The global hip replacement implant market is anticipated to reach $9.1 billion by 2024, based on a Transparency Market Research analysis, according to medGadget.
Here are eight observations:
1. In 2015, the global hip replacement implant market was valued at $6.5 billion.
2. The market will likely continue to grow at a compound annual growth rate of 3.9 percent.
3. An increasing geriatric population and a rising number of osteoarthritis cases will spur market growth.
4. Additionally, technological advances in developing artificial hip implants are also boosting the market.
5. Analysts predict the total hip replacement implant sector will continue to dominate the market, due to an increasing number of hip trauma and osteoarthritis cases among the older population.
6. North America will continue to lead the space, due to rising healthcare expenditure and increasing technological advancements in the field.
7. The Asia-Pacific region will see a market boost, due to a large population and increasing health awareness.
8. The report notes Warsaw, Ind.-based Zimmer Biomet led the market in 2015 and is expected to continue this hold. Other dominant market players include:
• B. Braun Melsungen in Melsungen, Germany
• Exactech in Gainesville, Fla.
• DJO Global in Vista, Calif.
• Johnson & Johnson in New Brunswick, N.J.
• MicroPort Scientific Corp. in China
• OMNIlife science in Raynham, Mass.
• Smith & Nephew in London, United Kingdom
• Stryker Corp. in Kalamazoo, Mich.