The Worldwide Hip Replacement Industry is Expected to Reach $9 Billion by 2028-ResearchAndMarkets.com
January 23, 2023
DUBLIN–(BUSINESS WIRE)–The “Hip Replacement Market, Global Forecast 2023-2028, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis” report has been added to ResearchAndMarkets.com’s offering.
The Global Hip Replacement Market will be around US$ 9 Billion by 2028 according to the publisher. Hip replacement is a surgical procedure to replace the hip joint entirely or partially with an artificial joint, called a prosthesis.
It is a general surgery that is needed when the mobility of the hip joint is reduced, either due to damage or the hip joint has worn out. In addition, osteoarthritis, rheumatoid arthritis, osteonecrosis, fractures, and bone tumours usually require hip replacement surgery. According to World Health Organization (WHO), about 130 million people will suffer from osteoarthritis globally, and the disease will leave 40 million people disabled, by 2050. In 2021, the number of people suffering from osteoarthritis globally was 528 million.
Global Hip Replacement Market will grow at a CAGR of 5.46% from 2023 to 2028
The increase in the geriatric population, increase in R&D activities for surgical procedures, product launch, and approval, growth in the number of patients undergoing hip replacement surgery, and increase in the government funds on healthcare, are some of the factors that aid the development of hip replacement market worldwide. However, high costs incurred on surgeries and R&D procedures, infrastructural limitations, and strict rules and regulations laid down by the government for new product approvals are expected to restrain the growth of the global hip replacement market.
Product Segment
Based on products, the global hip replacement market is segmented into; total hip replacement, partial hip replacement, and revision and hip resurfacing. Total hip replacement segments dominated the market share due to the growth in demand for minimally invasive surgeries and the technological advancements in the hip replacement market. Further, the rise in osteoarthritis cases will drive the segment’s growth. The global hip replacement market was at US$ 6.54 Billion in 2022.
End-user Segment
The end-user segment is categorized into; hospitals and surgery centers, orthopedic clinics, and others. The hospitals and surgery category dominates in the end-user segment. The reason for this domination is the rise in hip replacement surgeries within these centers and facilities. In addition, they have the best available equipment and skilled health professionals, which also add to the segment’s growth.
The orthopedic clinic category is expected to grow at a lucrative rate over the forecast period. The growth of this category can be attributed to the increase in the number of orthopedic clinics, the availability of skilled health personnel, and well-developed infrastructure.
Regional Insights
The report classifies the region into North America, Europe, Asia-Pacific, Latin America, Middle-East, and Africa. The rise in the patients with arthritis and the government’s favorable reimbursement policies are expected to aid the dominance of the North American region.
The Asia-Pacific region is anticipated to grow at an increasing rate over the forecast period. The region has a growing elderly population, which will increase the number of arthritis patients, and the government is actively providing funds for the healthcare sector. These factors will propel the growth of the market in the Asia-Pacific region.
Key Market Players
The global hip replacement market is very competitive and is filled with companies like Smith & Nephew PLC, Johnson & Johnson, ConformisInc, Integra Lifesciences Corporation, MicroPort Scientific Corporation, Zimmer Biomet, Stryker, and Braun Melsungen AG. The players mentioned above are constantly involved in product innovation and development, technological betterment, and mergers and acquisitions to procure a higher market share. For instance, in August 2021, Zimmer Biomet announced that the company had been given the FDA 510k clearance of the ROSA Hip System for total hip replacement, which is robotically-assisted.
For more information about this report visit https://www.researchandmarkets.com/r/dw7ffa
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