The Hip Replacement Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Hip Replacement Global Market Report 2024, The hip replacement market size has grown steadily in recent years. It will grow from $6.98 billion in 2023 to $7.32 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to demographic trends, rising incidence of osteoarthritis, increasing awareness and education, reimbursement policies, lifestyle changes.
The hip replacement market size is expected to see strong growth in the next few years. It will grow to $9.04 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to rising aging population, prevalence of chronic conditions, global healthcare infrastructure improvement, regulatory support, patient preference for minimally invasive procedures. Major trends in the forecast period include technological advancements, rising aging population, outpatient procedures on the rise, personalized medicine and 3d printing, value-based healthcare.
The increase in incidences of hip injuries is expected to propel the growth of the hip replacement market going forward. Hip injuries happen when one of the muscles that support the hip joint is overstretched or damaged. People with arthritis, avascular necrosis, or other types of hip joint deterioration may experience hip pain and stiffness that can be treated with a hip replacement. For instance, in June 2021, according to the National Library of Medicine, a US-based biomedical library, hip fracture incidence is thought to be at 1.6 million per year worldwide, and it is predicted to rise to 2.6 million by 2025 and 4.5 million by 2050. Therefore, the increase in incidences of hip injuries is driving the growth of the hip replacement market going forward.
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The hip replacement market covered in this report is segmented –
1) By Procedure: Total Hip Replacement, Partial Hip Replacement, Rivision Hip Replacement, Hip Resurfacing
2) By Material: Metal-On-Metal, Metal-On-Polyethylene, Ceramic-On-Polyethylene, Ceramic-On-Metal, Ceramic-On-Ceramic
3) By End-User: Hospitals, Speciality Clinics, Ambulatory Surgery Centers
Technological advancements are a key trend gaining popularity in the hip replacement market. Companies operating in the hip replacement market are adopting new technologies to sustain their position in the market. For instance, in July 2022, Enovis, a US-based medical technology company, launched AR technology named ARVIS designed to improve both total hip and knee replacement surgery. This technology provides surgeons with better information and an enhanced surgical experience without the need for obtrusive and unnecessary equipment.
The hip replacement market report table of contents includes:
1. Executive Summary
- Hip Replacement Market Characteristics
- Hip Replacement Market Trends And Strategies
- Hip Replacement Market – Macro Economic Scenario
- Global Hip Replacement Market Size and Growth
. - Global Hip Replacement Market Competitive Benchmarking
- Global Hip Replacement Market Competitive Dashboard
- Key Mergers And Acquisitions In The Hip Replacement Market
- Hip Replacement Market Future Outlook and Potential Analysis
- Appendix
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