Hip Replacement Market - Growth, Trends, and Forecast (2019 - 2024)
発行: Mordor Intelligence LLP
ページ情報: 英文 111 Pages
Hip replacement is a surgical procedure to replace a hip joint with a prosthetic implant. The surgery can be performed to either as a total replacement or hemi (half) replacement. The surgery is usually done to relieve pain caused due to arthritis or some fracture in the hip bone. The prevalence of Osteoarthritis has been on the rise. Moreover, it is more common in the geriatric population which has been increasing in recent years. This increased prevalence of Osteoarthritis is the main driving factor of this market. Other factors like increased cases of injuries and increasing obese population worldwide are also helping this market to grow. But, the procedure is very cost-intensive and may act as an economic burden on patients restraining the growth of the market.
As per the scope of the market, hip replacement is a surgical procedure to replace a hip joint with a prosthetic implant. The surgery can be performed to either as a total replacement or hemi (half) replacement. In the report, a detailed analysis of the Hip Replacement Market is provided. The market is evaluated by collating revenues generated across segments, categorized by product, and end-user and geography.
Total Hip Replacement segment Held the Largest Share of the Market
Total Hip Replacement a procedure in which the damaged hip is removed and replaced with a prosthesis of metal, ceramic or plastic components or a combination of both. Hip replacement is the option when joint damage is irreparable and it hinders the function of the joint.
Osteoarthritis is the primary reason for total hip replacement. The prevalence of Osteoarthritis is increasing due to the aging population and increase in other related factors like obesity. According to the World Health Organization (WHO), by 2050, nearly 130 million people will suffer from arthritis, of whom 40 million will be severely disabled by this disease. This, along with other factors including rheumatoid arthritis, hip fracture, septic arthritis, and ankylosing spondylitis, has helped this market dominate and grow.
North America Dominates the market
According to Autoimmunity Reviews Journal, 2018, in the United States, it is estimated that 80% of the population over 65 years old have osteoarthritis, although only 60% of this subset has symptoms. Apart from this, United States and Mexico have the highest prevalence of obesity among the OECD countries (38.2 and 32.4), as per OECD obesity data in 2017. These two are the major factors that drive the market, making North America the largest potential market.
North American countries like US and Canada also have highly developed healthcare system which serves as another factor for this market to dominate.
Majority of the hip replacement implants are being manufactured by the global key players. Market leaders with more funds for research and better distribution system have established their position in the market. Moreover, Asia-pacific is witnessing an emergence of some small players due to the rise of awareness, which has helped the market grow hence increasing market.