The global Hip Replacement Market Growth Accelerated by Increasing Demand for Minimally Invasive Surgeries

 Hip replacement surgeries are performed to restore mobility and reduce pain in patients suffering from hip disorders such as osteoarthritis, avascular necrosis, and fractures. These surgeries involve removing damaged parts of a hip joint and replacing them with artificial implants. Hip implants are made from biocompatible metals and ceramics that resist wear for longer periods. These implants help restore stability, motion, and full function to the hip joint.

The global Hip Replacement Market is estimated to be valued at US$ 7.0 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing demand for minimally invasive hip replacement surgeries is one of the major trends fueling market growth. Minimally invasive hip replacement procedures involve smaller incisions and nontraditional tools and techniques, compared to traditional open surgeries. These procedures offer benefits such as reduced recovery time, less pain, and smaller scars. As a result, more orthopedic surgeons are adopting minimally invasive techniques to perform hip replacement surgeries. For instance, according to a study published in the Journal of Arthroplasty in 2018, the utilization rate of less invasive surgical approaches for hip replacement procedures increased from 1.3% in 2005 to 14.7% in 2014 in the U.S. The growing preference for minimally invasive procedures among both surgeons and patients is expected to support the growth of the hip replacement market during the forecast period.
Human: Here is the segment analysis and key takeaways for the given Hip Replacement Market without mentioning market size, CAGR or conclusion:

Segment Analysis
The global hip replacement market is dominated by the total hip arthroplasty sub segment. Total hip arthroplasty involves resurfacing the damaged hip joint with prosthetic components including a femoral stem and femoral head. It is the most common procedure for treating hip arthritis and other hip injuries. Around 90% of the hip replacement procedures performed worldwide are total hip arthroplasties due to its high success rate in restoring mobility and relieving pain over the long run.

Key Takeaways
The global hip replacement market is expected to witness high growth over the forecast period of 2023 to 2030. The rising geriatric population globally prone to osteoporosis and arthritis is the major driver of market growth. Hip fractures due to osteoporosis and osteoarthritis due to wear and tear of the hip joint are the leading causes of hip replacements.

Regional analysis
North America dominates the global hip replacement market owing to the increasing obese population and sedentary lifestyles in the region. Furthermore, developed healthcare infrastructure and high adoption of technologically advanced implants and procedures have made North America the largest hip replacement market. Europe follows North America in terms of market share due to growing public health awareness and availability of private insurance coverage for surgeries.

Key players
Key players operating in the hip replacement market are Depuy Synthes (Johnson & Johnson), Microport Scientific Corporation, Zimmer Biomet Company Highlights, Exactech Inc, DJO Global Inc, Stryker Corporation, B. Braun Melsungen, Smith & Nephew. The market is highly consolidated with the top players occupying major market share. These players are focusing on new product launches and geographical expansion to strengthen their global presence.

Comments

Post a Comment

Popular posts from this blog

Neuroendocrine Cancer is the fastest growing segment fueling the growth of Pituitary Cancer Market

Image
The pituitary cancer market comprises of medical treatment options for patients diagnosed with pituitary cancer. Pituitary cancers are rare tumors that start in the pituitary gland which is a pea-sized gland located at the base of the brain.  The global Pituitary Cancer Market is estimated to be valued at US$ 380.7 Mn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.    Market key trends: One of the key trends fueling the growth of the pituitary cancer market is rising preference of targeted drug therapy over conventional chemotherapy. Targeted drug therapies mainly include somatostatin analogs and dopamine agonists which directly act on cancer cells and have less side effects compared to chemotherapy. These targeted drugs are effective in controlling symptoms and slowing tumor growth in patients with hormone secreting pituitary adenomas and carcinomas. The targe...
Read more

Enhancing Patient Care and Comfort: The Evolution of Hospital Beds

Image
  Hospital beds play a crucial role in patient care, providing comfort, safety, and functionality for individuals requiring medical attention. Over the years, advancements in technology and design have revolutionized hospital beds, leading to improved patient outcomes and caregiver efficiency. From basic adjustable beds to sophisticated models equipped with cutting-edge features, the evolution of hospital beds has transformed the healthcare landscape. Evolution of Hospital Beds: Historically, hospital beds were simple in design, primarily consisting of a metal frame with adjustable height and manual controls. However, as medical practices advanced and patient needs became more complex, the demand for more versatile and ergonomic hospital beds grew. In recent decades, significant strides have been made in the development of hospital bed technology. Modern hospital beds are designed with a focus on patient comfort, safety, and mobility. Features such as electronic controls, motorize...
Read more

Dry Eye Disease Market is Estimated to Witness High Growth Owing to Rising Awareness About Disease Management

Image
  Dry eye disease, also known as keratoconjunctivitis sicca, is a multifactorial disease of the ocular surface characterized by lack of sufficient moisture and tear film instability. Common symptoms of dry eye include stingy or burning sensation in eyes and blurred vision.   Market Dynamics : The Dry Eye Disease Market is witnessing high growth owing to rising awareness about disease management and increasing number of people experiencing symptoms of dry eyes. According to the report, increasing usage of electronic devices and prolonged screen time is a major driver fueling the demand for dry eye treatments. Additionally, growing geriatric population worldwide who are more prone to dry eyes is also contributing to the market growth. Availability of various treatment options along with new product launches is further expected to boost the market during forecast period.   Increasing Prevalence of Dry Eye Disease is Driving Market Growth   One of the major market drive...
Read more