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Hip Replacement Market Size Worth USD 9.91 Billion by 2028 | Report by Fortune Business Insights

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Pune, India, Jan. 16, 2023 (GLOBE NEWSWIRE) — The global hip replacement market size is projected to hit USD 9.91 billion by 2028 and exhibit a CAGR of 5.3% during the forecast period. The increasing number of hip replacement surgeries due to the growing prevalence of osteoarthritis is anticipated to boost the market growth. The rising geriatric population and the improving patient knowledge for such surgeries are also expected to stimulate market growth. Fortune Business Insights™ has presented this information in its report titled, “Hip Replacement Market Forecast, 2023-2028”. The market size stood at USD 6.57 billion in 2020.

Key Industry Development

OrthoGrid Systems Inc. launched OrthoGrid Hip Software application to provide advanced technology for direct anterior approach total hip arthroplasty for the company’s artificial intelligence-enabled digital platform.

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Report Scope & Segmentation

Report Coverage Details
Forecast Period 2021 to 2028
Forecast Period 2021 to 2028 CAGR 5.3%
2028 Value Projection USD 9.91 Billion
Base Year 2020
Market Size in 2020 USD 6.57 Billion
Historical Data 2017 to 2019
No. of Pages 115

Key Takeaways from the Hip Replacement Market Report:

  • The emergence of 3D printed implants is expected to create new growth opportunities in the market.
  • Increasing prevalence of osteoarthritis is a major factor boosting the hip replacement market growth.
  • The orthopedic clinics segment to showcase highest CAGR by 2028.
  • Revision and resurfacing procedure segment at 74.3%, leads the global market share.
  • The Hip Replacement Market in North America created revenue of USD 2.30 billion in 2020.

Driving factors:

Increasing Demand for Customized Implants to Spur Market Growth

With the increasing geriatric population and the growing prevalence of hip osteoarthritis, the market is expected to grow exponentially in the forthcoming years. The improving replacement procedures and the evolving technology are expected to fuel the demand for hip replacement. Additionally, the growing support from governments of various nations is likely to expand the hip replacement market growth. For instance, the Comprehensive Care for Joint Replacement (CJR) model initiated by Centers for Medicare and Medicaid Services in 2016 provides patients a reimbursement ranging from USD 16,500 to USD 33,000.

The advent of 3D printed implants is expected to create new opportunities for growth in the market. 3D printed implants replace conventional implants and facilitate more convenience. The growing adoption of robots to assist surgical procedures is also expected to create a growth spur.

However, the high costs of surgery and the complications arising post-surgery may act as a restraint to market growth.

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Regional Analysis:

North America Poised to Dominate Global Market

North America is anticipated to dominate the global hip replacement market share in the forthcoming years. This is attributable to the growing hip arthroplasty procedures and rising collaborations amongst key players in the region. For instance, Medacta International launched MiniMAX Hip in November 2018 to provide hip replacement surgery with minimal meddling.

The rising number of surgeries, increasing need for customized implants, and propitious health reimbursements are expected to expand market growth in Europe.

The rising geriatric population, increasing government support, and rising hip osteoarthritis prevalence are expected to help Asia Pacific witness significant growth in the forthcoming years.

Enhancing medical distribution network and rising medical tourism is expected to flourish the market in Latin America.

The increasing number of orthopedic clinics with advanced equipment and advanced training to enhance healthcare professionals’ skills is anticipated to expand the market growth in the Middle East & Africa.

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Some of the Prominent Companies in the Hip Replacement Market Include:

  • Zimmer Biomet (Indiana, U.S.)
  • DePuy Synthes Companies (Johnson & Johnson Services, Inc.) (Raynham, MA, U.S.)
  • Smith & Nephew (London, U.K.)
  • Stryker (Michigan, U.S.)
  • Exactech, Inc. (Florida, U.S.)
  • Gruppo Bioimpianti s.r.l (Milan, Italy)
  • Conformis (Massachusetts, U.S.)s
  • MicroPort Scientific Corporation (Shanghai, China)
  • B. Braun Melsungen AG (Melsungen, Germany)

Some major points from Table of Content:

