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

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

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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