Hip Replacement Devices Market to grow at an Impressive CAGR During the Forecast Period
Active government support toward hip
replacements is driving the growth in Global Hip Replacement Devices Market in
the forecast period, 2022-2026.
According
to TechSci Research report,“Global Hip Replacement Devices
Market By Product Type (Primary Hip Reconstruction Devices, Partial Hip
Reconstruction Devices, Revision Hip Reconstruction Devices, Hip Resurfacing
Devices) By End User (Hospitals, Ambulatory Care
Centers, Orthopedics Clinics, Others) By Region, Competition Forecast &
Opportunities, 2026”,
the global hip replacement devices market is projected to grow at an impressive
CAGR in the forecast period, 2022-2026, owing its growth to the attributes like
surge in the demand of minimally invasive surgical procedures and increasing
healthcare expenditures by the private funds and governmental aid. Moreover,
technological advancements like robot-assisted surgery are a major factor that
are steering the growth of the market in the upcoming five years. Hospitals and
specialty clinics utilize the technologically advanced hip replacement devices
in their procedures very rapidly. The surge in the demand is boosting the
market growth exponentially in the next five years.
Moreover,
hip fractures, hip osteoarthritis cases are rapidly multiplying at an alarming
rate, also favorable reimbursement scenarios are aiding the market growth at an
impressive CAGR in the upcoming five years.
Hip
replacement procedure is also known as the hip arthroplasty which is a surgical
procedure that repairs diseased or injured hip joints. An artificial hip
implant is installed at the place of the diseased organ there by treating the
hip pain and inflammation along with the diseased body part. There are four
different types of hip replacement devices: primary hip reconstruction devices,
partial hip reconstruction devices, revision hip reconstruction devices, and hip
resurfacing devices. Primary hip reconstruction procedure involves the exchange
of complete hips, whereas partial hip reconstruction is performed when the
femoral component of hip joints is to get replaced.
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The global hip
replacement devices market is segmented by product type, end user, regional
distribution, and competitional landscape. Based on end user, the market is
further fragmented into hospitals, ambulatory care centers, orthopedics
clinics, and others. Hospitals are anticipated to dominate the market segment
in the upcoming five years on the grounds of availability of the complete pre
and post-surgery procedures being conducted at one place. Hospitals are often
advanced with the in-expensive medical devices and the experts and surgeons
that can utilize these devices for the treatment of the patients. Orthopedic
clinics are anticipated to show significant growth owing to the fact that outpatient
care after the surgery is sometimes difficult and hassle to be conducted in the
hospitals.
Moreover, hospitals are more susceptible to adopt
the robot-assisted surgeries as compared to other end users in the market
thereby they are in demand for the technologically advanced processes that is
involved in the hip replacement surgeries, thus responsible for the market
growth.
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“North America is an
anticipated promising region for the maximum growth of the market owing to the
well-developed healthcare industry in the major economies of the region.
Moreover, the hip arthroplasty cases are rapidly multiplying since the
geriatric population is the region is increasing drastically, therefore new
players can try to set their market in the region with positive anticipations
of market growth. Also, top players in the market are greatly involved in the
partnerships and research and development of the technologically advanced
devices thereby supporting the market growth in the region,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based Global management
consulting firm.
“Global Hip Replacement
Devices Market By Product Type (Primary Hip Reconstruction Devices, Partial Hip
Reconstruction Devices, Revision Hip Reconstruction Devices, Hip Resurfacing
Devices) By End User (Hospitals, Ambulatory Care Centers, Orthopedics Clinics,
Others) By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future
growth potential of Global Hip Replacement Devices and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Hip Replacement Devices.
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