Summary - A new market study, titled “Global Hip Replacement Market: By Product Type (Total Hip Replacement Implant, Partial Hip Replacement Implant, Resurfacing Implant, and Revision Hip Replacement Implant), By End User (Hospitals, Orthopedic Clinics, and Ambulatory Surgical Centers (ASC)), and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa) - Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2012-2016 and Forecast 2017-2023” has been featured on WiseGuyReports.
Global Hip Replacement Market Report Description:
Hip replacement market report gives comprehensive outlook on hip replacement devices across the globe with special emphasis on key regions such as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa (MEA). The report on hip replacement market gives historical, current, and future market sizes (US$ Mn) on the basis of product type, end user, and geographic regions. This report studies hip replacement market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, hip replacement market report includes technology advancements; regulatory scenario and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed hip replacement market to better equip clients with possible investment opportunities across the regions (Regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the hip replacement market report include suppliers, manufacturers, marketers, policy makers, and healthcare service providers engaged in manufacturing, supply and usage of hip replacement.
Global Hip Replacement Market:
Global hip replacement market estimated to be valued US$ 4824 Mn in 2017 and poised to grow at CAGR of 4.5% over 2017-2023. Market for hip replacement projected to reach US$ 6267 Mn by 2023 owing to rising geriatric population and arthritis patients.
Rising geriatric population coupled with increase in incidence of fracture drive the market demand
The growing baby-boomers and geriatric populations who are at risk of hip or joint fracture expected to drive the market demand hip replacement devices over the forecast period. Moreover, increasing incidence of hip fractures and injuries creating ample growth opportunities for the players operating in the hip replacement market, this is expected to drive the market revenue growth over the forecast period. For Instance, in 2016, according to World Bank population statistics, population ages 65 and above is estimated to be around 8.5% of total population and projected to increases geriatric population over the forecast period, which in turn effect the market growth positively.
Favorable reimbursement policies driving the market growth
Hip replacement market in recent times has become mature market in developed regions, where the hip replacement devices have become commoditized with several players are need to provide low priced products in order to sustain the market position, this is expected to improve the adoption rate of devices over the short term and projected to drive market value and volume growth over the forecast period. Moreover, favorable reimbursement policies are expected to drive the market revenue growth positively over short term period. For instance, in U.S, the hip and knee replacement cost to Medicare is more than USS 7 Bn in hospital cost
North America market leads the global Hip Replacement market
North America market leads the global hip replacement market and projected to remain same over the forecast period owing to favorable reimbursement procedures in the region. Europe and Asia-pacific hip replacement market projected to grow at significant CAGR over the forecast period owing to large patient population and increasing incidence of hip fracture in the region.
Key players profiles in the global Hip Replacement market include:
- B. Braun Melsungen AG (Germany)
- Corin (U.K.)
- DePuy Synthes (U.S.)
- Exactech Inc. (U.S.)
- Microport Scientific Corporation (China)
- Smith & Nephew (U.K.)
- Stryker (U.K.)
- Waldemar LINK GmbH & Co. KG (Germany)
- Zimmer Inc. (U.S.)
Players in the hip replacement market are focusing on expanding geographic presence to garner larger market share
Key Findings of the Report:
- Hip replacement market expanding at 4.5% CAGR over 2017 to 2023 to reach market value of US$ 6267 Mn by 2023
- Based on product type, total hip replacement implants accounted for larger market revenue share in 2016 owing to increased adoption by orthopedic surgeons in the key regions
- Hospitals are the prime customers for hip replacement devices across the globe and expected to remain attractive over the forecast period
- Players focusing on launching technologically advanced products to retain market position in global hip replacement market.
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2012-2016) and forecast (2017-2023)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
By Product Type
o Total Hip Replacement Implants
o Partial Hip Replacement Implants
o Resurfacing Implants
o Revision Hip Replacement Implants
By End User
o Orthopedic Clinics
o Ambulatory Surgical Centers (ASC)
o North America
- Rest of Europe
- Australia & New Zealand
- ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
- South Korea
- Rest of Asia-Pacific
o Latin America
- Rest of Latin America
o Middle East and Africa (MEA)
- Gulf Cooperation Council (GCC) Countries
- South Africa
Rest of MEA
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