Rockville, Jan. 10, 2023 (GLOBE NEWSWIRE) -- Global demand for hip reconstruction devices is increasing due to the growing rate of the elderly population globally. Hip fractures, osteoarthritis, and the gradual deterioration of joints in older persons have all increased the need for hip reconstruction, which is having a substantial impact on the market for hip reconstruction devices.
As per the latest industry analysis by Fact.MR, a market research and competitive intelligence provider, the global hip reconstruction devices market is valued at US$ 8.21 billion in 2023 and is predicted to reach US$ 12.15 billion by 2033. Technological advancements, growing awareness about hip reconstruction surgeries, and increasing cases of accidents are boosting the sales of hip reconstruction devices.
Download Sample Copy of This Report –
https://www.factmr.com/connectus/sample?flag=S&rep_id=8249
Hip replacement is a surgical technique in which a prosthetic implant, or hip prosthesis, is used to replace the hip joint. The hip implants are produced out of metal, ceramic and plastic. The rising rate of surgical procedures and the increasing cases of hip injuries due to sports- and traffic-related accidents are the main factors driving the growth of the worldwide hip reconstruction devices market.
How Rapidly Increasing Adoption of Customized Hip Implants, Step Up the sales of Hip Reconstruction Devices?
As the need for specifically created implants for both men and women grows, so does the market for orthopaedic replacement devices. Because each patient's anatomy is unique, implants come in a variety of sizes. Several businesses are focusing on 3D printing technology for patient-specific implants.
The market for hip reconstruction devices is growing as a result of the increasing use of 3D printing technology in the production of orthopedic implants. 3D printing technology can decrease radiation exposure, speed up operations, and increase surgical effectiveness.
- For instance, a team of orthopedic surgeons at Fortis Memorial Research Institute in Gurugram, India, under the direction of Dr Subhash Jangid, Director and Unit Head of Bone and Joint Institute, in July 2021 successfully introduced a 3D-printed hip implant in a 60-year-old Tanzanian patient who had a broken pelvic bone.
Key Takeaways from Market Study
- The global hip reconstruction devices market is expected to increase at a CAGR of 4% from 2023 to 2033.
- China’s market is predicted to expand at a CAGR of 7% during the projected period.
- Sales of primary hip reconstruction devices are expected to rise at a CAGR of 4.5% during the forecast period.
- Demand for partial hip reconstruction devices is predicted to expand at a CAGR of 3% during the next 10 years.
Get Customization on this Report for Specific Research Solutions –
https://www.factmr.com/connectus/sample?flag=RC&rep_id=8249
Recent Market Developments
- The wearable Arvis orthopedic gadget from Enovis was introduced in July 2022. The term "augmented reality visualization and information system" is abbreviated as "ARVIS".
- The OR3O dual mobility system was introduced in November 2019 by Smith + Nephew, a leading provider of medical technology for arthrosis replacement and primary and revision hip surgery. Double mobility implants have a smaller femoral head diameter than traditional options, which guarantees a more substantial polyethylene insertion, improving stability and range of motion.
- In July 2021, Medacta announced the portfolio's expansion for hip revision. Iliac Screw Mpact 3D Metal, 3D Metal(R) B-Cage, and AMIS(R)-K Long are used in their initial surgeries. These products further expand the Medacta Hip Revision Platform along with the M-Vizion Modular Femoral Revision Stem.
Competitive Landscape
Global leaders in terms of market revenue are Zimmer Biomet, DePuy Synthes, and Stryker Corporation. Zimmer Biomet holds the largest market share due to increasing sales of its hip implants. On the other side, DePuy Synthes and Stryker are in the top positions as a result of their strong sales forces, superior local supply capabilities, and attention to both organic and inorganic growth strategies.
- The ROSA Hip System for robotically-assisted direct anterior total hip replacement has been approved by the U.S. Food and Drug Administration (FDA), according to a statement issued by Zimmer Biomet Holdings, Inc. in August 2021.
Key Companies
- B. Braun Melsungen AG
- Corin Group PLC
- DePuy Synthes
- Exactech, Inc.
- MicroPort Scientific Corporation
- Smith & Nephew PLC
- Stryker Corporation
- United Orthopedic Corporation
- Waldemar Link GmbH & Co. KG
- Zimmer Biomet Holdings, Inc
Segmentation of Hip Reconstruction Devices Industry Research
- By Indication :
- Osteoarthritis
- Rheumatoid Arthritis
- Trauma
- By Product :
- Primary Hip Reconstruction Devices
- Partial Hip Reconstruction Devices
- Revision Hip Reconstruction Devices
- Hip Resurfacing Devices
- By Material :
- Metal-on-metal
- Metal-on-polyethylene
- Ceramic-on-polyethylene
- Ceramic-on-metal
- Ceramic-on-ceramic
- By End User :
- Hospitals
- Orthopedic Clinics
- Ambulatory Surgical Centers
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
Purchase this Premium Report Through Secured PayPal Payment Gateway
https://www.factmr.com/checkout/8249
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global hip reconstruction devices market, presenting historical demand data (2018-2022) and forecast statistics for the period of 2023-2033.
The study divulges essential insights on the market on the basis of indication (osteoarthritis, rheumatoid arthritis, trauma), product (primary hip reconstruction devices, partial hip reconstruction devices, revision hip reconstruction devices, hip resurfacing devices), material (metal-on-metal, metal-on-polyethylene, ceramic-on-polyethylene, ceramic-on-metal, ceramic-on-ceramic), and end user (hospitals, ambulatory surgical centers, orthopedic clinics), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
Check out more related studies published by Fact.MR Research:
Cardiovascular Repair and Reconstruction Devices Market Insights: Worldwide sales of cardiovascular repair and reconstruction devices are anticipated to increase at a CAGR of 5.5% from 2022 to 2027. At present, the global cardiovascular repair and reconstruction devices market is valued at US$ 4.2 billion and is expected to reach a market size of US$ 5.5 billion by 2027.
Joint Reconstruction Devices Market Analysis: Worldwide demand for joint reconstruction devices is expected to increase at a CAGR of 6% from 2023 to 2033. The market for joint reconstruction devices is valued at US$ 32.75 billion in 2023 and is thus expected to reach US$ 58.65 billion by the end of 2033.
Speech Generating Devices Market Growth: The global speech generating devices market reached a valuation of around US$ 205 Mn in 2020, and is slated to accelerate at a CAGR of 10% through 2031. Demand for text-to-speech devices is high and set to remain so, increasing at a CAGR of 9%.
Phototherapy Devices Market Trends: Sales of phototherapy devices are slated to surge at a CAGR of 7% to top US$ 1.5 Bn by 2031. Demand for LED-based phototherapy devices is set to increase at a CAGR of 6% across the assessment period of 2021 to 2031.
About Us:
Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analysed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we’ll be an able research partner.
Contact:
Mahendra Singh
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
Email: sales@factmr.com
Tel: +1 (628) 251-158
Follow Us: LinkedIn | Twitter | Blog
