Hip Replacement Market Size is Projected To Reach USD 2688.1 Million By 2028 At A CAGR of 2.5% - Valuates Reports

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Sep 08, 2022, 10:00 ET

BANGALORE, India, Sept. 8, 2022 /PRNewswire/ -- Hip Replacement Market is segmented by Type - Total Hip Replacement Implant, Partial Hip Replacement Implant, Hip Resurfacing Implant, Revision Hip Replacement Implant, by Application - Hospitals, Orthopedics Clinics, Ambulatory Surgical Centers. Global Opportunity Analysis and Industry Forecast 2022 - 2028. It is published in Valuates Reports under the Medical Procedures Category.

The global Hip Replacement market size is projected to reach USD 2688.1 million by 2028, from USD 2257.7 million in 2021, at a CAGR of 2.5% during 2022-2028.

Major Factors Driving The Growth Of The Hip Replacement Market Are

A few of the main growth-promoting drivers for the market are the rise in the geriatric population, rise in demand for hip arthroplasty/replacement surgical operations, favorable reimbursement policies, and rise in R&D and technological advancement.

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TRENDS INFLUENCING THE GROWTH OF HIP REPLACEMENT MARKET

The expansion of the hip replacement market is anticipated to be driven by the population's increasing prevalence of osteoarthritis, rheumatoid arthritis, and osteonecrosis. The cartilage may deteriorate or suffer an injury with time and usage. Hip tendons and muscles are susceptible to overuse. Hip fractures can occur from falls or other accidents. Hip pain may be brought on by any of these conditions.

During the forecast period, there will be a steady increase in demand for hip replacement implants. The market for hip replacement implants is being driven by both the increased clinical awareness among patients and the soaring demand for hip replacement surgery. Demand for hip replacement implants is being fueled by the rising popularity of fitness regimens that can lead to significant accidents.

The hip Replacement Market size is increasing as a result of increased R&D activity for improvements in hip replacement procedures, new launches, and product approvals. Customized hip replacement implants are the result of technological developments. Traditional implants come in a single size and are integrated into the patient's body by scraping away extra bone, which imposes physical restrictions on the patient. As a result, businesses offer specially made hip replacement implants that are adapted to the patient's anatomy and condition. The global market for hip replacement implants is projected to increase faster as a result of material advancements.

Favorable reimbursement procedures are accelerating the expansion of the Hip Replacement Market. The Patient Protection and Affordable Care Act (PPACA) increased the scope of insurance coverage for orthopedic devices, making them more accessible to more patients. Over the past few years, prosthetics and orthotics have received suitable coverage from both public (like CMS) and commercial payers.

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HIP REPLACEMENT MARKET SHARE ANALYSIS

Based on application, the hospital segment dominated is expected to be the most lucrative. The increase in hospitals and the need for cutting-edge medical care are to blame for this. However, due to an increase in the number of orthopedic clinics and a rise in healthcare spending, the category of orthopedic clinics is anticipated to experience significant growth during the Hip Replacement Market projection period.

Based on region, The global market for hip replacements was dominated by North America in 2021 and is predicted to continue dominating over the forecast period as a result of the region's increased product launches, well-established healthcare infrastructure, and the presence of large companies. However, the Asia-Pacific region is anticipated to increase significantly because of its large population base, growing healthcare infrastructure, and rising healthcare spending.

Total hip replacement procedures held the majority of the market in 2021, and this trend is anticipated to persist over the course of the forecast period due to improvements in hip replacement and an increase in the prevalence of orthopedic illnesses. However, due to the increased use of hip implants and product launches in the market, the revision hip replacement sector is anticipated to experience significant growth throughout the projection period.

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Market By Region

North America
Europe
Asia-Pacific
Latin America
Middle East & Africa

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Key players

Zimmer Biomet
Johnson & Johnson
Stryker Corporation
Smith & Nephew
B. Braun
Wright Medical Group
Corin Group
Exactech, Inc.
DJO Global
Waldemar Link
Mindray

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SIMILAR REPORTS

The global Hip and Knee Replacement market was valued at USD 18790 million in 2020 and is expected to reach USD 24720 million by the end of 2027, growing at a CAGR of 4.0% during 2021-2027.
The global Hip Replacement Devices market size is estimated to be worth USD 6277.7 million in 2022 and is forecast to be a readjusted size of USD 7335.8 million by 2028 with a CAGR of 2.6% during the review period.
The global Bone Replacement market size is estimated to be worth USD 23860 million in 2022 and is forecast to be a readjusted size of USD 29670 million by 2028 with a CAGR of 3.7% during the review period.
The global Orthopedic Devices market size is projected to reach USD 43250 million by 2027, from USD 34190 million in 2020, at a CAGR of 3.0% during 2021-2027.
The global Orthopedic Prosthetics market size is estimated to be worth USD 1528.6 million in 2022 and is forecast to be a readjusted size of USD 2107.7 million by 2028 with a CAGR of 5.5% during the review period.
The global Orthopedic Trauma Devices market size is estimated to be worth USD 5935.8 million in 2022 and is forecast to a readjusted size of USD 7187.3 million by 2028 with a CAGR of 3.2% during the review period.
The global osteoarthritis therapeutics market size was valued at USD 6,754.1 million in 2020, and is estimated to reach USD 15,693.8 million by 2030, growing at a CAGR of 8.8% from 2021 to 2030.
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The global Robotics Prosthetics market size is projected to reach USD 1247 million by 2028, from USD 754.4 million in 2021, at a CAGR of 7.4% during 2022-2028.
In 2020, the global Spinal Devices market size was USD 10030 million and it is expected to reach USD 12680 million by the end of 2027, with a CAGR of 3.4% during 2021-2027.
In 2020, the global Trauma Fixation Device market size was USD 7897.5 million and it is expected to reach USD 10610 million by the end of 2027, with a CAGR of 4.3% during 2021-2027.
The global Hip Resurfacing Implants market size is projected to reach USD 7074.7 million by 2028, from USD 6155.8 million in 2021, at a CAGR of 2.0% during 2022-2028.
Global Total Hip Replacement Market Insights and Forecast to 2028
Global Robotic-Assisted Hip Replacement Market Research Report 2022
Global Partial Hip Replacement Market Research Report 2022
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The global digital polymerase chain reaction market generated USD 508.8 million in 2020 and is projected to reach USD 1,139.9 million by 2028, growing at a CAGR of 9.1% from 2021 to 2028.
The global antimicrobial susceptibility testing market size was valued at USD 3040.00 million in 2020 and is projected to reach USD 4736.03 million by 2030 registering a CAGR of 5.8% from 2021 to 2030.
The global Neurostimulation Devices market size is estimated to be worth USD 7454.1 million in 2022 and is forecast to a readjusted size of USD 14170 million by 2028 with a CAGR of 11.3% during the review period.

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