  • Global Hip Replacement Market Analysis, Insights and Forecast, 2017-2028
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Procedure
      • Total Hip Replacement
      • Partial Hip Replacement
      • Revision & Hip Resurfacing
    • Market Analysis, Insights and Forecast – By End User
      • Hospitals & Ambulatory Surgery Centers
      • Orthopedic Clinics
      • Others
    • Market Analysis, Insights and Forecast – By Region
      • North America
      • Europe
      • Asia Pacific
      • Latin America
      • Middle East & Africa
  • North America Hip Replacement Market Analysis, Insights and Forecast, 2017-2028
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Procedure
      • Total Hip Replacement
      • Partial Hip Replacement
      • Revision & Hip Resurfacing
    • Market Analysis, Insights and Forecast – By End User
      • Hospitals & Ambulatory Surgery Centers
      • Orthopedic Clinics
      • Others
    • Market Analysis, Insights and Forecast – By Country
      • U.S.
      • Canada
  • Europe Hip Replacement Market Analysis, Insights and Forecast, 2017-2028
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Procedure
      • Total Hip Replacement
      • Partial Hip Replacement
      • Revision & Hip Resurfacing
    • Market Analysis, Insights and Forecast – By End User
      • Hospitals & Ambulatory Surgery Centers
      • Orthopedic Clinics
      • Others
    • Market Analysis, Insights and Forecast – By Countries/ Sub-region
      • U.K.
      • Germany
      • France
      • Spain
      • Italy
      • Scandinavia
      • Rest of Europe

TOC Continued..

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Orthopedic Joint Replacement Market Size, Share, Revenue Forecast and Opportunities

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Orthopedic Implants Market Size, Share, Opportunities & Analysis

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Orthobiologics Market Size, Analysis & Report, 2026

Medical Devices Market Size, Share, Growth, Trends, Analysis and Forecast

About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

Contact Us:

Fortune Business Insights™ Pvt. Ltd.

Pune – 411045, Maharashtra, India.

Phone:

US :+1 424 253 0390

UK : +44 2071 939123

APAC : +91 744 740 1245

Email: [email protected]

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

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Enghouse Video Partners With SONIFI Health To Deliver Advanced Telehealth Solutions In Hospital Rooms

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MARKHAM, ON, April 25, 2024 /PRNewswire/ — Enghouse Video, a global leader in cutting-edge video technology solutions, today announced its partnership with SONIFI Health, enhancing virtual care in hospital settings.

SONIFI Health is a leading U.S. healthcare technology company based in Sioux Falls, South Dakota. The new partnership leverages and integrates Enghouse Video room systems technology to support SONIFI Health’s commitment to expanding telehealth applications and system optimizations in hospital settings.
Enghouse’s VidyoRooms solution, a sophisticated video conferencing technology that combines both software and hardware solutions, has been fully integrated into SONIFI Health’s interactive TV systems. This integration provides up to 4K high-quality video conferencing, multi-party sessions and robust security features that ensure full compliance with healthcare regulations.
Enghouse Video offers an immersive telehealth platform to support collaborative interdisciplinary care, improved patient outcomes and cost savings. The platform is flexible and simple, delivering the reliability, interoperability, and scalability needed for today’s healthcare environment. A key strength of the partnership is its offering of back-end integrations like patient portals, medical devices, EMR, tele-sitting, remote patient observation and consultation.
“Hospitals can choose the telehealth partner that’s right for them, and we incorporate that solution with interactive TV,” said Brian Nido, SONIFI Health’s Vice President of Customer Success. “Using the hardware and systems they already have in patient rooms helps hospitals reduce costs and maximize the value of their existing investments, while benefiting both clinicians and patients.”
SONIFI Health and Enghouse Video continue to collaborate closely to further refine and enhance the telehealth solutions provided to healthcare facilities. This partnership reflects a shared commitment to leveraging technology to create smarter hospital rooms and improve patient care across the healthcare spectrum.
About Enghouse VideoEnghouse Video, part of the Enghouse Interactive division, is a subsidiary of Enghouse Systems Limited, a vertically focused software and services company traded on the Toronto Stock Exchange (TSX: ENGH). Through highly secure, scalable and flexible Cloud-based or On Prem services, we deliver one of the world’s highest quality and most innovative video platform to video-enable any application or idea. From advanced video conferencing and collaboration tools to state-of-art enterprise video management, Enghouse Video is a unique player in multiple markets, including telehealth. Learn more at www.enghousevideo.com, read our blog, or follow us on Twitter at @EnghouseVideo, on LinkedIn, and on Facebook.
About SONIFI HealthSONIFI Health provides market-leading interactive patient engagement technology proven to improve patient outcomes and staff productivity. The EHR-integrated platform is designed to enhance patient and family experiences while increasing staff satisfaction and organizations’ operational efficiencies. As part of SONIFI Solutions, Inc., the company annually supports more than 300 million end user experiences. Learn more at sonifihealth.com.
Enghouse Video Contact: Sylvain Awad, Director, Demand Generation, Enghouse Video, part of Enghouse Interactive Division, [email protected]

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Global Insurance Provider Selects 3CLogic to Streamline AI and Contact Center Capabilities with ServiceNow

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Multinational Insurance Broker to deploy 3CLogic’s solution with ServiceNow’s Financial Service Operations (FSO) platform to streamline customer experiences.
ROCKVILLE, Md., April 25, 2024 /PRNewswire/ — 3CLogic, the leading Conversational AI and Contact Center solution for ServiceNow®, today announced its selection by a global insurance provider to replace its existing contact center infrastructure as part of a larger CX transformation effort. The strategic decision is designed to complement the organization’s use of ServiviceNow’s Financial Services Operations (FSO) offering leveraged across a number of its existing product lines including Customer Warranty Claims, Roadside Assistance, and Home Warranties.

