Hip prosthesis: Key market research findings
- The Americas to dominate the market geographically
- Total hip prosthesis accounts for a majority of the market’s revenue
- Key vendors – Johnson & Johnson, Smith & Nephew, Stryker, and Zimmer-Biomet
Technavio’s market research analysts predict the global hip prosthesis market to grow at a CAGR of around 3% between 2016 and 2020. The market’s growth is augmented by advancements in hip replacement surgery procedures. Prostheses used in hip surgeries had a limited lifespan because of dislocation or osteolysis, which leads to the weakening of bones. Recent advances such as the use of highly porous metals in hip revision surgery and highly cross-linked polyethylene have slowed down the wearing out process. During 2015, the Americas dominated the global hip prosthesis market with a market share of almost 54%. The increase in aging population coupled with improving infrastructure will stimulate growth in the hip prosthesis market in the Americas during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of hip prosthesis segments based on the surgical procedure.
“The market is currently witnessing an increase in the number of collaborations among vendors. Vendors are undergoing M&As to enhance their product offerings, increase their market shares, deliver clinical fulfillment, and enlarge their operations. To offer innovative solutions, they are acquiring companies that can enhance their R&D capabilities, resulting in the development of products that meet consumer needs,” says Barath Palada, Lead Analyst, Healthcare & Lifesciences, Technavio Research.
In 2015, the total hip replacement procedure segment accounted for around 74% of the overall market share to become the key revenue generator in the global hip prosthesis market. In total hip replacement surgery, the damaged hip joint is replaced with a prosthesis. The diseased ball and socket are removed surgically, and a metal ball and stem are inserted into the femur. The growing prevalence of symptomatic osteoarthritis and post-traumatic arthritis in the aging population will fuel growth in the global total hip prosthesis market by 2020.
The prominent players in the global hip prosthesis market include Johnson & Johnson, Smith & Nephew, Stryker, and Zimmer-Biomet. The global hip prosthesis market is highly dynamic and fragmented with the presence of large, medium, and small players. Although the leading companies hold dominant positions, other factors such as innovation, design, and the development of advanced products will change the competitive dynamics of the market. These leading players collaborate with research organizations to conduct long-term clinical studies of their products. The competitive environment in this market is expected to intensify with an increase in technological innovations and product extensions and increase in M&A.
A more detailed analysis is available in the Technavio report, Global Hip Prosthesis Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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