Hip Replacement Market Size, Share, Growth, Trends Forecast 2022-28

The global hip replacement market size was valued at 5.74 billion in 2021, at a CAGR of 4.4% during the forecast period 2022-2028. A hip replacement is a surgical operation in which an artificial prosthetic implant is used to replace the hip joint. Hip arthroplasty is the name of the procedure. The procedure is typically performed to repair physical hip joint damage and hip fractures as well as to reduce joint pain (arthritis). An entire hip replacement or a partial hip replacement can be performed during hip replacement surgery. Over the forecast period, an increase in the prevalence of musculoskeletal problems is anticipated to boost market growth for hip replacements worldwide.

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Over the course of the projection period, the size of the global hip replacement market is anticipated to expand significantly. The market is anticipated to develop as a result of a number of factors, including the increased instances of orthopedic injuries, osteoarthritis, and an aging population. The market for hip replacement is significantly influenced by osteoarthritis. Nearly 54.5 million persons in the United States have arthritis that was officially diagnosed by a doctor in 2018, according to the information given by the Arthritis Foundation. The most prevalent kind of arthritis in the U.K. is osteoarthritis, which is expected to afflict approximately 10 million individuals in the next several years. Over the projected period, it is also expected that the growing elderly population and rising orthopedic injuries will propel the hip replacement market. The market for hip replacement is now experiencing significant growth challenges, particularly in developing and poor countries, because of the high costs of replacement procedures. The entire cost for a hip replacement was USD 22,045, while the total cost for a knee replacement was USD 29,467, according to a research article that was released in 2020. The availability of substitute methods is another factor limiting market expansion.

Hip Replacement Market Segmentation:
The global hip replacement market on the basis of Product Type, the market is segregated into Partial Hip replacement Implants, Total Hip replacement Implants, Revision Hip Replacement Implants, Resurfacing Implants. On the basis of End User, the market is fragmented into Hospitals, Clinics, Ambulatory Surgical Centers (ASCs)

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Hip Replacement Market Regional Analysis:
During the projection period, the North American region is anticipated to have the greatest CAGR. because the healthcare system is well-suited and because major firms in the sector are present. Additionally, Asia Pacific is anticipated to grow profitably during the forecast period. The older population is expanding, which has a higher chance of getting osteoarthritis, osteoporosis, and bone injuries, as well as the increased incidence of obesity. These factors will all contribute to the growth over the next years.

Key players' profiles in the hip replacement market report are Braun Melsungen AG (Germany), Corin (U.K.), DePuy Synthes (U.S.), Exactech Inc. (U.S.), Microport Scientific Corporation (China), Smith & Nephew (U.K.), Stryker (U.K.), Waldemar LINK GmbH & Co. KG (Germany), Zimmer Inc. (U.S.)

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