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Hip Resurfacing Implants Market Report
Hip Resurfacing Implants Market, By Material (Cobalt-Chromium Alloy, Tin Coated, Hybrid Alloy (Cobalt + Titanium)), Type (Cemented Total Hip Implant, Cement Free Total Hip Implant, Partial Femoral Head Implant, Hip Resurfacing, Revision Hip Implants), End-User ...
Impact of COVID-19 on Hip Resurfacing Implants Market
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The Hip Resurfacing Implants Market is projected to grow from USD 6.9 billion in 2020 to USD 8.6 billion by 2026 at a CAGR of around 3.8% during the forecast period.
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Hip resurfacing is known as a form of hip replacement surgery. It involves the use of implants to ease hip pain and stiffness caused by osteoarthritis and other conditions. The implants take the place of damaged tissue and bone, allowing for more fluid movement. Based on type, hip resurfacing implants can be categorized as a cemented total hip implant, cement-free total hip implant, partial femoral head implant, hip resurfacing, and revision hip implants.
Key players operating in the Hip Resurfacing Implants market are-
The growth of the hip resurfacing implants market is primarily driven by an increasing number of people having osteoarthritis (OA), osteoporosis, and hip ailments. Expanding the geriatric populace across geographies and favorable reimbursement policies are expected to augment the market growth substantially. In addition to this, increasing investment in research and development activities to develop advanced hip resurfacing implants is likely to create lucrative opportunities for the players operating in the global hip resurfacing implants market in the coming years.
By end-user, the hip resurfacing implants market has been bifurcated into orthopedic clinics, hospitals, and surgery centers. The hospital's segment accounted for the largest market share in 2020 and is projected to register significant growth during the review period. The segment can be attributed to the presence of established healthcare infrastructure, the latest technology equipment, and skilled healthcare staff.
By region, the North American market accounted for the largest market share in 2020 and is projected to grow at a robust CAGR during the review period. This can be attributed to the high adoption rate of advanced hip replacement implants coupled with the presence of key market players such as Zimmer Biomet (US) and DePuy Synthes (US). The market growth in Asia-Pacific is expected to be driven by increasing incidences of arthritis and obesity.
The covid-19 outbreak posed significant challenges across verticals worldwide. It impacted the growth of the hip resurfacing implants market negatively as the hip implants or any other surgeries were postponed or declined due to fear of coronavirus infection. Also, supply chain disruptions due to the imposition of lockdown affected the product availability on time and thus, affected the market growth.
Here is the list of the group of customers that the hip resurfacing implants market hopes to have the greatest opportunity to convert-
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The hip resurfacing implants market is expected to witness an impressive growth of 3.8% CAGR in the coming years.
Zimmer Biomet (US), DePuy Synthes (US), Stryker Corporation (US), Smith & Nephew plc (UK), B. Braun (Germany), Corin (Switzerland), Waldemar Link GmbH & Co. KG (Germany), Wright Medical Group N.V. (Netherlands), Arthrex (US), Corentec (South Korea), Evolutis India Pvt. Ltd. (India), F H Orthopedics (US), Integra lifesciences (US), LimaCorporate (Italy) and PETER BREHM GmbH (Germany) are among the key players in the hip resurfacing implants market.
The hip resurfacing implants market size is expected to reach USD 8.6 billion in the foreseeable future.
The hospital's segment is expected to register significant growth in the hip resurfacing implants market in the next five years.
North America accounted for the largest share in the hip resurfacing implants market in 2020.
Hip resurfacing implants distributors, Hip resurfacing implants suppliers, Hip resurfacing implants manufacturers, Logistics organizations, Government bodies are the target audience in the hip resurfacing implants market.
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