There is a dire need for hip reconstruction especially amongst the growing geriatric population that often suffers the brunt of lower-joint dysfunction. Moreover, there is a general increase in instances of osteoarthritis, hip injuries, and wearing down of joints which has escalated the demand for hip reconstruction devices. The global market for hip reconstruction devices encapsulates a number of market players who are currently relying on innovation and renewals in technology to gain market dominance. However, the market is expected to soon incline towards mergers, acquisitions, and partnerships which seem more viable in the future. The contemporary high-scoring players within the market include DePuy Synthes, United Orthopedic, Braun Melsungen, Exactech, Stryker, and Corin.
The research by TMR found that the global hip reconstruction devices market was valued at US$5.68 bn in 2016 and is anticipated to witness an affluent growth over the forecast period from 2017 to 2022. Amongst types of devices, the segment of primary cemented hip replacement devices is forecasted to maintain its dominance in the market with an expected revenue growth of US$126.6 mn annually.
The wholesome technological are expected to keep the prospects of the market soaring high. On the regional front, North America is expected to dominate the market with an expected revenue of US$2.11 bn in 2017. Europe is anticipated to take the second spot on the growth stand with with an expected CAGR of 5.90% over 2017 to 2022. The increased disposable income of citizens in India, China, and South Korea, along with the rising medical tourism will offer s significant boost to the market in Asia Pacific.
Demand for Tech-Savvy and Minimally Invasive Devices Fuels Market Growth
The incidence of diseases such as osteoporosis and rheumatoid arthritis causes dire disability which has propelled the demand for hip reconstruction devices across the globe. Following this, the global technological setup has complied to this demand from the medical fraternity, and is currently engaged in pensive research and developments which would materialize the easy availability of hip replacement devices. This shall substantially uptick the global demand for these equipment.
A major chunk of existing devices for hip reconstruction are quite intrusive in nature which adds to the suffering of the patients. With the advent of minimally invasive devices, there will be an influx of people wanting to undergo these treatments which would holistically uptick the market for hip reconstruction devices.
High Costs Posing Daunting Threats to the Market for Hip Reconstruction Devices
Although the technologically advanced devices for hip replacement spur in effectiveness and treatment, they require a palpable investment which further elevates their cost of employability and functioning. Due to income disparities and varying living standards, the cost of treatment is not bearable for all the people across the widely dispersed markets of the device. This hinders the growth of the market and is expected to slacken progress. Moreover, the untying regulations associated with the approval of inducting these devices further aggravates the situation of the market.
Despite the pressing obstacles, the hope offered to the people suffering from ailments has induced optimism in them. An increasing number of people are driven by the idea to be able to function normally and evict their disabilities of movement. This renewed hope is expected to thrust-up the market.
TMR’s report 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” is the basis for elucidating this review.
The Global Market for Hip Reconstruction Devices is segmented into the following domains:
Hip Reconstruction Devices Market: by region
- Asia Pacific Except Japan (APEJ)
- Middle East and Africa (MEA)
- North America
Hip Reconstruction Devices Market: by type
- Primary Cemented Hip Replacement Device
- Partial Hip Replacement Device
- Revision Hip Replacement Device
- Hip Resurfacing Device
- Primary Cemented Hip Replacement Device
Hip Reconstruction Devices Market: by indication
Hip Reconstruction Devices Market: by end user
- Orthopedic Clinics
- Ambulatory Surgical Centers (ACS)
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