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(Medical-NewsWire.com, November 09, 2022 ) According to Precision Business Insights (PBI) latest report, the global hip replacement market size was valued at USD 5.74 billion in 2021, growing at a CAGR of 4.4% during the forecast period 2022-2028. It is obvious from the word alone that hip replacement implants are artificial implants that are inserted surgically to replace a hip that has been shattered or injured. Ceramics, metal, or plastic are used to make hip replacement implants. One of the main causes of the market value's increase is the rising incidence of osteoarthritis around the world. Increasing awareness of the advantages of robotically assisted medical operations, an increase in the number of surgical procedures, and an increase in traffic accidents are all factors driving the market growth rate.
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Hip Replacement Market Growth Factors:
The quick adoption of newly developed operations and the advancements in orthopedic technology with better results are helping to drive the market's growth throughout the anticipated timeframe. Hip replacement may involve connecting the hip or performing surgery on it. A prosthetic implant, often known as a hip prosthesis, is implanted into the hip joint. Due to worsening arthritis pain, which may be brought on by a bone fracture or a ligament issue, an orthopedic procedure involves connecting or replacing the hip. The primary purpose of a hip replacement is to reduce arthritis pain. As technology advances and new procedures are developed with fewer complications, this goal as well as enhanced hip function as a result of the procedure drive market development.
Hip Replacement Market Trends
• Over the course of the projected period, the number of younger people suffering from neurodegenerative disorders is anticipated to increase.
• The rate of success of minimally invasive operations has increased due to the rising number of robot-assisted procedures, which is expected to open up attractive new growth opportunities for this industry in the near future.
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Hip Replacement Market Segmentation
The global Hip Replacement Implants Market on the basis of Product Type, the market is segregated into Partial Hip replacement Implants, Total Hip replacement Implants, Revision Hip Replacement Implants, Resurfacing Implants. On the basis of Material, the market is categorized into Metal-on-Plastic, Metal-on-Metal, Ceramic-on-Metal, Ceramic-on-Plastic, Ceramic-on-Ceramic. On the basis of End User, the market is fragmented into Hospitals, Clinics, Ambulatory Surgical Centers (ASCs)
Hip Replacement Market Regional Analysis
The market for hip replacement implants is dominated by North America thanks to the region's robust healthcare infrastructure, expanding investments from major companies in the development of cutting-edge technologies, expansion of drug development procedures, and expansion of research activities. Due to the expansion of government initiatives to raise awareness, the rise in medical tourism, the expansion of research activities in the region, the rising prevalence of osteoarthritis, and the expanding demand for high-quality healthcare in the region, Asia-Pacific is predicted to experience substantial growth during the forecast period.
The major players operating in the Hip Replacement Market are Braun Melsungen AG (Germany), Corin (U.K.), DePuy Synthes (U.S.), Exactech Inc. (U.S.), Microport Scientific Corporation (China), Smith & Nephew (U.K.), Stryker (U.K.), Waldemar LINK GmbH & Co. KG (Germany), Zimmer Inc. (U.S.)
Hip Replacement Implants Market By Product Type (Partial Hip replacement Implants, Total Hip replacement Implants, Revision Hip Replacement Implants, Resurfacing Implants), By Material (Metal-on-Plastic, Metal-on-Metal, Ceramic-on-Metal, Ceramic-on-Plastic, Ceramic-on-Ceramic), By End User (Hospitals, Clinics, Ambulatory Surgical Centers (ASCs)), and Geography
Knee Replacement Market by Procedure (Total Knee Replacement, Partial Knee Replacement, Revision Knee Replacement), by Bearing (Fixed-bearing Implants, Mobile-bearing Implants), by End-user (Hospitals, Orthopaedic Clinics, Ambulatory Surgical Centres) and Geography
Orthopedic Joint Replacement Market: By Product ( Knee, Hip, Shoulder, Ankle Others) Procedure( Total Replacement, Partial Replacement Others) End User ( Hospital, Ambulatory Surgical Centers, Orthopedic Clinics and Others) and Geography
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