Pune, India, October 2022, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Hip Implants Market.
According to MRFR analysis, Hip Implants Market is expected to register a CAGR of 3.54% during the forecast period of 2022 to 2030 and is expected to reach USD 11,500 Million by 2030.
Hip replacement is a surgical procedure in which the hip joint is replaced by a prosthetic implant, which is also known as hip prosthesis. Hip replacement surgery can be performed as a hemi (half) replacement or total replacement. The growth of the global hip implants market is driven by various factors, such as the introduction of custom-made implants and the growing geriatric population. Increased product launches, mergers, acquisitions, and partnerships of the major players of the market attributed to the growth of the market. However, stringent government regulations on all-metal hip implants and an increase in the number of product recalls are projected to hamper the growth of the global hip implants market.
Several market players currently dominate the global hip implants market. The key players are involved in product launches and strategic collaborations to strengthen their market positions. For example, in May 2018, DePuy Synthes acquired Medical Enterprises Distribution, LLC, with its automated surgical impactor for hip replacement. Through this acquisition, the former developed and broadened the surgical impactor technology for a wide range of orthopedic surgery procedures.
The global hip implants market has been segmented based on the product, material, and end user.
The market, based on product, has been divided into total hip replacement implants and partial hip replacement implants. Total hip replacement segment is further segmented into fixed-bearing hip implants and mobile-bearing total hip implants. The partial hip implants segment has been further bifurcated into hip resurfacing implants and revision hip replacement implants.
The total hip replacement implants segment is likely to be the largest during the review period due to the increasing geriatric population and prevalence of hip-related disorders. The partial hip replacement implants devices segment is predicted to be the fastest-growing due to less deterioration and friction than all-metal hip implants.
Many players have introduced in the total hip replacement market with advanced technologies. For instance, in March 2019, DJO launched ADAPTABLE, a sterile surgeon-controlled leg and retractor holder, which is designed for the direct anterior approach for total hip arthroplasty.
The global hip implants market has been segregated, based on material, into metal-on-polyethylene, metal-on-metal, ceramic-on-metal, ceramic-on-polyethylene, and ceramic-on-ceramic.
The metal-on-polyethylene segment is expected to account for the largest share of the market attributing to the rising demand of polymer as it reduces the side-effects in comparison to regular hip implants. The ceramic-on-metal segment is touted to grow at an exponential rate due to less friction and deterioration than the metal hip implants.
The end users in the market are hospitals, orthopedic clinics, ambulatory surgical centers, and others.
The hospitals segment accounts for the largest share of the market as the availability of various facilities and treatment options in the hospitals. The orthopedic clinics segment is touted to grow at an exponential rate due to the presence of availability of skilled surgeons and well-developed infrastructure.
Explore In-depth Details: Hip Implants Market Research Report
Some of the key players in the global hip implants market are Corin (UK), DJO Global, Inc. (US), OMNILife science, Inc. (US), MicroPort Scientific Corporation (China), Stryker Corporation (UK), Zimmer Biomet Holdings, Inc. (US), Smith & Nephew PLC (UK), Exactech, Inc. (US), B. Braun Melsungen AG (Germany), and Aesculap Implant Systems, LLC (US).
The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas is expected to be the largest market owing to the rising per capita healthcare expenditure. The hip implants market in the Americas has further been branched into North America and Latin America, with the North American market being divided into the US and Canada. The European hip implants market has been categorized as Western Europe and Eastern Europe. The Western European market has been further classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The hip implants market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. Due to the growing geriatric population and increasing demand for hip replacement surgeries, the market in Asia-Pacific is expected to be the fastest-growing.
The hip implants market in the Middle East & Africa has been divided into the Middle East and Africa.