Slow growth to be witnessed by hip resurfacing implants market in the years to follow
Hip resurfacing is a technique designed to reline the worn out joint, instead of being replaced completely as in total hip replacement procedure. In hip resurfacing the femoral head is not removed, instead it is trimmed and resurfaced with smooth metal covering. Hip resurfacing creates bigger hip ball than generally used in hip replacement, which reduces the risk of dislocation. Hip resurfacing provide active and improved quality of life which is done by restoring functionality to the hip through replacing damaged bone and cartilage while preserving natural bone as possible. The companies in hip resurfacing market are mainly focusing on geographic expansion, launch of innovative products according to the customer needs to gain larger market share. The Manufacturers are focused on developing new resurfacing implants with minimally invasive procedures.
As stated by Persistence Market Research, the global hip resurfacing implants market is expected to grow at a sluggish rate during the period of assessment. The global market for hip resurfacing implants is expected to grow at a value CAGR of 2.7% throughout the period of forecast, 2017-2025. The global market is estimated to reach a valuation a bit less than US$ 200 Mn by the end of the period of forecast (2025) from a value of around US$ 160 Mn in 2017. Aspects such as recall of resurfacing implants and rising failure rates causing reduction in hip resurfacing volume have resulted in reduction in the revenue growth of the market in the current scenario.
Cobalt chromium alloys and hybrid alloys to be highly preferred material for hip resurfacing implants
The material type category is one of the major segments of the global hip resurfacing implants market. In this category, according to the research analysis, hybrid alloy and cobalt chromium alloy material both are being used on a large scale in hip resurfacing implants. The cobalt chromium alloy segment and the hybrid alloy segment, both are projected to grow at the same pace in the years to follow. These segments have witnessed great adoption in the recent years as compared to the tin coated segment. However, hybrid alloy segment enjoys a higher market share compared to cobalt chromium alloy segment and is estimated to reach a market value of about US$ 97 Mn by the end of the period of assessment, thus dominating the global market in the coming years. Cobalt chromium alloy segment is expected to reach a market valuation of about US$ 60 Mn by the end of the period of assessment and is the second largest region in terms of value.
In terms of volume, the hybrid alloy segment is poised to register a volume CAGR of 4.9% during the assessment period. With respect to volume, the cobalt chromium alloy segment is anticipated to grow at the highest rate. The cobalt chromium alloy segment is expected to portray a volume of about 19 Bn units by the end of the year of assessment and is projected to grow at a high volume CAGR of 5.3% throughout the period of assessment.
The comprehensive research report titled “Hip Resurfacing Implants Market: Global Industry Analysis (2012-2016) and Forecast (2017-2025)” by Persistence Market Research assists the reader in chalking key growth strategies on the basis of vital insights on every market segment at a global level thus providing the much necessary value addition to gain tempo in the changing dynamics of the global market in the current as well as future market scenario.
The report covers a holistic viewpoint of the entire market
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Unique research process to gather relevant acumen
Credibility of the researched data and statistics lie in the uniqueness of the research methodology which ensures higher accuracy. In-depth assessment of the global hip resurfacing implants market is underpinned by an extensive research process that includes both secondary and primary research to obtain relevant numbers. The data collected undergoes several funnels of validation and re-examination at each step, as the research progresses. This ensures delivering value with data having higher degree of accuracy. The expert opinions of the market observers and the domain experts are extrapolated and the triangulation of these enables the analysts to arrive at a much accurate global market statistics.
The research report on global hip resurfacing implants market includes a dedicated section describing competitive scenario. It covers key players and their standing in the global market. The section involves the strategies applied by the key players, their innovations, their product portfolios, developments and product evolutions, their area wise spread and future expansion plans, the mergers and acquisitions taken place, the market shares and revenues of these tier players, financials, key personnel, etc. This intelligence dashboard completes with the inclusion of the analysis of the various aspects of the key competition in the market. Competitive assessment has been done in a systematic way to enable the reader to draw necessary inferences that can be used to gain competitive advantage.
Actionable insights delivered
The comprehensive research report on global hip resurfacing implants market offers valuable insights with weighted analysis. Every organization has its own integral research team, which strives to gather sufficient research data of the market. Persistence Market Research aims at doing all the heavy lifting by providing unbiased insights which can be actioned by the research team thus supporting in achieving their research milestones. Also, it extends 24x7 analyst support to solve queries regarding the research as the need should be. The report is systematically structured to deliver convenience along with a complete market intelligence package.