Hip Replacement Market is Expected To Generate Huge Profits by 2024

Global Market Study on Hip Replacement: North America to
Register a CAGR of 4.3% Between 2016 and 2024

P e r s i s t e n c e M a r k e t R e s e a r c h
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Global Hip Replacement Market 2016-2024

P e r s i s t e n c e M a r k e t R e s e a r c h
Report Media Releases
Global Hip Replacement Market to Reach US$ 9.1 Bn by
2024 End; Developing Economies Expected to Fuel
Revenue Growth
In a new report titled “Hip Replacement Market: Global Industry Analysis and Forecast 2016
- 2024”, Persistence Market Research analyzes the performance of the global hip
replacement market over an eight-year period and provides insights on the key factors and
trends likely to influence the market during the forecast period (2016 – 2024). The global hip
replacement market is expected to expand at a CAGR of 4.1% during the forecast period. In
this report, the global hip replacement market is tracked in terms of value and is calibrated
to obtain market revenue estimates.
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Rising incidence of arthritis, hip fractures, hip bone infection, product line extensions from
manufacturers, increasing innovation, concern about patient safety among clinicians, and
development of new hip implants coupled with minimally invasive surgeries and 3D printing
technology are major factors driving the growth of the global hip replacement market. Other
trends impacting market growth are increasing awareness regarding new hip implants for
securement among physicians and patients and rising incidence of hip fractures, trauma, and
injuries. Hip replacement implant manufacturers in the global hip replacement market are
focusing on introducing varied products with enhanced safety and application to increase
market share.
Globally patients are facing many distinct challenges including rising implant costs, healthcare
reform implementation, and reimbursement rates. Lack of affordability due to high cost
structure and access to new custom hip implant procedures in Asian countries is a prominent
factor hampering growth of the hip replacement market in the region.
According to FDA, from 2002 to 2013, around 578 hip implant products were recalled, which
involves metal-on-metal hips. FDA proposed that the high probability of faulty or less
effective devices received by patients can cause serious adverse health consequences or
death. This may also act as a restraint to the growth of the global hip replacement market.
The global hip replacement market is segmented based on product type, component type,
and end users. On the basis of product type, the market has been segmented into total hip
replacement implant, partial hip replacement implant, hip resurfacing implant, and revision
Global Hip Replacement Market 2016-2024

P e r s i s t e n c e M a r k e t R e s e a r c h
hip replacement implant. By product type, the total hip replacement implant segment is
expected to remain the largest segment, registering a CAGR of 4.7% in terms of value over
the forecast period. A wider application in various healthcare conditions and easier
availability is expected to contribute to its growing popularity. The partial hip replacement
implant is also expected to emerge as the most preferred product type for both patients and
physicians globally over the forecast period.
On the basis of region, the global hip replacement market has been segmented into North
America, Latin America, Europe, Asia Pacific, and MEA. This report assesses trends driving
each market segment and offers analysis and insights about the potential of hip replacement
in specific regions. North America is estimated to dominate the global hip replacement
market with maximum value share of the overall market by the end of 2016. The North
America hip replacement market is projected to increase at a CAGR of 4.3% through 2024.
Presence of key regional players, a strong distribution network, and developed healthcare
infrastructure are the key factors driving the growth of the market in North America.
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Competitive landscape
Some key companies covered in this report include Stryker Corporation, Smith & Nephew, B.
Braun Melsungen AG, DJO Global, Exactech Inc., MicroPort Scientific Corporation, Depuy
Synthes (J&J) and Zimmer Biomet. These companies are primarily focused on enhancing their
market share by entering new markets and through the introduction of innovative and costeffective
hip implants in order to gain higher market share and to strengthen their respective
position in the global hip replacement market.
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Global Hip Replacement Market 2016-2024