Press release
Global Hip Replacement Market Size, Share, Forecast 2023 - 2033 | Top key players : Exactech Inc., Globus Medical Inc., Integra LifeSciences, Johnson & Johnson, Kyocera Corporation
Global Hip Replacement Market Size
Hip replacement, sometimes referred to as hip arthroplasty, is a surgical operation in which an artificial joint, or prosthesis, is used to replace a damaged or diseased hip joint. Patients with severe hip joint conditions such as osteoarthritis, rheumatoid arthritis, avascular necrosis, hip fractures, or other comparable injuries are typically advised to have this operation. Over the course of the projected period, rising awareness of these treatments and their advantages is anticipated to support market growth. The hip replacement industry is significantly influenced by the growing number of entire or partial hip injuries, and also by an increase in traffic accidents and sports-related injuries. Additionally, the growing demand for surgical procedures propels the growth of the worldwide hip replacement market. However, device failures are expected to cause a range of negative consequences for people, including metal poisoning, allergic reactions, infections, bone loss, and other problems. This aspect is projected to cause the market to retrain during the forecast period. The hip replacement market's expansion is further hampered by the procedure's high cost and stringent government regulations.
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The total hip replacement segment is expected to hold the largest share of the global hip replacement market during the anticipation timeframe.
Based on procedure, the global hip replacement market is categorized into total hip replacement, partial hip replacement, revision hip replacement, and hip resurfacing. Among these, the total hip replacement segment is expected to hold the largest share of the global hip replacement market during the anticipation timeframe. Due to the rising incidence of osteoarthritis and hip fractures brought on by ageing, obesity, and trauma, the market for total hip replacements is expanding. While minimally invasive (MI) implants have improved patient comfort and recovery time, the employment of contemporary robotics and navigation systems is boosting surgical precision.
The metal-on-polyethene segment is expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the material, the global hip replacement market is categorized into metal-on-metal, metal-on-polyethene, ceramic-on-polyethene, and others. Among these, the metal-on-polyethylene segment is expected to grow at the fastest CAGR during the anticipation timeframe. For hip replacements, metal-on-polyethene implants are preferred because they are inexpensive and offer a number of benefits, such as fewer wear particles and issues. Better patient outcomes and fewer revision operations result from this.
The hospitals segment is expected to hold the largest share of the global hip replacement market during the anticipation timeframe.
Based on end user, the global hip replacement market is categorized into hospitals and ambulatory surgery centres. Among these, the hospitals segment is expected to hold the largest share of the global hip replacement market during the anticipation timeframe. Hospitals are the go-to choice for hip replacement surgery because of their multidisciplinary teams of highly skilled specialists, including orthopaedic surgeons and physical therapists, who provide all-encompassing care. The availability of cutting-edge technologies and the rise in the number of procedures carried out at these facilities are further factors propelling this market's growth.
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North America is projected to hold the largest share of the global hip replacement market over the anticipation timeframe.
North America is projected to hold the largest share of the global hip replacement market over the anticipation timeframe. The North American hip replacement market is expanding because of a number of variables, including an established medical infrastructure, rising healthcare expenses, and a growing population. Important motivators include increased insurance coverage, ongoing technological advancements, and the expansion of orthopaedic clinics.
Europe is expected to grow at the fastest CAGR growth of the global hip replacement market during the anticipation timeframe. Hip joint pain and injuries are increasing in frequency due to the population's rapid ageing, and there is a well-developed healthcare system, highly qualified personnel, and high healthcare standards. The increased demand for partial replacement procedures and the rising number of hip joint pain-related conditions are also expected to fuel the regional market expansion.
Major vendors in the global hip replacement market are B. Braun SE, Conformis Inc., Corentec Co. Ltd., Corin Group, DJO LLC (Enovis), Exactech Inc., Globus Medical Inc., Integra LifeSciences, Johnson & Johnson, Kyocera Corporation, Medacta International SA, MicroPort Scientific Corporation, Smith & Nephew PLC, Zimmer Biomet, Others.
Key Target Audience
Market Players
Investors
End-users
Government Authorities
Consulting and Research Firm
Venture capitalists
Value-Added Resellers (VARs)
Recent Developments
In May 2023, At the American Academy of Orthopaedic Surgeons (AAOS) 2024 annual meeting in San Francisco, Hip Innovation Technology, LLC (HIT) unveiled their flagship invention, the Reverse Hip Replacement System (Reverse HRS).
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global hip replacement market based on the below-mentioned segments:
Global Hip Replacement Market, By Procedure
Total Hip Replacement
Partial Hip Replacement
Revision Hip Replacement
Hip Resurfacing
Global Hip Replacement Market, By Material
Metal-on-Metal
Metal-on-Polyethylene
Ceramic-on-Polyethylene
Others
Global Hip Replacement Market, By End User
Hospitals
Ambulatory Surgery Centers
Others
Global Hip Replacement Market, By Regional
North America
US
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
Russia
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Australia
Rest of Asia Pacific
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
UAE
Saudi Arabia
Qatar
South Africa
Rest of the Middle East & Africa
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About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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