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Hip Replacement Market Trends, Top Companies, Share, Growth And Forecast 2033
Hip Replacement Market Trends
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Hip Replacement Market 2024 Key Insights:
• The hip replacement market will grow to $9.04 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
• Rising Incidences Of Hip Injuries Is A Catalyst For The Surge In Hip Replacement Market Growth
• Revolutionizing Hip Replacement Surgeries Through The Impact Of Cutting-Edge Technologies In The Market
• North America was the largest region in the hip replacement market in 2023
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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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