Hip Replacement Implants: Rise in Demand for Hip Replacement Procedures, Increase in Government Expenditure for the Advancement of Health Care Drive the Market Growth
The global hip replacement implants market was valued at approximately US$ 7.0 Bn in 2017 and is anticipated to expand at a CAGR of over 3.5% from 2018 to 2026 to reach a value of approximately US$ 9.0 Bn by 2026. The global hip replacement implants market is driven by a rise in demand for hip replacement procedures, increase in government expenditure for the advancement of health care, rise in the incidence of trauma/accidental injuries, and increase in the prevalence of hip-related disorders. Furthermore, the global demand for hip replacement is increasing primarily due to a rise in clinical education among patients, increase in demand for hip replacement implants from the geriatric population, and rise in the prevalence of obesity and arthritis. Demand for new hip surgeries has significantly increased in the U.S. from 89,919 surgeries in 2004 to 122,154 in 2015.
The global hip replacement implants market has been segmented based on product, material, end-user, and region. In terms of product, the global market has been classified into total hip replacement implants, partial hip replacement implants, revision hip replacement, and hip resurfacing implants. The total hip replacement segment has been further sub-segmented into fixed bearing and mobile bearing. Based on material, the hip replacement implants market has been categorized into metal-on-metal, metal-on-polyethylene, ceramic-on-polyethylene, ceramic-on-metal, and ceramic-on-ceramic. In terms of end-user, the market has been split into hospitals, ambulatory surgical centers, orthopedic clinics, and others. Based on region, the global market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Based on product, the total hip replacements implants segment is anticipated to dominate the global hip replacement implants market, owing to a rise in the geriatric population and increase in the incidence of osteoarthritis. In terms of material, the metal-on-polyethylene segment dominated the global hip replacements implants market in 2017. Based on end-user, the hospitals segment accounted for a prominent share of the market in 2017. It is expected to dominate the market during the forecast period. Increase in patient population and improvement in health care infrastructure are expected to drive the segment during the forecast period.
North America constituted a prominent share of the global market in 2017. Rise in the prevalence of orthopedic injuries, increase in health care expenditure, rise in mergers & acquisitions, and robust product pipeline are anticipated to drive the market in the region during the forecast period. The dominance of the region is attributed to a rise in the incidence of osteoarthritis and osteonecrosis diseases. Additionally, an aging population, rapid innovation in technology, and high R&D expenditure are fuelling the hip replacement implants market in North America and Europe. Rise in demand for hip replacement implants in emerging economies, such as China and India, expansion of the health care industry, and a rapid rise in the patient population are anticipated to fuel the market in Asia Pacific in the next few years. The hip replacement implants market in Latin America and Middle East & Africa is expected to be driven by a rise in government initiatives to promote better health care facilities and increase in investment in the health care sector during the forecast period. Increase in disposable income, rapid urbanization, increase in health care infrastructure, and distribution and partnership strategies adopted by key players are driving the market in emerging regions.
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