The global hip replacement implants market was valued at approximately US$ 7.0 Bn in 2017. It is projected to register a cumulative annual growth rate (CAGR) of over 3.5% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled ‘Hip Replacement Implants Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’
Expansion of the health care industry, government initiatives, increase in health care expenditure, rise in product approvals, and increase in the patient population are projected to augment the global market from 2018 to 2026. As key players introduce their new hip replacement implants in developed regions such a North America and Western Europe, these regions are likely to account for a dominating share of the global hip replacement implants market. Development of health care infrastructure and high medical expenditure by governments in emerging markets such as China and India are likely to boost the hip replacement implants market in Asia Pacific at a CAGR of around 4.0% from 2018 to 2026.
Global demand for hip replacement is increasing, primarily due to a rise in clinical education among patients, increase in demand among the geriatric population, and rise in the prevalence of obesity and arthritis. The U.S. has witnessed a significant rise in demand for new hip surgeries from 89,919 surgeries in 2004 to 122,154 in 2015. Advancements in minimally invasive surgeries and 3D printing have fueled the global hip replacement market.
Request to View Sample of Report -
Government bodies of several countries are undertaking collaborative initiatives to meet the demand for hip implants. For instance, in 2013, Medicare spent about US$ 7 Bn on hospitalizations alone for hip and knee replacements. Moreover, 255 of 400,000 such surgeries performed annually are likely to be covered by the new payment model of the Centers for Medicare & Medicaid Services (CMS) in the near future.
The incidence of accidental injuries and hip fractures has increased significantly in the last decade. Over 340,000 hip implant procedures are performed in the U.S. and 600,000 are performed globally each year. This includes several patients aged between 40 and 50, who are focused on maintaining a healthy lifestyle. Increase in the number of hip-related accidents and other hip bone disorders, such as joint pain, instability in the hip joint, bone loss, and infection, are anticipated to boost the global hip replacement market during the forecast period.
Globally, patients are facing several distinct challenges, including implants costs, health care reform implementation, and reimbursement rates. Low affordability due to high costs and low access to new custom hip implant procedures in countries in Asia Pacific and Middle East & Africa are key factors hampering the hip replacement implants market in these regions. The cost of procedure ranges from US$ 44,816 to US$ 16,000 per person, depending on the region, material, and type.
Comments
Post a Comment