What is Artificial Hip Joint Market Scope?
An artificial hip joint is a form of hip replacement in which an injured or damaged hip joint is replaced with an artificial implant. It is used when mobility is limited and pain occurs even at rest. These are made of metal, plastic, or ceramic. The prevalence of osteoarthritis is gradually increasing and has become an economic burden for many countries around the world. According to the International Osteoporosis Foundation, osteoporosis causes more than 8.9 million fractures annually, more than 200 million people worldwide suffer from osteoporosis, every third woman over the age of 50, and every fifth man suffers from osteoporotic fractures in his lifetime. Osteoporosis has no clinical manifestations until a fracture is present. Hip arthrosis causes degeneration of the hip joint and can be treated with hip replacement. In hip replacement surgery, the damaged cartilage and bone components are replaced with a hip prosthesis. Hip replacement procedures are increasing significantly due to the increase in the aging population, active government support, and improved patient knowledge of replacement surgery.
The Artificial Hip Joint market study is being classified by Type (Total Hip Replacement Implant, Partial Hip Replacement Implant, Resurfacing Implant and Revision Hip Replacement Implant), by Application (Hospitals, Orthopedic Clinics and Ambulatory Surgical Centers) and major geographies with country level break-up.
The companies are exploring the market by adopting expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to avail of competitive advantage through combined collaborations. Analysts at AMA predicts that Players from United States will contribute to the maximum growth of Global Artificial Hip Joint market throughout the predicted period.
Zimmer Biomet Holdings (United States), Johnson & Johnson (United States), Stryker Corporation (United States), Smith & Nephew (United Kingdom), MicroPort Orthopedics, Inc. (United States), Exactech, Inc. (United States), DJO Global, Inc. (United States), B.Braun (Germany), Corin Group (United Kingdom), Waldemer Link GmbH & Co. KG (Germany), Wright Medical N.V. (Netherlands), Arthrex, Inc. (United States), Conformis Inc. (United States), Corentec Co., Ltd. (South Korea), Elite Surgical (South Africa), Surgival (Spain), Synergie Ingenierie Medicale (France), Evolutisfrance (France) and FH Ortho (France) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Integra LifeSciences Corporation (United States), Medacta International (Switzerland), Tecomet, Inc. (United States) and Peter Brehm GmbH (Germany).
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Artificial Hip Joint market by Type, Application and Region.
On the basis of geography, the market of Artificial Hip Joint has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their development strategies
In August 2018, Conformis, Inc., which is a medical technology company, collaborated with JFK Medical Center in Florida so as to perform first 3D total hip replacement surgeries
In July 2019, researchers at the Indian Institute of Technology in Hyderabad announced that they were developing new technologies for biocompatible implants. This implant would enable faults to be detected for the first time through non-invasive diagnosis and monitoring. Initial detection without surgery would help patients avoid reverse and painful surgery.
Influencing Market Trend
- The Growing Health Awareness among Masses
- Increase in the Spending Capacity of the Population
- The Rising Need for Revision Procedure after Wearing Out Of Previously Implanted Product
Market Drivers
- Growing Geriatric Population
- Rising Prevalence of Hip Osteoarthritis
- Increasing Popular Minimally Invasive Surgeries
- Growing Application of Artificial Hip Joint
Opportunities
- Growing Adoption of Total Hip Replacement Implants
- Advancement in Technology Is Enhancing the Market
- The Flourishing Healthcare Industry in the Developed Countries
Restraints
- High Cost of Surgeries
- Risk of Complications after Surgery
- Strict Rules for the Approval of Devices
Challenges
- Dearth of Skilled Professionals
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Venture Capitalists, Government Regulatory, Research Organizations and End-Use Industry
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