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%.
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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.
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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.
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