Serving millions of customers worldwide with innovative insurance and protective products, the organization required a solution that would enhance its recent investment in the ServiceNow platform as it works to transform its end-to-end customer service operations. The deployment will incorporate several of 3CLogic’s AI-powered capabilities purpose-built for ServiceNow, including Conversational AI, Speech Analytics, and AI Performance & Coaching, along with integrated call transcriptions, convenient 2-way SMS, and ServiceNow-centralized contact center reporting.
“We continue to see enterprises eager to complement their existing investment in digital platforms, such as ServiceNow, with contact center features purpose-built to extend the workflows and features they already have and use,” explains Matt Durkin, VP of Global Sales at 3CLogic. “It’s no secret that organizations are already juggling too many systems, often with overlapping capabilities, which impacts ROI and operational efficiency. We’re proud to offer an alternative approach that helps simplify the technology stack while optimizing the overall operational costs and outcomes.”
Recently named to Constellation Research’s 2024 Shortlist for Digital Customer Service and Support, 3CLogic has seen global adoption of its solution by leading enterprises in healthcare, manufacturing, travel, retail, higher education, finance, non-profits, and Managed Service Providers across five continents. As a ServiceNow-certified Technology and Build partner with offerings available for ServiceNow’s IT Service Management, Customer Workflows, HR Service Delivery, and Source-to-Pay solutions, the company will be unveiling its latest set of capabilities at ServiceNow’s annual Knowledge 2024 event this May in Las Vegas.
For more information, please contact [email protected].
About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
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ScreenPoint Medical Leadership Transition: Pieter Kroese Confirmed as CEO

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Leading Breast AI Company, creator of industry-leading Transpara®, promotes from within for new CEO
NIJMEGEN, Netherlands, April 25, 2024 /PRNewswire/ — ScreenPoint Medical, today announced a significant transition in its leadership as Mark Koeniguer, the current CEO, steps down from his position. Mark served as CEO since 2022 and was instrumental in ScreenPoint’s commercial growth and success over the past 2 years.

 
 
The company’s Board of Directors has appointed Pieter Kroese as the new Chief Executive Officer effective April 25, 2024. Pieter takes the role after serving as COO of ScreenPoint for over five years. During that time, he has managed the transition of the company from an early startup to a thriving enterprise with hundreds of customers using ScreenPoint’s flagship Transpara software to support millions of scans a year.
“I am thrilled to lead ScreenPoint into its next phase of growth and innovation,” said Mr. Kroese. “I am deeply committed to building upon the strong foundation we have and continuing to work closely with our talented team to drive continued success. We are already expanding screening capacity and capability through proven reader support – we look forward to increasing our ability to support providers and women moving forward.”
Sir Michael Brady, Chairman of the Board at ScreenPoint Medical and a co-founder of the company, expressed enthusiasm about Pieter’s appointment, stating, “Pieter’s remarkable leadership qualities, coupled with his depth of knowledge of our product and industry, make him the perfect choice to lead ScreenPoint into the future. His strategic mindset and commitment to excellence align perfectly with our company mission of early breast cancer detection. Pieter has been an integral part of our growth to date and will provide seamless leadership through this transition into our next chapter for our customers, partners, and team.”
Author of “No Longer Radical” and over a hundred peer-reviewed publications on breast imaging, Dr. Rachel Brem is a Transpara user and ScreenPoint Board Member. Dr. Brem welcomed Mr. Kroese with the following: “Pieter has been an integral part of the ScreenPoint team for years. I am confident that his leadership will continue to deliver product excellence: earlier detection with outstanding reading workflow and improved patient outcomes. We continue to see these results from clinical sites all over the world, including many here in the United States. No other Breast AI solution has demonstrated the same results as Transpara, and I am confident that the team will continue to push on these frontiers under Pieter’s leadership.” 
The entire team at ScreenPoint extends its gratitude to Mark Koeniguer and wishes him every success in the future, while warmly welcoming Pieter Kroese into his new role as CEO.
About ScreenPoint Medical
ScreenPoint Medical translates cutting edge machine learning research into technology accessible by radiologists to improve screening workflow, decision confidence and breast cancer risk assessment. Transpara is trusted by radiologists globally because it has been developed by experts in machine learning and image analysis and updated with user feedback from world-renowned breast imagers.
See all the proof at: https://screenpoint-medical.com/evidence.
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