Hip Reconstruction Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The hip reconstruction devices market studied was projected to grow with a CAGR of nearly 4.5% over the forecast period. The major factor attributing to the growth of the market is the increase in the incidence of hip fractures and hip osteoarthritis is one of the major factors boosting growth. According to the Centers for Disease Control and Prevention, every year over 300,000 older people those 65 and older are hospitalized for hip fractures. More than 95% of hip fractures are caused by falling, usually by falling sideways. Women experience three-quarters of all hip fractures. Women more often have osteoporosis, a disease that weakens bones and makes them more likely to break. Furthermore, the growing number of geriatric population is boosting the market growth. However, the cost of the treatment is the major drawbacks of the market growth

Key Market Trends

Hip Resurfacing Devices is the Fastest Growing Segment in the Hip Reconstruction Devices Market.

• Hip resurfacing is a type of hip reconstruction surgery. In traditional hip replacement surgery, the surgeon removes your femoral head completely instead of just capping it with a metal covering and also replaces the socket of the hip bone. Hip resurfacing may help decrease your pain, improve your joint mobility, and result in a better quality of life. Usually, healthcare providers only recommend hip resurfacing if you still have significant problems even after the use of other, more conservative treatments, like pain medicines and assistive walking devices.
• The increasing incidence of hip fractures, and hip osteoarthritis is the major factor for the growthof the segment. Moreover, the increasing geriatric population is the indirect factor for the market growth, the elderly people are more prone to hip fractures and arthritis. According to the United Nations report, in 2018, for the first time in history, persons aged 65 or above outnumbered children under five years of age globally. The number of persons aged 80 years or over is estimated to triple, from 143 million in 2019 to 426 million in 2050. As per the statistics the geriatric population is increasing, boosting the market growth.

North America Dominates the Market and Expected to do Same in the Forecast Period

North America is expected to dominate the overall market, throughout the forecast period. The market growth is due to the factors such as the presence of key players, high prevalence of hip fractures and arthritis, increasing geriatric population, established healthcare infrastructure are some of the key factors accountable for its large share in the market. Furthermore, beneficial government initiatives and an increase in the number of research partnerships are some of the drivers expected to increase the market growth. In this region the United States has the maximum share due to supportive healthcare policies, the high number of elderly people and a developed healthcare market.

Competitive Landscape

The hip reconstruction devices market is moderately competitive and consists of several major players. Some of the companies which are currently dominating the market are Zimmer Biomet, Johnson & Johnson, Stryker, Smith & Nephew, B. Braun Melsungen AG, Waldemar Link GmbH & Co. KG, Surgival, Exactech, Inc., Limacorporate S.p.a. , Microport.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support