Hip Replacement Devices Market to grow at an Impressive CAGR During the Forecast Period
Active government support toward hip replacements is driving the growth in Global Hip Replacement Devices Market in the forecast period, 2022-2026.
According to TechSci Research report,“Global Hip Replacement Devices Market By Product Type (Primary Hip Reconstruction Devices, Partial Hip Reconstruction Devices, Revision Hip Reconstruction Devices, Hip Resurfacing Devices) By End User (Hospitals, Ambulatory Care Centers, Orthopedics Clinics, Others) By Region, Competition Forecast & Opportunities, 2026”, the global hip replacement devices market is projected to grow at an impressive CAGR in the forecast period, 2022-2026, owing its growth to the attributes like surge in the demand of minimally invasive surgical procedures and increasing healthcare expenditures by the private funds and governmental aid. Moreover, technological advancements like robot-assisted surgery are a major factor that are steering the growth of the market in the upcoming five years. Hospitals and specialty clinics utilize the technologically advanced hip replacement devices in their procedures very rapidly. The surge in the demand is boosting the market growth exponentially in the next five years.
Moreover, hip fractures, hip osteoarthritis cases are rapidly multiplying at an alarming rate, also favorable reimbursement scenarios are aiding the market growth at an impressive CAGR in the upcoming five years.
Hip replacement procedure is also known as the hip arthroplasty which is a surgical procedure that repairs diseased or injured hip joints. An artificial hip implant is installed at the place of the diseased organ there by treating the hip pain and inflammation along with the diseased body part. There are four different types of hip replacement devices: primary hip reconstruction devices, partial hip reconstruction devices, revision hip reconstruction devices, and hip resurfacing devices. Primary hip reconstruction procedure involves the exchange of complete hips, whereas partial hip reconstruction is performed when the femoral component of hip joints is to get replaced.
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The global hip replacement devices market is segmented by product type, end user, regional distribution, and competitional landscape. Based on end user, the market is further fragmented into hospitals, ambulatory care centers, orthopedics clinics, and others. Hospitals are anticipated to dominate the market segment in the upcoming five years on the grounds of availability of the complete pre and post-surgery procedures being conducted at one place. Hospitals are often advanced with the in-expensive medical devices and the experts and surgeons that can utilize these devices for the treatment of the patients. Orthopedic clinics are anticipated to show significant growth owing to the fact that outpatient care after the surgery is sometimes difficult and hassle to be conducted in the hospitals.
Moreover, hospitals are more susceptible to adopt the robot-assisted surgeries as compared to other end users in the market thereby they are in demand for the technologically advanced processes that is involved in the hip replacement surgeries, thus responsible for the market growth.
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“North America is an anticipated promising region for the maximum growth of the market owing to the well-developed healthcare industry in the major economies of the region. Moreover, the hip arthroplasty cases are rapidly multiplying since the geriatric population is the region is increasing drastically, therefore new players can try to set their market in the region with positive anticipations of market growth. Also, top players in the market are greatly involved in the partnerships and research and development of the technologically advanced devices thereby supporting the market growth in the region,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Global Hip Replacement Devices Market By Product Type (Primary Hip Reconstruction Devices, Partial Hip Reconstruction Devices, Revision Hip Reconstruction Devices, Hip Resurfacing Devices) By End User (Hospitals, Ambulatory Care Centers, Orthopedics Clinics, Others) By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of Global Hip Replacement Devices and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Hip Replacement Devices.
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