The Hip Replacement Market is segmented, By Product (Total Hip Replacement Implant, Partial Hip Replacement Implant, Hip Resurfacing Implant, Revision Hip Replacement Implant), End-User (Hospitals, Orthopedics Clinics, Ambulatory Surgical Centers), and Region (North America, Europe, Asia-Pacific, and Rest of the World).
Market Dynamics
The growth of the hip replacement market is primarily driven by the rising number of people suffering from arthritis and obesity. Expanding geriatric population and increasing incidences of accidental injuries are expected to propel the market growth at a significant rate during the review period.
Additionally, increasing spending on RD activities to advanced hip implant procedures is likely to create lucrative opportunities for the market players during the review period. However, the high cost of hip replacement and lack of awareness among consumers regarding hip replacement in rural areas is likely to hamper the market growth.
Key Players
Key players operating in the hip replacement market are-
- Zimmer Biomet (US)
- Johnson Johnson (US)
- Stryker Corporation (US)
- Smith Nephew plc (UK)
- MicroPort (China)
- Exactech, Inc. (US)
- OMNI life science, Inc. (US)
- B. Braun (Germany)
- DJO Global, Inc. (US).
End-User Trends
The hip replacement market has been bifurcated into hospitals, orthopedics clinics, and ambulatory surgical centers. Under these, the hospitals segment more than 80% market share in 2021 and are projected to register significant growth during the review period. The segment growth can be attributed to the presence of required healthcare infrastructure and skilled healthcare staff.
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