Press release
Hip replacement Devices Market Analysis & Forecast with Upcoming Trends - 2023
A hip replacement is an invasive surgical procedure, used to remove a diseased or fractured hip joint and replace it with an artificial joint or prosthesis. Osteoarthritis is one of the most common factors for hip diseases. Structures within the hip (such as the cartilage or bony joint surfaces) may get damaged due to overuse, trauma, or certain conditions, such as rheumatoid arthritis, tumors, and so on. This may lead to degenerative changes within the hip which can lead to osteoarthritis.
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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. However, price pressure, risk of complications after surgery, and waiting time for surgery in hospitals are some of the major hindering factors.
Hip replacement Devices Market Forecast Report (2018-2023)
Hip replacement devices Market was worth USD 5.42 billion in 2018 and estimated to be growing at a CAGR of 3.2%, to reach USD 6.34 billion by 2023.
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Hip replacement Devices Market Segmentation
The market for Hip replacement devices is broadly categorized into product, material and end user. By end user the market is divided into Ambulatory surgical centres, Hospitals and Orthopaedic clinics. By product the market is classified into total, fixed, mobile-bearing, partial hip replacement, hip resurfacing and revision hip replacement. By material the market is classified into metal on metal, metal on polyethylene, ceramic on metal, ceramic on polyethylene and ceramic on ceramic.
On the basis of geography, the market is analyzed under various regions namely North America, Europe, Asia-Pacific and Rest of the World. The Hip replacement devices market was dominated by North America followed by Europe. Asia Pacific is expected to register a significant growth.
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Major Players:
The major companies dominating this market for its products and services are
B. Braun Melsungen AG,
Exactech, Inc.,
DJO Global, Inc.,
Johnson & Johnson,
Micro Port Scientific Corporation,
OMNI life science, Inc.,
Smith & Nephew,
Zimmer Biomet Holdings, Inc.,
Stryker Corporation.
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Market Data Forecast is a firm working in the areas of market research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients.
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Abhishek Shukla
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