Press release
Hip Replacement Market Size, Share, Trends, Demand, Segments, Leading Companies And Forecast Till 2033
Hip Replacement Market Size
Hip Replacement Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $9.04 billion In 2028 At A CAGR Of 5.4% :
The hip replacement market size has grown steadily in recent years. It will grow from $6.98 billion in 2023 to $7.32 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to demographic trends, rising incidence of osteoarthritis, increasing awareness and education, reimbursement policies, lifestyle changes.
The hip replacement market size is expected to see strong growth in the next few years. It will grow to $9.04 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to rising aging population, prevalence of chronic conditions, global healthcare infrastructure improvement, regulatory support, patient preference for minimally invasive procedures. Major trends in the forecast period include technological advancements, rising aging population, outpatient procedures on the rise, personalized medicine and 3d printing, value-based healthcare.
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Hip Replacement Market Major Segments
The hip replacement market covered in this report is segmented -
1) By Procedure: Total Hip Replacement, Partial Hip Replacement, Rivision Hip Replacement, Hip Resurfacing
2) By Material: Metal-On-Metal, Metal-On-Polyethylene, Ceramic-On-Polyethylene, Ceramic-On-Metal, Ceramic-On-Ceramic
3) By End-User: Hospitals, Speciality Clinics, Ambulatory Surgery Centers
Key Driver - Rising Incidences Of Hip Injuries Is A Catalyst For The Surge In Hip Replacement Market Growth
The increase in incidences of hip injuries is expected to propel the growth of the hip replacement market going forward. Hip injuries happen when one of the muscles that support the hip joint is overstretched or damaged. People with arthritis, avascular necrosis, or other types of hip joint deterioration may experience hip pain and stiffness that can be treated with a hip replacement. For instance, in June 2021, according to the National Library of Medicine, a US-based biomedical library, hip fracture incidence is thought to be at 1.6 million per year worldwide, and it is predicted to rise to 2.6 million by 2025 and 4.5 million by 2050. Therefore, the increase in incidences of hip injuries is driving the growth of the hip replacement market going forward.
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Prominent Trend - Revolutionizing Hip Replacement Surgeries Through The Impact Of Cutting-Edge Technologies In The Market
Technological advancements are a key trend gaining popularity in the hip replacement market. Companies operating in the hip replacement market are adopting new technologies to sustain their position in the market. For instance, in July 2022, Enovis, a US-based medical technology company, launched AR technology named ARVIS designed to improve both total hip and knee replacement surgery. This technology provides surgeons with better information and an enhanced surgical experience without the need for obtrusive and unnecessary equipment.
Hip Replacement Market Players
Major companies operating in the hip replacement market report are Johnson & Johnson, Stryker Corporation, Smith & Nephew PLC, B. Braun Melsungen AG, ConforMIS Inc., Exactech Inc, MicroPort Scientific Corporation, Zimmer Biomet Holdings Inc., Corin Group PLC, Gruppo Bioimpianti S.R.L., Integra LifeSciences, Kyocera Corporation, Medacta International, Merete GmbH, Colfax Inc., Globus Medical Inc., Microport Orthopedics Inc., DJO Global Inc., Waldemar Link GmbH & Co. KG, Athenahealth Inc., Peter Brehm GmbH, Synimed Synergie Ingénierie Médicale S.A.R.L., Elite Surgical Industries, Corentec Co. Ltd., Arthrex Inc., Baumer Holding AG, Evolutis, FH Ortho S.A.S, In2Bones Global Inc.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the hip replacement market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global hip replacement market report during the forecast period. The regions covered in the hip replacement market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Hip Replacement Market Report Structure
3. Hip Replacement Market Trends And Strategies
4. Hip Replacement Market - Macro Economic Scenario
5. Hip Replacement Market Size And Growth
…..
27. Hip Replacement Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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