The Hip Reconstruction Devices Market: By Type (Revision Hip Reconstruction Devices, Primary Hip Reconstruction Devices, Partial Hip Reconstruction Devices, Total Hip Reconstruction Devices, and Hip Resurfacing Devices), By Fixation Type (Cement Less, Hybrid, and Cement), By End Users (Orthopaedic Clinics, Hospitals, and Ambulatory Surgical Centres), By Geography (Latin America, North America, Asia- Pacific, Middle East & Africa, and Europe) – Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2013-2017 and Forecast 2018-2024
Market Outline: Hip Reconstruction Devices Market
Hip reconstruction is a process of replacing diseased or damaged parts of the knee and hip joints by artificial prosthesis. Artificial prostheses are made up of various type of materials such as ceramics, plastic and metals. Hip reconstruction process includes implants used in revision hip replacement procedure and primary hip replacement procedures.
Market Dynamics: Hip Reconstruction Devices Market
Growing geriatric population pool globally, increase in prevalence of orthopaedic disorders and diseases are the major factors that are driving the growth of hip reconstruction devices market. Furthermore, growing awareness regarding orthopaedic diseases, demand for the innovative treatments, and increase in adoption of minimally invasive methods and products are propelling the growth of the hip reconstruction devices market. Moreover, growing orthopaedic diseases prevalence in children and increase in number of orthopaedic surgeries is also boosting the growth of the hip reconstruction devices market. According to centres for Medicare and Medicaid services, it is estimated that 255 in 4, 00,000 hip and knee replacement surgeries are reported annually and according to the U.S Department of Health and Human Services, about 294,000 children below 18 years are suffering with rheumatic conditions. However, availability of various other non-surgical treatment options, lack of awareness regarding reconstruction of joints, high cost associated with the procedure may hinder the growth of the hips hip reconstruction devices market.
Market Scope: Hip Reconstruction Devices Market
The hip reconstruction devices market is classified on the basis of type, fixation type, end user, and geographical regions.
Based on the type, hip reconstruction devices market is segmented as
- Revision Hip Reconstruction Devices
- Primary Hip Reconstruction Devices
- Partial Hip Reconstruction Devices
- Total Hip Reconstruction Devices
- Hip Resurfacing Device
Based on the fixation type, hip reconstruction devices market is segmented as
- Cement Less
Based on the End-user, hip reconstruction devices market is segmented as
- Orthopaedic Clinics
- Ambulatory Surgical Centres
Market Summary: Hip Reconstruction Devices Market
Hip reconstruction procedure is a rapid growing process in orthopaedic sector. Various advancements in hip reconstruction process is driving the market growth rapidly. Introduction of new procedures like partial hip replacement and hip resurfacing are attributing for the swift penetration of the hip reconstruction devices. Market players are focussing on various growth strategies such as new product developments, mergers and acquisitions, collaborations and partnerships etc. in order to enhance their market position. In 2013, 7 Bn USD was spent by Medicare foe knee and hip replacements.
Regional Analysis: Hip Reconstruction Devices Market
Geographically hip reconstruction devices market is segmented as Latin America, North America, Asia-Pacific, Middle East & Africa, and Europe. North America is the predominant region in the global hip reconstruction devices market followed by Europe, owing to the increase in geriatric population, presence of advanced healthcare infrastructure, favourable reimbursement policies etc. Asia Pacific region is anticipated to show swift in the growth of hip reconstruction devices market during the forecast period due to the growing awareness among the key stakeholders, rise in per capita income, availability of large medical unmet need, increase in prevalence of the orthopaedic diseases etc.
Market participants: Hip Reconstruction Devices Market
Some of the players in hip reconstruction devices market
- Medtronic (US)
- DePuySynthes (US)
- Stryker (US)
- Smith&Nephew (US)
- FH ORTHOPEDICS(France)
- Zimmer Biomet Holdings(US)
- IntegraLifeSciences (US)
Notable market developments: Hip Reconstruction Devices Market
- In May 2014, DePuy Synthes introduced three new products for replacements of knee, hip and shoulder.