According to the report analysis, ‘Global Hip Replacement: Drivers, Restraints, and Opportunities; Trends and Forecasts to 2023’ states that the Global Hip Replacement Implant Market is estimated to witness a CAGR of 3.0% during the forecast period 2017-2023. However, the report hip replacement also considers that there are numerous key players which are presently functioning in this sector more actively for dominating the highest value of market share and leading the fastest market growth in the coming years includes DePuy Synthes (Johnson & Johnson), Stryker, Smith & Nephew, and Zimmer Biomet Holdings, and other predominate & niche players.
Additionally, the market is controlled by DePuy Synthes (Johnson & Johnson), Stryker, Smith & Nephew, and Zimmer Biomet Holdings, which has more than 80% market share in the global hip replacement implant market. Factors which includes the augmented pervasiveness of osteoarthritis, increasing the popularity related to the minimally invasive surgeries, and the introduction of new technologies, are fueling the market growth.
Whereas, the Hip implants are accommodating in discussing and associating to the damaged hips triggered owing to the arthritis, fracture, or any other musculoskeletal disorders. The Hip replacement is measured as a harmless and operative process, which can discharge the chronic pain, support the individuals to get back to everyday happenings such as mobility, walk, climb stairs, and allow them to function simple exercises. Hip replacement is one of the maximum efficacious operations of all the medicines and the progressive technology and surgical procedures have augmented the efficiency of total hip replacement. The market is fueled by the numerous factors that underwrite to the business growth across the globe. The increase in the awareness about the negligibly invasive surgeries or processes has generated a great acceptance as it is less painful, functioned as an outpatient process, and dissimilar traditional open surgeries they are less luxurious.
Although, based on the region, the market of hip replacement is spread across the globe which majorly involves North America, Europe, Asia Pacific, and Rest of the World (ROW). The Americas is set to be the significant region for the hip replacement implant market growth followed by Europe. The Asia Pacific and ROW are set to be the developing regions. The emerging markets have a great impending to increase due to an augment in the number of joint reconstruction processes owing to the increase in road accidents, existence of a large pool of patient populace, and aim toward the healthcare infrastructure.
The hip replacement implant market across the globe is exceedingly fragmented and has enormous the growth opportunities for retailers, particularly in the underdeveloped regions. The market in the developed countries is almost attaining its maturity stage. The purveyors are aiming on emerging the strategic alliances with companies that manufacture hip implants to influence their products and widen their purchaser base by allocating healthcare for unmet medical requirements. Furthermore, it is anticipated that the market of hip replacement implant will increase across the globe more positively over the coming years.
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Ankur Gupta, Head Marketing & Communications