The global hip replacement implants market was valued at approximately US$ 7.0 Bn in 2017. It is projected to register a cumulative annual growth rate (CAGR) of over 3.5% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled ‘Hip Replacement Implants Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’ Expansion of the health care industry, government initiatives, increase in health care expenditure, rise in product approvals, and increase in the patient population are projected to augment the global market from 2018 to 2026.
As key players introduce their new hip replacement implants in developed regions such a North America and Western Europe, these regions are likely to account for a dominating share of the global hip replacement implants market. Development of health care infrastructure and high medical expenditure by governments in emerging markets such as China and India are likely to boost the hip replacement implants market in Asia Pacific at a CAGR of around 4.0% from 2018 to 2026.
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Rise in Demand for Hip Replacement Surgeries across the Globe to Propel Market
Global demand for hip replacement is increasing, primarily due to a rise in clinical education among patients, increase in demand among the geriatric population, and rise in the prevalence of obesity and arthritis. The U.S. has witnessed a significant rise in demand for new hip surgeries from 89,919 surgeries in 2004 to 122,154 in 2015. Advancements in minimally invasive surgeries and 3D printing have fueled the global hip replacement market.