Compound annual growth rate – CAGR
MarketResearchReports.Biz has announced addition of new report “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.)” to its database.
Improved technological advancement leading to growing demand for Knee and hip replacement services coupled with growing awareness among the population due to rising ageing population, obesity and osteoarthritis problem has resulted in the growth of Knee and Hip Replacements market.
Due to the growing problem of osteoarthritis, bone preservation, less healing time and technological advancement like minimally invasive surgeries has led to an increase in the knee & hip replacement market. Countries in emerging economies are increasingly becoming the focus point of the manufacturers given the huge demand for knee and hip replacement surgeries.
Improvement in technology with increasing prevalence of obesity and diabetes and the inclination of young population has been driving the market. Lack of awareness combined with higher cost of surgery has hampered the growth of the industry. Rising Prevalence Of revision surgeries combined increasing capabilities of implants in emerging nations, leading to medical tourism have grown over the years. Focus has shifted towards the emerging markets like Asia Pacific and South America driven by medical tourism.
Global Knee and Hip Replacements Market is forecasted to grow at a CAGR of 5.15% during 2016 2021F, driven by rising clinical education among the patients, rising demand from the aged population, increasing prevalence of obesity and diabetes and technological innovation. Rising disposable incomes has resulted in increasing per capita healthcare expenditure which has further led to growing focus towards healthcare, hence, building the need for knee and hip replacement surgeries specifically among the adult population.
While the market has witnessed strong foothold in the regions of Europe and North America, rapid growth for knee and hip replacement is expected to be driven by the emerging nations in Asia Pacific and Latin America through India and China.
According to Azoth Analytics research report, Global Knee and Hip Replacements Market (By Type, By Material, By Fixation Procedure, By Approach): Opportunities and Forecasts (2016-2021): Opportunities and Forecasts (2016-2021), Global Knee and Hip Replacements market is projected to exhibit a CAGR of over ~5.15% during 2016 – 2021. On the basis of market segment, the market has been segmented into two categories namely; Knee replacements and hip replacements market with its sub segments. Few of the leading companies operating in Knee and Hip Replacements market are Zimmer Biomet Holdings Inc., Stryker Corporation, Smith & Nephew plc. , Johnson & Johnson, Wright Medical Group.
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