Wilmington, Delaware, United States, May 11, 2023 (GLOBE NEWSWIRE) -- Rapid pace of development of new biomaterials used in hip replacement implants and advancement in surgical (fixation) techniques are likely to accelerate the adoption of total hip arthroplasty to treat end-stage degenerative hip osteoarthritis. These factors are expected to offer lucrative opportunities for companies in the hip replacement implants market.
The global market is anticipated to expand at a CAGR of 4.0% from 2021 to 2031 to reach US$ 7 Bn by the year 2031. Rapid increase in incidence of congenital hip disorders and inflammatory arthritis is a key factor fueling the demand for hip replacement implants.
Download a Sample for Highlights on Market Drivers and Challenges Affecting the Hip Replacement Implants: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1901
Introduction of advanced implant materials is likely to favor hip replacement implants market outlook. Considerable advancements in ceramic-on-ceramic implants is an instance, which has benefitted the patient population.
Surge in global burden of joint disorders is likely to propel the demand for revision total hip arthroplasty surgeries, which in turn is likely to fuel the demand for next-generation hip replacement implants. Frequency of the risk of recurrent dislocation after total hip arthroplasty (THA) is high. According to a recent statistics, recurrence after a first episode can be as high as nearly 33%
Key Findings of Study
- Widespread Adoption of Metal-on-polyethylene (MOP) Materials as Hip Replacement Implants: Based on material, the metal-on-polyethylene (MOP) segment constituted a major share of the global hip replacement implants market in 2020. Surge in utilization of implant materials made of MOP in total hip arthroplasty, especially in the geriatric patient population, is expected to propel the market. Considerable rate of adoption of metal-on-polyethylene hip replacement implants in developing countries is anticipated to drive the segment. Popularity of MOP implants could be ascribed to their high safety and efficacy in treating total hip arthroplasty.
- Rise in Demand for Hip Replacement Surgeries in Hospitals to Bolster Market: Significant pace of adoption of implants for hip replacement surgeries in hospitals is expected to generate substantial business opportunities for companies in the market. Based on end-user, the hospital segment accounted for major market share in 2020 Presence of comprehensive facilities for THA in hospital settings is likely to contribute to the rapid growth of the segment.
Expand operations in the future – To get requisite details, ask for a custom report
Global Hip Replacement Implants Market - Key Drivers
- Rapid increase in incidence of end-stage arthritic conditions of the hip is a key factor driving the demand for hip replacement implants. Hip replacement surgeries are widely adopted to improve quality of life of individuals suffering from end-stage degenerative hip osteoarthritis (OA).
- Steady R&D activities in materials used in hip implants are likely to propel hip replacement implants market expansion. Rise in prevalence of bone and joint diseases among the geriatric population is a key trend that is expected to drive the hip replacement implants industry. High prevalence of OA of the hip in developing countries is anticipated to boost the market.
Hip Replacement Implants Market - Regional Growth Dynamics
North America accounted for a major share of the global market in 2020. Significant number of hip replacement procedures and favorable reimbursement framework prevalent in the healthcare sector in developed countries of the region are likely to augment the market size in the near future. A number of novel total hip replacement devices have been approved in the U.S. in the last few years. Presence of a large geriatric population has positively influenced the market dynamics in the region in the last few years.
The market in Asia Pacific is projected to expand significantly during the forecast period. Rapid pace of adoption of hip replacement procedures is ascribed to rise in number of total hip arthroplasty. China, Singapore, Malaysia, and South Korea are expected to offer significant growth opportunities to companies in the region.
Hip Replacement Implants Market - Competition Landscape
Prominent companies operating in the hip replacement implants market are focusing on expanding their presence into new geographies. Moreover, they are expanding product portfolio to increase their market shares. Leading players are also adopting mergers & acquisitions and product innovations in order to sustain in the market.
Prominent companies in the hip replacement implants market are:
- Stryker
- Zimmer Biomet
- Smith & Nephew
- Wright Medical Group
- MicroPort Scientific Corporation
- Exactech, Inc.
- B. Barun Melsungen AG
- OMNIlife science Inc.
- DJO Global Inc.
Buy this Premium Research Report | Immediate Delivery Available at https://www.transparencymarketresearch.com/checkout.php?rep_id=1901<ype=S
Hip Replacement Implants Market Segmentations:
By Product
- Total Hip Replacement Implants
- Partial Hip Replacement Implants
- Hip Resurfacing Implants
- Revision Hip Replacement Implants
By Material
- Metal-on-metal
- Metal-on-polyethylene
- Ceramic-on-metal
- Ceramic-on-polyethylene
- Ceramic-on-ceramic
By End-user
- Hospitals
- Ambulatory Surgery Centers
- Orthopedic Clinics
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
Contact:
Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: sales@transparencymarketresearch.com
