DUBLIN, Aug. 27, 2024–(BUSINESS WIRE)–The “Hip Replacement Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insights, Inflation Impact, Company Analysis” report has been added to ResearchAndMarkets.com's offering.
The hip replacement market size is expected to reach approximately USD 8.87 billion by 2030 and USD 6.64 billion in 2023. The global hip replacement market is expected to grow at a CAGR of 4.22% from 2024 to 2030.
The growing prevalence of such conditions across the globe is a key factor driving the growth of the hip replacement implants market as hip replacement implants are beneficial for patients who suffer from total or partial hip joint injuries or accidents. Moreover, the rise in the need for surgical approaches and the increasing burden of fatal road accidents and sports-related accidents are other factors that may contribute to the growth of the market.
Hip replacement surgery is a scientific method that aims to relieve arthritis pain and improve the function of the hip joint. The hip replacement market is growing due to the emergence of modern technology and advanced techniques. The implants used in this surgery are usually made of plastic, metal, or ceramic materials. More and more people are in need of joint replacement surgery due to conditions such as osteoarthritis, rheumatoid arthritis, fractures, and ligament injuries. This demand is also driven by the increasing participation of people in sports activities that may cause injuries. The rapid growth of the market is driven by the development of better navigation systems to perform surgical procedures, improved use of robotic automation, and improved networking.
Hip replacement is a popular orthopedic surgery that has undergone advancements. The demand for this surgery is growing due to the increasing number of patients suffering from arthritis pain and rheumatic diseases. Medical professionals are pushing for the application of new and evolved techniques to improve outcomes and reduce arthritis pain. Arthritis pain is becoming more common especially among the elderly, aged 55 and above. Prolonged participation of people in sports, especially specialized sports, leads to more painful injuries such as fractures, ligament injuries, and dislocations that can multiply arthritis pain.
The growing number of road injuries due to painful accidents and increasing pain problems due to arthritis are driving the demand for hip replacement surgeries by doctors. The hip replacement devices market is set to experience growth due to improved research and development, continuous technological innovations, and accelerating performance, efficiency, and effectiveness of surgeries in the coming years.
Introduction of advanced developments in hip replacement surgery, increased efficiency, combined with 3D printing technology, reduced time required for surgical treatment, reduced radiation exposure, etc. are contributing to the increased growth rate of the hip replacement surgery market. Improved government initiatives with increased investments and encouragement towards further technological advancements in hip replacement surgery are also contributing to the market growth.
Total Hip Replacement Dominates the Market
By product, the hip replacement market is categorized into total replacement, partial replacement, revision, and hip resurfacing. The total hip replacement segment is expected to witness sustained growth throughout the forecast period. The forecast highlights the enduring demand for hip replacement surgery driven by factors such as an aging population, increasing prevalence of hip-related diseases, and advancements in medical technologies.
As patient mobility and quality of life take priority in healthcare, the steady expansion of total hip arthroplasty reflects the important role of this procedure in addressing musculoskeletal problems. With continued technological innovation and emphasis on improving surgical outcomes, this field is expected to contribute significantly to the evolution of orthopedic interventions in the near future.
The orthopedic clinics segment of the hip replacement market is expected to witness significant growth, driven by the increasing number of medical centers and rising healthcare spending.
The hip replacement market is expected to witness significant growth in orthopedic clinics due to the rise in healthcare facilities and soaring healthcare costs throughout the forecast period. The growing focus on orthopedic treatment coincides with the growing demand for hip replacement technologies and reflects a broader commitment towards improving musculoskeletal health. This increasing trend highlights the pivotal role of orthopedic clinics in addressing evolving healthcare needs, focusing on accessibility, and contributing to improving hip replacement interventions to improve patient outcomes in the near future.
The United States is expected to maintain a large market share over the next few years.
The United States is poised to maintain notable market share in the foreseeable future. This expectation highlights the country's enduring economic strength, innovativeness, and influence across various industries. With a robust and dynamic market environment, the United States is expected to continue to play a pivotal role in shaping trends and market dynamics for global companies. This continued importance demonstrates the resilience and competitiveness of the U.S. economy, solidifying its role on the international stage for years to come.
China is poised for significant growth, driven by rising healthcare spending, improving healthcare infrastructure, and a large population. These factors have created a favorable environment for the expansion of healthcare services and technologies, positioning China as a key player in the evolving global healthcare market.
Company Analysis: Overview, Recent Developments, Sales Analysis
Smith & Nephew PLC Johnson & Johnson Integra LifeSciences Corporation Zimmer Biomet Stryker B. Braun Melsungen AG Globus Medical Inc MicroPort Scientific Corporation Conformis Inc
Key topics:
1. Introduction
2. Research Method
3. Overview
4. Market Trends
4.1 Drivers of growth
4.2 Challenges
5. Global Hip Replacement Market
6. Market Share – Global Hip Replacement Market
6.1 By-products
6.2 By End User
6.3 By country
7. Products – Global Hip Replacement Market
7.1 Total
7.2 Partial
7.3 Revision surgery and hip resurfacing
8. End Users – Global Hip Replacement Market
8.1 Hospitals and Surgery Centers
8.2 Orthopedic Clinic
8.3 Other
9. By Country – Global Hip Replacement Market
9.1 North America
9.1.1 United States
9.1.2 Canada
9.2 Europe
9.2.1 France
9.2.2 Germany
9.2.3 Italy
9.2.4 Spain
9.2.5 United Kingdom
9.2.6 Belgium
9.2.7 Netherlands
9.2.8 Türkiye
9.3 Asia Pacific
9.3.1 China
9.3.2 Japan
9.3.3 India
9.3.4 South Korea
9.3.5 Thailand
9.3.6 Malaysia
9.3.7 Indonesia
9.3.8 Australia
9.3.9 New Zealand
9.4 Latin America
9.4.1 Brazil
9.4.2 Mexico
9.4.3 Argentina
9.5 Middle East and Africa
9.5.1 Saudi Arabia
9.5.2 United Arab Emirates
9.5.3 South Africa
9.6 Other Regions
10. Porter’s Five Forces – Global Hip Replacement Market
10.1 Bargaining power of buyers
10.2 Bargaining Power of Suppliers
10.3 Threat of new entrants
10.4 Rivalry among existing competitors
10.5 Threat of Substitutes
11. SWOT Analysis – Global Hip Replacement Market
11.1 Strengths
11.2 Weaknesses
11.3 Opportunities
11.4 Threats
12. Analysis of Major Players
For more information on this report, please visit: https://www.researchandmarkets.com/r/nlcv20
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