Hip Replacement Market Expected to Reach $8.6 Billion by 2031

Hip replacement market was valued at $5.9 billion in 2021, and is estimated to reach $8.6 billion by 2031, growing at a CAGR of 4% from 2022 to 2031. Hip replacement is the removal and replacement of portions of the pelvis and femur (thighbone) that form the hip joint. It is performed primarily to relieve pain. Hip replacement surgery is usually necessary when the hip joint is worn or damaged so that patient's mobility is reduced and patient are in pain even while resting. The most common reason for hip replacement surgery is osteoarthritis.

𝐋𝐢𝐬𝐭 𝐨𝐟 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 :
B. Braun Melsungen AG, Johnson & Johnson, Smith & Nephew PLC, Stryker Corporation, Zimmer Biomet Holdings Inc, Enovis, Kyocera Corporation, Corin Group PLC, Gruppo Bioimpianti s.r.l., Exactech Inc, Globus Medical

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 https://www.alliedmarketresearch.com/request-sample/17472

The increase in prevalence of orthopedic diseases and rise in incidence of hip injuries drives the Hip Replacement Market growth. The bone diseases such as osteoarthritis, rheumatoid arthritis, osteonecrosis, fractures, and bone tumors are the conditions that commonly require surgical intervention. While a number of conditions can cause hip pain, hip replacement is reserved for individuals with extensive hip damage. Furthermore, rise in number of geriatric populations boosts the growth of hip replacement market. The elderly people are more prone to dental problems and orthopedic diseases. Thus, geriatric population signifies increase in patients of chronic diseases. For instance, according to the World Health organization (WHO), by 2050, the world's population of people aged 60 years and older is expected to reach 2.1 billion.

The partial hip replacement is commonly done for hip fractures. The prevalence of road accidents and acquired hip injuries drives the growth of market. For instance, as per the U.S. Department of Transportation's National Highway Traffic Safety Administration (NHTSA) report published in February 2022, an estimated 31,720 people died in motor vehicle traffic crashes from January through September 2021, an increase of approximately 12% from the 28,325 fatalities projected for January to September of 2020.

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On the basis of procedure, the market is divided into total hip replacement, partial hip replacement, revision hip replacement and hip resurfacing. The total hip replacement segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to increase in prevalence of osteoarthritis and rise in number of geriatric populations.

Based on material, the market is categorized into metal-on-metal, metal-on-polyethylene, ceramic-on-polyethylene, ceramic-on-metal and ceramic-on-ceramic. The metal-on-polyethylene segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to advantage of metal-on-polyethylene and advancements in hip replacement surgeries.

Depending on end user, the market is classified into hospitals, orthopedic clinics, and ambulatory surgical centers. The hospitals segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to increase in healthcare expenditure and rise in number of hospitals.

North America accounted for a majority of the global hip replacement market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of orthopedic diseases, well established healthcare infrastructure and presence of key players in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to increase in incidences of hip injury, growth in geriatric population and high population base.

𝐅𝐨𝐫 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐈𝐧𝐪𝐮𝐢𝐫𝐲 https://www.alliedmarketresearch.com/purchase-enquiry/17472

𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘

On the basis of procedures, the total hip replacement segment was the highest contributor to the market in 2021.

Based on material, the metal-on-polyethylene segment was the highest contributor to the market in 2021.

Depending on end user, the hospitals segment was the highest contributor to the market in 2021.

Region wise, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.

𝐎𝐮𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧 𝐏𝐫𝐨𝐯𝐢𝐝𝐞𝐬 𝐘𝐨𝐮 𝐀𝐧𝐬𝐰𝐞𝐫 𝐭𝐨 𝐁𝐞𝐥𝐨𝐰 𝐌𝐞𝐧𝐭𝐢𝐨𝐧𝐞𝐝 𝐐𝐮𝐞𝐬𝐭𝐢𝐨𝐧:

• Which are the driving factors responsible for the growth of market?
• Which are the roadblock factors of this market?
• What are the new opportunities, by which market will grow in coming years?
• What are the trends of this market?
• Which are main factors responsible for new product launch?
• How big is the global & regional market in terms of revenue, sales and production?
• How far will the market grow in forecast period in terms of revenue, sales and production?
• Which region is dominating the global market and what are the market shares of each region in the overall market in 2022?
• How will each segment grow over the forecast period and how much revenue will these segments account for in 2030?
• Which region has more opportunities?

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