Pune, India, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The global hip replacement market size was valued at USD 7.42 billion in 2022. The market is projected to grow from USD 7.72 billion in 2023 to USD 10.79 billion by 2030, exhibiting a CAGR of 4.9% over the study period. The rise is propelled by the increasing prevalence of osteoarthritis and favourable government initiatives.
Fortune Business Insights™ provides this information in its research report, titled “Hip Replacement Market, 2023-2030”.
Key Industry Development:
February 2021 – MicroPort Orthopedics expanded its hip stem portfolio. As part of the move, the company launched the Profemur Gladiator HA Collared Stem and Cemented Collared Hip Stem, among other solutions.
Request a Free Sample PDF: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/hip-replacement-implants-market-100247
Key Takeaways:
- Approximately 30,000 primary and 3,000 revision hip and knee arthroplasty procedures were expected to be cancelled each week due to COVID-19 restrictions on needless surgery.
- During the forecast period, the orthopaedic clinics segment is expected to grow. This is due to an increase in the number of orthopaedic surgeons and outpatient replacement surgeries.
- Conformis has announced that the Cordera Hip System has received FDA approval. This is expected to increase demand for arthroplasty implants in the United States.
- According to the National Center for Biotechnology Information (NCBI), around 18.1% of Mexicans over the age of 40 had hip osteoarthritis in 2022. Moreover
Discover the Leading Players Featured in the Report:
Zimmer Biomet (U.S.), Medical Device Business Services, Inc. (Johnson & Johnson Private Limited) (U.S.), Smith & Nephew (U.K.), Stryker (U.S.), Exactech, Inc. (U.S.), GRUPPO BIOIMPIANTI s.r.l. (Italy), Conformis (U.S.), MicroPort Scientific Corporation (China), B. Braun Melsungen AG (Germany)
Report Scope
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 4.9% |
| 2030 Value Projection | USD 10.79 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 7.72 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 115 |
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/hip-replacement-implants-market-100247
Drivers and Restraints:
Upsurge in Market Value Driven by Favorable Reimbursement Policies
One of the vital factors driving the hip replacement market growth is the availability of favorable policies for reimbursement. The governments of various countries have rolled out numerous schemes for joint replacement.
However, issues associated with product recalls may hinder industry expansion to a considerable extent.
Segments:
Total Hip Replacement Segment to Depict Notable Growth Owing to Surge in Number of Arthroplasty Procedures
On the basis of procedure, the market is segmented into partial, total, and revision & hip resurfacing. The total segment is anticipated to register considerable growth throughout the projected period. The expansion is driven by an upsurge in the number of arthroplasty procedures.
Hospitals & ASCs Segment to Register Appreciable Expansion Driven by Upsurge in the Hip Procedures
Based on end-user, the market is subdivided into orthopedic clinics, hospitals & Ambulatory Surgery Centers (ASCs), and others. The hospitals & ambulatory surgery centers segment is estimated to grow at a substantial rate over the analysis period. The growth is propelled by the soaring number of hospital surgeries.
Based on geography, the market for hip replacement has been studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
By Procedure
- Total
- Partial
- Revision & Hip Resurfacing
By End-user
- Hospitals & ASCs
- Orthopaedic Clinics
- Others
By Geography
- North America (By Procedure, End-user, and Country)
- Europe (By Procedure, End-user, and Country/Sub-region)
- Asia Pacific (By Procedure, End-user, and Country/Sub-region)
- Latin America (By Procedure, End-user, and Country/Sub-region)
- Middle East & Africa (By Procedure, End-user, and Country/Sub-region)
Quick Buy - Hip Replacement Market Research Report: https://www.fortunebusinessinsights.com/compare-plan/100247
Regional Insights:
North America to Hold Dominating Share Impelled by Rising Collaborations among Industry Players
North America is set to dominate the global hip replacement market share and is expected to register an appreciable CAGR over the study period. The expansion is impelled by a rise in strategic partnerships between leading companies and an increase in hip arthroplasty procedures.
The Europe market is estimated to exhibit substantial expansion over the study period. The surge is propelled by the escalated customized implants demand in the region.
The market value in Asia Pacific is expected to depict remarkable growth over the analysis period. The expansion is impelled by the increasing launch of new products by manufacturers.
Competitive Landscape:
Key Players Ink Various Strategies to Strengthen Market Footing
Leading industry participants adopt numerous strategies for strengthening the positions of their businesses. Some of these comprise an increase in R&D initiatives, acquisitions, merger agreements, and others. Other steps include an upsurge in trade conferences and collaborations for the expansion of geographical footprints.
FAQ’s
How big is the Hip Replacement Market?
Hip Replacement Market size was USD 7.72 Billion in 2023.
How fast is the Hip Replacement Market growing?
The Hip Replacement Market will exhibit a CAGR of 4.9 % during the forecast period, 2023-2030
Related Reports:
Medical Devices Market Share, Size, Trends and Forecast 2019-2026
Orthobiologics Market Size, Share, Trends, Growth | Global Forecast Report 2030
Spinal Devices Market Size, Share| Global Forecast Report 2030
Knee Replacement Market Trends, Growth | Global Forecast Report 2030
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
Contact Us:
Fortune Business Insights Pvt. Ltd.
9th Floor, Icon Tower, Baner - Mahalunge Road,
Baner, Pune-411045,
Maharashtra, India.
Phone:
US:+1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
