruction devices are likely to drive the growth in this market over the next few years. The upswing in the investments for research and development of highly advanced and minimally invasive hip reconstruction procedures and devices is also projected to have a positive impact on this market in the near future.
High Cost of Devices to Act as Restraint
The worldwide hip reconstruction devices market, although, looks thriving; however, the high cost of hip reconstruction procedures and devices may restrict the market from growing steadily in the coming years. The stringent regulations required for the approval for these devices will also create hindrances in the growth trajectory of this market over the next few years.
Nonetheless, the rising awareness pertaining to the benefits of hip construction procedures in treating patients and enabling them to perform daily activities and live a normal lifestyle is expected normalize the impact of these restraints in the years to come, states the study.
The review is based on a report by Transparency Market Research (TMR), titled “Hip Reconstruction Devices Market (Product - Primary Cemented Hip Replacement Device, Primary Cementless Hip Replacement Device, Partial Hip Replacement Device, Revision Hip Replacement Device, and Hip Resurfacing Device; End User - Hospitals, Orthopedic Clinics, and ASCs; Indication - Osteoarthritis, Rheumatoid Arthritis, and Trauma) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017 - 2022.”