Persistence Market Research analyzes the performance of the global hip replacement market over an eight-year period and provides insights on the key factors and trends likely to influence the market during the forecast period (2016 – 2024). The global hip replacement market is expected to expand at a CAGR of 4.1% during the forecast period. In this report, the global hip replacement market is tracked in terms of value and is calibrated to obtain market revenue estimates.
According to FDA, from 2002 to 2013, around 578 hip implant products were recalled, which involves metal-on-metal hips. FDA proposed that the high probability of faulty or less effective devices received by patients can cause serious adverse health consequences or death. This may also act as a restraint to the growth of the global hip replacement market.
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The global hip replacement market is segmented based on product type, component type, and end users. On the basis of product type, the market has been segmented into total hip replacement implant, partial hip replacement implant, hip resurfacing implant, and revision hip replacement implant. By product type, the total hip replacement implant segment is expected to remain the largest segment, registering a CAGR of 4.7% in terms of value over the forecast period. A wider application in various healthcare conditions and easier availability is expected to contribute to its growing popularity. The partial hip replacement implant is also expected to emerge as the most preferred product type for both patients and physicians globally over the forecast period.
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On the basis of region, the global hip replacement market has been segmented into North America, Latin America, Europe, Asia-Pacific, and MEA. This report assesses trends driving each market segment and offers analysis and insights into the potential of hip replacement in specific regions. North America is estimated to dominate the global hip replacement market with a maximum value share of the overall market by the end of 2016. The North America hip replacement market is projected to increase at a CAGR of 4.3% through 2024. The presence of key regional players, a strong distribution network, and developed healthcare infrastructure are the key factors driving the growth of the market in North America.
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