Pune, India, Sept. 20, 2023 (GLOBE NEWSWIRE) -- The Hip Replacement Market size was valued at USD 7.42 billion in 2022 and market is projected to reach USD 10.79 billion by 2030, recording a CAGR of 4.9% during the forecast period. Hip replacement market is significant segment of medical device industry, driven by growing aging population, and advancements in medical technology. Fortune Business Insights™ displays this information in a report titled, "Hip Replacement Market, 2023-2030."
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Key Industry Development:
February 2021 – MicroPort Orthopedics has broadened its range of hip stems, including the introduction of the Profemur Gladiator HA Collared Stem and Cemented Collared Hip Stem, as part of this expansion.
Key Takeaways:
- As per the U.S. FDA, in March 2021, Stryker issued an Urgent Medical Device Recall notice to its customers, announcing a voluntary recall of the Triathlon Total Knee System
- The advent of 3D printing technology in the production of orthopedic implants led to a significant increase in the request for personalized implants.
- The market is categorized by end-users into hospitals and Ambulatory Surgery Centers (ASCs), orthopedic clinics, and other segments.
- In September 2020, Conformis revealed that the Cordera Hip System had received clearance from the U.S. Food and Drug Administration.
Discover the Leading Players Featured in the Report:
Zimmer Biomet (U.S.), Medical Device Business Services, Inc. (Johnson & Johnson Private Limited) (U.S.), Smith & Nephew (U.K.), Stryker (U.S.), Exactech, Inc. (U.S.), GRUPPO BIOIMPIANTI s.r.l. (Italy), Conformis (U.S.), MicroPort Scientific Corporation (China), B. Braun Melsungen AG (Germany)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 4.9% |
| 2030 Value Projection | USD 10.79 billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 7.72 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 115 |
| Segments covered | By Procedure, End-user, and Region |
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https://www.fortunebusinessinsights.com/industry-reports/hip-replacement-implants-market-100247
Segmentation:
The Total Hip Replacement segment is expected to experience significant growth due to a surge in the number of arthroplasty procedures. In terms of procedures, the market is divided into partial, total, and revision & hip resurfacing, with the total segment expected to exhibit substantial growth throughout the forecast period, driven by the increasing number of arthroplasty procedures.
The Hospitals & Ambulatory Surgery Centers (ASCs) segment is anticipated to register notable expansion, primarily attributed to the rising number of hip procedures. In terms of end-users, the market is segmented into orthopedic clinics, hospitals & Ambulatory Surgery Centers (ASCs), and others, with the hospitals & ambulatory surgery centers segment projected to grow at a significant rate during the analysis period due to the increasing volume of hospital surgeries.
The market for hip replacement has been studied across various geographical regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
By Procedure
- Total
- Partial
- Revision & Hip Resurfacing
By End-user
- Hospitals & ASCs
- Orthopedic Clinics
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Driving factor:
The increase in market value is primarily attributed to the presence of favorable reimbursement policies, which play a crucial role in driving the growth of the hip replacement market. Several countries' governments have introduced various schemes to support joint replacement procedures. However, it's worth noting that challenges related to product recalls could potentially impede the industry's expansion significantly.
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Regional insights:
North America is poised to maintain its dominant share in the global hip replacement market, driven by the increasing number of collaborations among industry players and an uptick in hip arthroplasty procedures. It is also anticipated to achieve a noteworthy Compound Annual Growth Rate (CAGR) during the study period.
The European market is projected to experience substantial growth over the study period, mainly due to the growing demand for customized implants in the region.Meanwhile, the market value in the Asia Pacific region is expected to exhibit remarkable growth over the analysis period, primarily fueled by the continuous introduction of new products by manufacturers.
Competitive Landscape
Major players in the industry employ a variety of strategies to enhance their market presence. These strategies encompass increased investment in research and development, pursuing acquisitions and merger agreements, among others. Additionally, they are also focusing on participating in trade conferences and forming collaborations to expand their geographical reach.
FAQs
How big is the Hip Replacement Market?
Hip Replacement Market size was USD 7.72 billion in 2023.
How fast is the Hip Replacement Market growing?
The Hip Replacement Market will exhibit a CAGR of 4.9% during the forecast period, 2023-2030
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Related Links:
Orthopedic Joint Replacement Market Share, Size, Demand and Forecast
Knee Replacement Implants Market Size, Share, Growth Industry Report
Orthopedic Implants Market Share, Size, Demand and Forecast
Spinal Devices Market Size, Share, Growth Industry Report
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