Global Hip Replacement Implants Market – Snapshot
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.
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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.
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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.
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