The Global Hip Replacement Market is set to attain astounding growth in the market. The report delivers information about the latest market shares, revenues, and restraints. It gives a clear look at the trending brand assessments and specifics of the industry. The report gives an in-depth look at the competitive strategies of the prime grooming players in the worldwide market. It even examines the various schemes of the top companies in the sector. The report gives a detailed regional and volumetric analysis of the different countries such as Italy, France, Germany, South America, Middle East Asia, North America, Australia, Japan, South Korea, and other Asia Pacific regions. It imparts the study on the major downfalls faced by the industry during the Covid 19 pandemic. Hence, the report aims to provide a pre-requisite knowledge of the market size and its potential growth opportunities.
According to the research report, Global Hip Replacement Implant Industry Research Report 2021 Segmented by Major Market Players, Types, Applications and Countries Forecast to 2027, says that during a hip replacement surgery a surgeon removes the damaged sections of the hip joint and replaces them with parts usually constructed of metal, ceramic and very hard plastic. It is a general surgery that helps to minimize pain and rigidity in the hip joint. Each hip replacement system has different device design features such as material, shape, and fixations materials. The hip replacement market is segmented into Total Hip Replacement Implant, Partial Hip Replacement Implant, Hip Resurfacing Implant, and Revision Hip Replacement Implant. The posterior approach to total hip replacement is the most commonly used method and allows the surgeon excellent visibility of the joint, more precise placement of implants, and minimally invasive. The increasing prevalence of hip arthritis and the growing geriatric population has boosted the growth of the industry.
In 2021, the Global Hip Replacement Industry has valued at USD million and is projected to reach a significant USD million by the end of 2027. It is expected to grow by a single-digit CAGR during the forecast period. Zimmer Biomet Johnson & Johnson, Stryker, Smith & Nephew, MicroPort Scientific, Exactech, OMNIlife science, and B. Braun, DJO Global are some of the prominent companies in the worldwide market that are constantly contributing to increasing the market size of the sector.
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North America accounted for the highest market share and is dominating the market and is expected to continue its dominance during the forecast period. Additionally, countries such as Europe (Germany, UK, France, Russia, and Spain); Asia-Pacific (China, Japan, South Korea, and India); the Middle East and Africa (UAE, South Africa, and Saudi Arabia); South America (Columbia, Brazil, and Argentina) and Australia are increasing the healthcare spending from the region will further support the consumption of the Global Hip Replacement Industry.
The COVID 19 crisis has created a negative impact on the Global Hip Replacement Industry Growth globally. Likewise other manufacturing industries, the Market has also gained losses during the pandemic. The outbreak of COVID-19 has brought effects on many aspects, like flight cancellations, travel bans and quarantines, restaurants closed all indoor or outdoor events restricted. This leads to making uncertainty in the market with the immense reduction of customers, supply chains and hence causing unemployment.
However, the Hip Replacement Industry is regaining its growth at the original pace. The industry’s revenues are expected to grow during the forecasted period due to the increasing number of younger patients suffering from degenerative diseases. The key company leaders make better decisions when currency exchange data is readily available. Besides providing information regarding key players in the Hip Replacement Market report recalibrates, the impact of macroeconomic and microeconomic factors has the potential to impact the growth of the sector.
Ankur Gupta, Head Marketing & Communications