Pune, India, Dec. 07, 2023 (GLOBE NEWSWIRE) -- The global hip replacement market size was valued at USD 7.42 billion in 2022. The market is projected to grow from USD 7.72 billion in 2023 to USD 10.79 billion by 2030, exhibiting a CAGR of 4.9% over the study period. The rise is propelled by the increasing prevalence of osteoarthritis and favorable government initiatives.
Fortune Business Insights™ provides this information in its research report, titled “Hip Replacement Market, 2023-2030”.
Key Industry Development:
February 2021 – MicroPort Orthopedics expanded its hip stem portfolio. As part of the move, the company launched the Profemur Gladiator HA Collared Stem and Cemented Collared Hip Stem, among other solutions.
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Key Takeaways:
- According to a Fortune Business Insights analysis, the size of the global hip replacement market is expected to grow at a compound annual growth rate (CAGR) of 4.9% and reach USD 10.79 billion by 2030.
- The category for orthopedic clinics is anticipated to expand during the forecast period. This is because there are more orthopedic surgeons doing replacement operations on outpatients.
- The FDA has approved the Cordera Hip System, according to Conformis. It is anticipated that this will lead to a rise in the US market for arthroplasty implants.
- The National Center for Biotechnology Information (NCBI) estimates that in 2022, hip osteoarthritis affected 18.1% of Mexican adults over 40. Additionally
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
| 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 for | 2019 to 2021 |
| No. of Pages | 115 |
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Drivers and Restraints:
Upsurge in Market Value Driven by Favorable Reimbursement Policies
One of the vital factors driving the hip replacement market growth is the availability of favorable policies for reimbursement. The governments of various countries have rolled out numerous schemes for joint replacement.
However, issues associated with product recalls may hinder industry expansion to a considerable extent.
Segments:
Total Hip Replacement Segment to Depict Notable Growth Owing to Surge in Number of Arthroplasty Procedures
On the basis of procedure, the market is segmented into partial, total, and revision & hip resurfacing. The total segment is anticipated to register considerable growth throughout the projected period. The expansion is driven by an upsurge in the number of arthroplasty procedures.
Hospitals & ASCs Segment to Register Appreciable Expansion Driven by Upsurge in the Hip Procedures
Based on end-user, the market is subdivided into orthopedic clinics, hospitals & Ambulatory Surgery Centers (ASCs), and others. The hospitals & ambulatory surgery centers segment is estimated to grow at a substantial rate over the analysis period. The growth is propelled by the soaring number of hospital surgeries.
Based on geography, the market for hip replacement has been studied across 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
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Regional Insights:
North America to Hold Dominating Share Impelled by Rising Collaborations among Industry Players
North America is set to dominate the global hip replacement market share and is expected to register an appreciable CAGR over the study period. The expansion is impelled by a rise in strategic partnerships between leading companies and an increase in hip arthroplasty procedures.
The Europe market is estimated to exhibit substantial expansion over the study period. The surge is propelled by the escalated customized implants demand in the region.
The market value in Asia Pacific is expected to depict remarkable growth over the analysis period. The expansion is impelled by the increasing launch of new products by manufacturers.
Competitive Landscape:
Key Players Ink Various Strategies to Strengthen Market Footing
Leading industry participants adopt numerous strategies for strengthening the positions of their businesses. Some of these comprise an increase in R&D initiatives, acquisitions, merger agreements, and others. Other steps include an upsurge in trade conferences and collaborations for the expansion of geographical footprints.
FAQ’s
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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