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.
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“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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