As per the study, the worldwide market for hip replacement implant,
which stood at US$6.5 bn in 2015, is anticipated to proliferate at a
CAGR of 3.90% during the period from 2016 to 2024. The valuation of
this market is likely to touch US$9.1 bn by the end of the period of
the forecast. Currently, the total hip replacement implants segment
is enjoying the most prominent position in this market and analysts
expect that this trend is likely to continue over the next few years.
Hospitals have surfaced as the leading end user of hip replacement
implants across the world. The scenario is projected to remain like
this over the forthcoming years.
“The global market for hip replacement implants gains significantly
from the increasing base of geriatric population across the world, as
elderly people is the more prone to weakening of bones, resulting
into joint-related problems, says the author of this study. The
rising incidence of accidents and the increasing prevalence of
osteoarthritis are also propelling this market tremendously.
Going forward, the market is likely to benefit from the technological
advancements in hip replacement implants substantially. The
increasing investments for research and development activities in
this field are also projected to boost this market in the near
future. On the flip side, the expensiveness hip replacement implants
is expected to hold back this market over the next few years. The
high cost incurred in the treatment and post-surgical maintenance is
also projected to slow down the growth of this market to some extent,
states the research report.
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In terms of the region, North America emerged as the leading regional
market for hip replacement implant in 2015. With a revenue share of
52.7% in the global market, this regional market is anticipated to
remain on the top by the end of the forecast period, reports the
market study.
According to a new study by Transparency Market Research (TMR), the
global hip replacement implant market demonstrates a highly
competitive and fragmented structure, thanks to the presence of a
number of established vendors of hip replacement implants across the
world. The leading participants in this market are B. Braun Melsungen
AG, DJO Global, Inc., Zimmer Biomet Holdings, Inc., Exactech, Inc.,
Johnson & Johnson, OMNIlife science, Inc., MicroPort Scientific
Corporation, Smith & Nephew, and Stryker Corporation. For the
sustenance in this competitive environment, these players are
focusing on technological advancements and expanding their regional
boundaries. Innovation and price differentiations are also being kept
in focus by these participants to gain an edge over their rivals,
states the research report.
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