Hip Replacement Implants Market Value to Reach US$ 7 Billion by 2031: TMR Study

Posted on 2024-03-20 by Transparency Market Research in Healthcare // 0 Comments

Wilmington, Delaware, United States, 2024-Mar-20 — /EPR Network/ — Transparency Market Research Inc. –

The global hip replacement implants market, valued at US$ 5 billion in 2020, is set to grow steadily with a moderate Compound Annual Growth Rate (CAGR) of 4% to reach a value of US$ 7 Bn from 2021 to 2031. The demand for hip replacement implants is driven by advancements in surgical techniques and the introduction of new implant types and materials, enhancing stability and durability.

Hip replacement, or hip arthroplasty, involves replacing a damaged hip joint with a prosthetic implant. