Surgical procedures that were complex a decade ago are simple today, thanks to the technological disruption that has revolutionized healthcare. One such advancement is the availability of hip implants that has shot up the demand for hip replacement surgeries. The global hip replacement market has been growing at a steady pace in the last few years and is expected to maintain consistent growth rate in the future.
High Incidence of Lifestyle Diseases a Contributes to Growth
Changing lifestyles of people, especially the youth and middle aged population has increased the incidence of obesity and bone diseases. Most jobs today involve sitting for long hours, thus resulting in hip ailments. Often people suffer serious diseases requiring replacement of the hip joint. Such factors can increase demand in the global hip replacement market.
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Financial Aid from Governments to Expand Consumer Base
A major concern for the global hip replacement market is the high cost of surgical procedures. Due to this, most patients adopting for treatment hailed from the middle-class or elite sections. This division of the population predominantly depends on private health insurance for healthcare. But, the economically weaker section relies on government funds or state-sponsored health insurance.
While governments cover a large number of treatments under their health insurance policies, they recently included hip replacement procedures, too. This allows the poor to obtain hip replacement surgeries, enabling companies in the global hip replacement market to expand their customer base.
Rapid Development in Healthcare to Surge Growth in Asia Pacific Region
Most countries in North America and Europe are developed economies, thus have high-end healthcare infrastructure. Besides, availability of government-sponsored health insurance, high awareness levels among people, and increased disposable income favor growth in the region. North America and Europe will hold the highest share in the global hip replacement market.
On the other hand, players in the global hip replacement market are keen about the growth in Asia Pacific region. Developing economies like India and China, and other nations like South Korea, Malaysia, and Japan, will steer growth in the region. Thrust from governments on development of healthcare facilities and rising per capita income are some growth driving aspects.
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