Artificial Hip Implant Market is Estimated to Witness High Growth Owing to Opportunity for Expanding Geriatric Population

 


Hip replacement implants are orthopedic surgical devices used to replace the functionality of a damaged or diseased hip joint. These implants provide patients with long-term pain relief and restore their natural range of motion. The increasing incidence of hip injuries, fractures, and arthritis coupled with the rising elderly population has accelerated the demand for hip replacement procedures.

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 prevalence of hip injuries is one of the major trends driving the growth of the hip replacement market. Hip injuries and fractures have become more common due to a rise in lifestyle diseases, sedentary routines, and obesity rates across the world. As per data by the American Academy of Orthopaedic Surgeons, about 4 million Americans suffer from hip fractures each year. Moreover, hip arthritis is on the rise due to the growing geriatric population who are more susceptible to joint degeneration. It is estimated that by 2030, there will be about 67 million hip replacement procedures performed globally. The rising disease burden and increasing hip replacement surgeries are expected to boost the demand for hip implants and accessories during the forecast period.


Segment Analysis

The global hip replacement market is dominated by the total hip arthroplasty sub segment. Total hip arthroplasty procedures are highly preferred since it offers longer prosthesis life and better mobility to patients as compared to partial hip replacement procedures. The other sub segments in the market include revision hip replacement and hip resurfacing.

Key Takeaways
The global hip replacement market is expected to witness high growth over the forecast period of 2023 to 2030. The rising number of hip replacement surgeries across the world due to increasing cases of osteoarthritis and osteonecrosis is expected to drive the market during the forecast period. 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%
Hip replacement implants are orthopedic surgical devices used to replace the functionality of a damaged or diseased hip joint. These implants provide patients with long-term pain relief and restore their natural range of motion. The increasing incidence of hip injuries, fractures, and arthritis coupled with the rising elderly population has accelerated the demand for hip replacement procedures.

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 prevalence of hip injuries is one of the major trends driving the growth of the hip replacement market. Hip injuries and fractures have become more common due to a rise in lifestyle diseases, sedentary routines, and obesity rates across the world. As per data by the American Academy of Orthopaedic Surgeons, about 4 million Americans suffer from hip fractures each year. Moreover, hip arthritis is on the rise due to the growing geriatric population who are more susceptible to joint degeneration. It is estimated that by 2030, there will be about 67 million hip replacement procedures performed globally. The rising disease burden and increasing hip replacement surgeries are expected to boost the demand for hip implants and accessories during the forecast period.


Segment Analysis

The global hip replacement market is dominated by the total hip arthroplasty sub segment. Total hip arthroplasty procedures are highly preferred since it offers longer prosthesis life and better mobility to patients as compared to partial hip replacement procedures. The other sub segments in the market include revision hip replacement and hip resurfacing.

Key Takeaways
The global hip replacement market is expected to witness high growth over the forecast period of 2023 to 2030. The rising number of hip replacement surgeries across the world due to increasing cases of osteoarthritis and osteonecrosis is expected to drive the market during the forecast period. 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.

Regional analysis
North America currently dominates the global hip replacement market owing to increasing aging population, rising prevalence of arthritis, long working hours in standing position and expanding medical technology in the region. The rapid adoption of technologically advanced implants and hybrid surgeries is also driving the regional market. Asia Pacific is expected to be the fastest growing hip replacement market during the forecast period. This can be attributed to growing population, improving access to healthcare facilities and increasing healthcare expenditures in developing economies such as India and China.

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. Depuy Synthes maintains its leading position in the global hip replacement market due to its wide variety of implants and large worldwide sales network. Microport Scientific Corporation is a fast emerging player focusing on developing 3D printed implants.

 over the forecast period 2023 to 2030.

Regional analysis
North America currently dominates the global hip replacement market owing to increasing aging population, rising prevalence of arthritis, long working hours in standing position and expanding medical technology in the region. The rapid adoption of technologically advanced implants and hybrid surgeries is also driving the regional market. Asia Pacific is expected to be the fastest growing hip replacement market during the forecast period. This can be attributed to growing population, improving access to healthcare facilities and increasing healthcare expenditures in developing economies such as India and China.

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. Depuy Synthes maintains its leading position in the global hip replacement market due to its wide variety of implants and large worldwide sales network. Microport Scientific Corporation is a fast emerging player focusing on developing 3D printed implants.

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