Australia Hip and Knee Implants Market to Generate Revenue of US$ 1,315.05 Million by 2030 | Astute Analytica
Australia hip and knee implants market was valued at USD 552.0 Mn in 2022 and is expected to reach US$ 1,315.05 Mn by 2030 at a CAGR of 11.46% from 2023-2030.
New Delhi, Jan. 27, 2023 (GLOBE NEWSWIRE) -- Australia Hip and knee implants market is set to experience significant growth in the coming years, driven by several key factors. One of the main drivers of this growth is the rising aging population in Australia. As the population ages, the prevalence of joint degeneration increases, leading to a greater need for hip and knee replacements. According to a report by the Australian Bureau of Statistics, there were an estimated 4.2 million people aged 65 and over in June 2020, which represents approximately 16% of Australia's total population. This number is expected to continue to rise, with estimates suggesting that between 21% and 23% of Australia's population will be aged 65 and over by 2066.
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Another key driver of growth in the hip and knee implants market in Australia is the rising incidence of osteoarthritis (OA). OA is the most common degenerative condition leading to hip and knee replacement surgeries in the country. Each year in Australia, around 20,000 knee and 19,000 hip replacement surgeries take place due to osteoarthritis. Due to a combination of factors such as age, obesity, injury, and improved surgical and anesthetic techniques, the prevalence of osteoarthritis and the need for total joint replacement surgery are likely to continue to rise.
In terms of procedure type, the primary implant segment is currently estimated to dominate the hip and knee implants market, holding a 74.6% share in 2022. However, the primary implant segment is projected to experience significant growth, with a CAGR of 12% expected during the forecast period of 2023-2030. In terms of material type, polyethylene is currently the most widely used material for articulating surfaces in hip and knee implants. The polyethylene segment is projected to grow at the highest CAGR of 13% during the forecast period, driven by the development of newer PE variants with different wear properties to extend the life of the arthroplasty and improve wear resistance.
In terms of end user, the hospital segment currently accounts for 66% of the Australia hip and knee implants market. The hospital segment is projected to grow at the highest CAGR of 12.3% during the forecast period, driven by the availability of cutting-edge treatment options and the increasing number of patients using these facilities. In terms of sales channel, the direct channel segment currently holds a dominant share of 60% in the Australia market
Exploring Revenue Opportunities for Major Players in the Consolidated Australia Hip and Knee Implants Market
The market is highly concentrated, with four major players namely Zimmer Biomet, Stryker Corporation, Smith & Nephew and B. Braun Melsungen holding over 56% of the revenue share. This indicates that competition in this market is intense and new entrants may face significant challenges in establishing a foothold. To gain a competitive edge, companies must focus on differentiating their products with unique features such as longer durability, ease of use, and cost-effectiveness.
In addition, companies in the Australia hip and knee implants market can consider strategic partnerships or collaborations with other firms to expand their reach and access new markets. As these major players are large multinational corporations, they have the financial resources and distribution networks to operate in different countries, which makes them more robust to regional economic downturns.
Moreover, the demand for hip and knee implants is expected to grow, especially as the population ages and more people seek treatment for conditions such as osteoarthritis. Companies that can effectively target this aging demographic and meet their needs will be well-positioned for success in the future. It is important for companies to stay updated with the latest technology and advancements in the field to be able to provide the best service and products for their customers.
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Unlocking the Future of Australia's Hip and knee implants market: Uncovering the Top Trends Shaping the Industry
Minimally Invasive revolution: The rise of minimally invasive procedures in hip and knee replacement surgery is revolutionizing the way patients recover. These procedures use smaller incisions, resulting in less pain, shorter recovery time, and a quicker return to normal activities.
Advanced implant materials: Improvements in implant materials have led to stronger and more durable implants. This is especially beneficial for active patients, who need an implant that can withstand their lifestyle.
Cutting-edge surgical techniques: Surgical techniques have advanced to the point where hip and knee replacement surgery is safer and more effective than ever. Smaller incisions reduce the risk of complications, and advanced technology allows for more precise and accurate placement of the implant.
Improved post-operative care: post-operative care has also evolved, with new rehabilitation protocols helping patients recover faster, and reducing the risk of complications.
More options for patients: With the availability of a wide range of hip and knee replacement systems, patients have more options to choose from. They can select the implant that best suits their needs and preferences, leading to better outcomes and higher satisfaction rates.
Polyethylene: The Backbone of Australia's Hip and knee implants market
Polyethylene is a crucial material used in the production of hip and knee implants, it is responsible for generating a significant portion of the revenue in the Australia hip and knee implants market, over 40% of the market share. This highlights the essential role of polyethylene in the industry and the importance of this material for the production of these medical devices.
From a business standpoint, companies that produce polyethylene for use in hip and knee implants have a strong market position. This large market share indicates that they are well-established players in the industry and have a proven track record of providing high-quality polyethylene products.
These companies in the Australia hip and knee implants market can capitalize on this market position by continuing to invest in R&D to develop new and improved polyethylene materials. This will allow them to stay ahead of the competition and maintain their market share by offering products that have better performance, durability and longevity.
Additionally, these companies can also look to expand their business by targeting other regions and countries. Diversifying their product portfolio to other medical devices and implants that use polyethylene as a key material can also be a good strategy.
Some of the Top Market Players Are:
B. Braun Melsungen
Corentec Co., Ltd
DJO Global LLC
GROUP FH ORTHO communication
Johnson & Johnson Services, Inc
KYOCERA Medical Technologies, Inc
Other Prominent Players
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