Hip Replacement Implants Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Hip Replacement Implants Market Projected to Surge, Reaching USD Million by 2031

he global hip replacement implants market witnessed remarkable growth in 2023, reaching a valuation of US$ billion. According to recent projections, the market is poised to further escalate, estimated to achieve a staggering USD million by 2031, showcasing a robust Compound Annual Growth Rate (CAGR) throughout the forecast period spanning 2024 to 2031.

Hip replacement, also known as hip arthroplasty, entails a surgical intervention wherein orthopedic surgeons remove afflicted components of the hip joint, replacing them with artificial counterparts. This procedure aims to alleviate discomfort, facilitating improved mobility and functionality in individuals.

The scope of the Hip Replacement Implants Market encompasses an extensive array of metrics, including a high CAGR, market size available for the years 2022-2031, and revenue units measured in USD Mn. Segments covered comprise product type, material type, and end users across key regions such as North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

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Market Dynamics and Trends

The burgeoning market is propelled by an influx of new device launches for hip replacement implants, fostering innovation and advancements in treatment modalities. Key industry players are pivotal in driving market growth through the introduction of novel treatment devices. Notable examples include Smith+Nephew's launch of the OR3O Dual Mobility System and Exactech's Spartan Stem and Logical Cup System, both contributing to the expansion of therapeutic options in primary and revision hip arthroplasty.

Nevertheless, challenges persist, notably the high cost associated with hip replacement surgery, which could potentially impede market growth. In the United States alone, the average cost of a hip replacement procedure amounts to $12,815, encompassing expenses for surgeons and hospitals alike.

Segment Analysis

Total hip replacement implants emerge as the dominant segment, accounting for a significant market share of approximately 42.5%. This trend is attributed to escalating hip replacement procedures and the introduction of innovative products. For instance, Stryker's launch of the Insignia hip stem underscores the market's trajectory towards enhanced surgical outcomes through cutting-edge technology.

Geographical Share

North America stands at the forefront of the global hip replacement implant market, boasting a substantial market share. Factors such as the rising incidence of hip arthroplasty and increasing product approvals contribute to the region's prominence. Recent reports from The American Joint Replacement Registry (AJRR) highlight a significant uptick in procedural volumes, further affirming North America's position as a key market.

Competitive Landscape

Leading global players in the hip replacement implants market include Zimmer Biomet Holdings Inc., Stryker Corporation, Wright Medical N.V., DJO Global, Integra LifeSciences, B.Braun Melsungen AG, Depuy Synthes, FH Orthopedics, Advin Health Care, and Lima Corporate, among others.

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