NEW YORK, Oct. 23, 2019 /PRNewswire/ -- Ceramic Hip Prosthesis Market Size – USD 2,012 million in 2018, Market Growth - CAGR of 6.7%, Ceramic Hip Prosthesis Industry Trends – Increase in the technological advancement of the ceramic hip prosthesis industry.
Rise in geriatric population coupled with osteoporosis and osteo arthritis, Increase in research and development on hip prosthesis and increasing demand for minimally invasive surgeries are expected to propel the demand for ceramic hip prosthesis market.
According to the current analysis of Reports and Data, the Global ceramic hip prosthesis market is expected to reach USD 3,424.5 Million by the year 2026, in terms of value at a CAGR of 6.7% from 2019-2026. A hip replacement is a kind of surgical procedure in which damaged hip joint is replaced with an artificial implant. It is used when the mobility is abridged and even in rest, pain is experienced. These are made up of metal, plastic or ceramic. The commercial applications of ceramic hip prosthesis have been studied and researched extensively in recent years. Ceramic hip prosthesis is widely used in the treatment of osteoporosis, rheumatoid arthritis, septic arthritis, hip fracture and ankylosing spondylitis. According to the National Joint Registry for England, 90% of total hip replacement were performed for osteoarthritis in the U.K. in 2016.
Increase in investments in the market, which are supporting the technological advancements, and rise in healthcare expenditure are estimated to shape the growth of the Ceramic hip prosthesis market. Growing number of younger individuals suffering from degenerative diseases are observed as the most lucrative application for the ceramic hip prosthesis market recently. Ceramic hip resurfacing products are one of the greatest advances of modern hip replacement.
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Ongoing research in advanced materials on improving wear resistance of the materials, biocompatibility and bone ingrowth capability of the biomaterials, knowledge and restoration of the hip anatomy and function, peroperative management (pain control and blood loss) are increasing the treatment options for ceramic hip prosthesis market. For instance, in May 2019, OrthoAlign, Inc. launched Hip Align application that provides smart navigation technology during surgery. The different and novel products in ceramic hip prosthesis market designed for the treatment of osteoporosis patients are expected to drive the demand of ceramic hip prosthesis market in the analysis period.
Favorable reimbursement policies are further boosting growth of ceramic hip prosthesis market. According to the Patient Protection and Affordable Care Act (PPACA), there has been an increase in the extent of insurance coverage in orthopedic devices, providing access to larger number of patients. However, high cost of surgeries in emerging nations are some significant factors expected to impede the growth of the target market in the forecast period. Conversely, market players are slated to expand their production capabilities in the emerging markets of MEA and Asia-Pacific, thereby creating stellar opportunities for the growth of the market in the forecast period.
Further key findings from the report suggest
- Technological advancements in field ceramic hip prosthesis market is the key factor contributing to the market growth. In line with this strategy, key market players are focused on strategic partnerships and collaborations for product development. For instance, In August 2018, Conformis, Inc., a U.S based medical technology company, collaborated with JFK Medical Center in Florida to perform first 3D total hip replacement surgeries.
- In the ceramic hip prosthesis Market, the Ceramic On Polythene (COP) is anticipated to be the largest product type segment which is expected to grow at a significant CAGR during the study period due to the global rise in the geriatric population coupled with surge in bone deformities across the globe.
- Total ceramic hip implants are expected to emerge as highest-growing segment in the analysis period. This is due to their increase in minimally invasive surgeries.
- Europe is the second largest regional market with a CAGR of 6.4% in 2018, due to the increasing awareness about the bone degeneration disorders and related treatment options in the region coupled with rising incidence of hip fractures.
- North American region is expected to contribute the largest revenue share over the forecast period as a result of increasing growth of geriatric population suffering from osteoporosis, osteo arthritis coupled with rising approvals by the U.S. FDA for new products.
- The hospitals segment holds the largest share of the global Ceramic hip prosthesis market in 2018 due to increasing healthcare expenditure in developing nations. Also, implementation of latest technologies and availability skilled healthcare professionals under a single roof, further propels hospitals segment growth in ceramic hip prosthesis market.
- The market is much fragmented in nature. Key participants include Medtronic Plc (Ireland), Integra LifeSciences (US), B. Braun (Germany), Spiegelberg GmbH & Co. KG (Germany), Sophysa (France), Natus Medical (US), Dispomedica GmbH (Germany), Delta Surgical Limited (UK), Moller Medical GmbH (Germany), and G. Surgiwear Ltd. (India).
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Segments covered in the report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the industry trends in each of the sub-segments from 2016 to 2026. For this study, Reports and Data have segmented the Ceramic hip prosthesis market into product, material type, sales channel, end-user, and region.
By Product type (Revenue, USD Million, 2016 - 2026)
- Total Hip
- Partial Femoral Head
- Hip Resurfacing
- Revision Hip
By Material type (Revenue, USD Million, 2016 - 2026)
By Sales channel type (Revenue, USD Million, 2016 - 2026)
- Channel sales
- Direct Sales
By End-user type (Revenue, USD Million, 2016 - 2026)
- Orthopedic Clinics
By Region (Revenue, USD Million; 2016-2026)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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