The global hip replacement implants market size is expected to reach USD 7.8 Billion by 2026, according to a new report by Grand View Research, Inc. It is anticipated to expand at exhibiting a CAGR of 4.7% over the forecast period. Growing prevalence of osteoarthritis & osteoporosis are expected to drive growth over the forecast period. In addition, a paradigm shift toward minimally invasive procedures is fueling the market globally. Moreover, favorable reimbursement policy is further propelling growth.
Moreover, individuals aged 60 years and above accounted for 12.3% of the global population in 2015 and this population is expected to reach 21.5% in 2050. Thus, increasing population of those aged 60 years and above is expected to impel growth. Moreover, increasing adoption of minimally invasive surgeries coupled with availability of variety of advanced treatment options is a key factor driving the market.
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Further key findings from the report suggest:
- Increasing demand for minimally invasive surgeries is anticipated to create growth opportunities in the hip replacement implants market.
- Increasing number of sports injuries & road traffic accidents are driving demand for total replacement surgeries.
- Total hip implants accounted for the largest revenue share as of 2018, owing to technological advancements and growing adoption.
- Metal-on-polyethylene (MOP) held the largest share of material segment due to its minimal surgical risk and negligible post-surgery complications.
- Hospitals & surgery centers held the largest revenue share of end-use segment due to maximum number of surgeries performed within these facilities.
- North America held the dominant share as of 2018, due to supportive government initiatives and presence of large number of industry players.
- Asia Pacific is anticipated to witness lucrative growth due to increase in the target population and booming medical tourism.
- Some key companies are Zimmer Biomet, Johnson & Johnson, Smith & Nephew Plc., Stryker, and Aesculap Implant Systems LLC.