The global hip replacement market size was US$ 5.9 billion in 2021. The global hip replacement market size is estimated to reach US$ 8.3 billion by 2030, growing at a compound annual growth rate (CAGR) of 4% during the forecast period from 2022 to 2030.
Hip replacement is a surgical procedure in which the hip joint is replaced by a prosthetic implant, that is, a hip prosthesis. These hip implants are made up of ceramic, metal, and plastic. The prevalence of osteoarthritis is increasing gradually and has become an economic burden for many countries worldwide.
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Factors Affecting Marketing Growth
The rise in incidences of hip injuries due to road accidents & sport-related injuries and the increase in the number of surgical procedures drives the growth of the global market.
The rise in awareness about hip replacement procedures and an increase in healthcare expenditures of people drive the growth of the global market.
Due to an aging population, active government support, and improving patient knowledge regarding replacement surgeries drives the growth of the global market.
Impact on COVID-19 Analysis
The COVID-19 outbreak is anticipated to have a negative impact on the growth of the hip replacement market due to there is the implementation of lockdowns in many countries. The pandemic affected the supply chain. The entire healthcare industry has focused on life-saving and COVID-19-related procedures during the pandemic. In addition, most surgical procedures are either canceled or postponed which further hinders the growth of the global hip replacement market. However, the healthcare sector has been restructured to provide safer healthcare facilities. Hence, the market is anticipated to grow in post-pandemic situations.
Regional Analysis
North America garnered a major share in the global hip replacement market share in 2021 and is expected to dominate the global market during the forecast period, due to an increase in product launches and well-established healthcare infrastructure, and the presence of key players in the region.
Asia-Pacific is expected to register significant growth, due to an increase in healthcare expenditures, development in healthcare infrastructure, and a high population base.
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Leading Competitors
The prominent players in the global hip replacement market are:
Zimmer Biomet Holdings Inc
Stryker Corporation
Smith & Nephew PLC
MicroPort Scientific Corporation
Medacta International
Kyocera Corporation
Johnson & Johnson
Integra LifeSciences
Exactech Inc
Conformis Inc
Others
Segmentation Analysis
The global hip replacement market segmentation focuses on Procedure, Material, End User, and Region.
Segmentation on the basis of Procedure
Total Hip Replacement
o Cemented
o Cementless
Partial Hip Replacement
Revision Hip Replacement
Hip Resurfacing
Segmentation on the basis of Material
Ceramic-on-Metal
Ceramic-on-Ceramic
Metal-on-Metal
Metal-on-Polyethylene
Ceramic-on-Polyethylene
Segmentation on the basis of End User
Orthopedic Clinics
Ambulatory Surgery Centers
Hospitals
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Segmentation on the basis of Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Hip Replacement market revenues on a global, regional, and country level, projecting trends until 2031. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Hip Replacement market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Hip Replacement market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Hip Replacement business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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