Published Date : Jun 27, 2016
ALBANY, NY, June 27, 2016: MarketResearchReports.biz has added a new report on biomarkers to help users with their relevant business endeavors. The report, titled “Global Knee And Hip Replacements Market (By Type, Material,Fixation, Approach): Opportunities And Forecasts (2016-2021) (By Type - Total Knee & Hip Replacement, Partial Knee & Hip Replacement, Revision Knee Replacement, Hip Resurfacing: By Material - Metals, Ceramics, Plastics: By Procedure - Cementless Fixation, Cemented Fixation, Hybrid Fixation: By Approach- Direct Anterior Approach, Anterolateral Approach, Posterolateral Approach By Country-USA, U.K., Germany, India, China.),” can be used to deduce a player’s standing in this market over the coming years.
According to the report, the global knee and hip replacements market is expanding at a CAGR of more than 5.15% within a forecast period from 2016 to 2021. The primary driver for this market is understood to be the latest set of improvements and technological advancements in products and services in knee and hip replacement. They have resulted in an increased comfort of use, safer replacement procedures, and a faster healing time.
At the same time, the global knee and hip replacements market is also being propelled by a growing demand for these procedures. The number of patients suffering from osteoarthritis, obesity, and other knee and hip related complications has increased considerably over the past few years. Apart from obesity, the other health issues are most commonly associated with the elderly population, a demographic which is steadily increasing in percentage. Therefore, the higher number of senior citizen patients is expected to drive this market.
Other factors promoting the global knee and hip replacements market are the increasing rate of clinical education given to patients and the growing amount of spending made on the healthcare industry.
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The global knee and hip replacements market is, however, still impeded by factors such as an overall lack of awareness of improvements in the market and the high costs associated with the procedures. While the high costs have hindered the growth of the knee and hip replacements markets in developed economies, there is a growing rate of medical tourism experienced by emerging economies. Patients are preferring to get similar procedures done in countries such as India to reduce overall medical expenses.
Geographically, the global knee and hip replacements market has consistently been led by North America and Europe in terms of revenue and development. However, the regions of Latin America and Asia Pacific are expected to show rapid growth rates over the given forecast periods, owing to an evolving healthcare infrastructure and the rise of medical tourism.
Some of the key players in the global knee and hip replacements market are Wright Medical Group, Johnson & Johnson, Smith & Nephew Plc., Stryker Corporation, and Zimmer Biomet Holdings, Inc.
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