Market Overview:

In the year 2018 Global Hip replacement devices Market was valued at USD 5.42billion. By the year 2023, it is predicted to reach USD 6.34 billion with pace of 3.2% CAGR.

Osteoarthritis is the most common joint disease which is mainly caused in the hip, knee, spine, shoulder, and ankle. Hip replacement is an invasive surgical procedure which is used in the treatment of damaged hips caused due to arthritis, fracture, or any other musculoskeletal disorders. Hip replacement is considered as a safe and effective procedure, which can relieve severe pain, and help the individuals to get back to daily activities such as mobility, walk, climb stairs, and enable them to perform simple exercises.

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Factors affecting market growth:

Rising geriatric and obese population across the globe. (+)
Increasing incidences of accidents globally. (+)
Rising prevalence of osteoarthritis disorders. (+)
Technological advancements for minimally invasive surgeries used in the artificial hip replacement surgery. (+)
Introduction of new products like mobile bearing hip implant. (+)
Increasing healthcare expenditure. (+)
Growing awareness about hip replacement among the global population. (+)
Stringent Regulations for approving new products. (-)
Risks of complications after surgery. (-)
High cost of treatment. (-)
 

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Market Segmentation

The Global Hip replacement devices Market is geographically segmented into

North America
Europe
Asia Pacific
Latin America
Middle East and Africa
North America holds the largest market share followed by Europe in the Global Hip replacement devices Market. Asia-Pacific is rapidly growing in the Hip replacement devices Market due to increasing of aging population, rising incidences due to road accidents, improving healthcare infrastructure and increasing healthcare expenditures are expected to register a significant growth rate for hip replacement devices market during the forecast period.

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Key players:

Major companies for Global Hip replacement devices Market are OMNIlife science, Inc., Smith & Nephew, Zimmer Biomet Holdings, Inc., Stryker Corporation, B. Braun Melsungen AG, Exactech, Inc., DJO Global, Inc., Johnson & Johnson, MicroPort Scientific Corporation.

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