July 29, 2020
According to the recent research report titled ‘Global Knee and Hip Replacement Market (2019 Edition): World Market Review By Type of Replacement, By Material, By Fixation Procedure, By Region, By Country: Opportunities and Forecast (2014-2024) - By Region , By Country available with Market Study Report LLC, global knee and hip replacement market is expected to grow substantially over 2019-2024, registering a y-o-y growth rate of 3.3% throughout.
Increasing pervasiveness of diseases & conditions like traumatic damage of knee & hip joints, developmental dysplasia of the hip (DDH), obesity, rheumatoid arthritis, and osteoarthritis is the primary growth driver of global knee & hip replacement market. Expanding elderly population, reduced treatment cost, rising penetration of health insurance, and government subsidies for surgical procedures and implants are other major factors contributing to the industry growth.
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Further, growing availability of orthopedic facilities in developing economies and adoption of latest technically upgraded implants & surgical procedures are positively impacting the market outlook. Besides, escalating demand for patient specific customized implants, coupled with rising use of computer-aided robotic techniques in joint arthroplasty are likely to fuel the industry expansion over the forecast period. On the contrary, product recalls due to defects or operational failures will impede the global knee and hip replacement market growth.
Based on type, global knee & hip replacement market is divided into revision knee replacement, partial knee replacement, and total knee replacement. Speaking of material type, the industry is segmented into plastics, ceramics, and metal alloys. Elaborating on the fixation procedures, the market is split into hybrid fixation, cemented fixation, and cementless fixation.
Geographically, global knee and hip replacement market is fragmented into North America (U.S. and Canada), Europe (United Kingdom, Germany, France, Spain, and Italy), Asia Pacific (India, China, and Japan) and Middle East & Africa (UAE).
Leading organizations in global knee and hip replacement market are B Braun Melsungen AG, Corin Group, Exactech Inc., MicroPort, DePuy Synthes, Stryker Corporation, Smith & Nephew plc, and Zimmer Biomet.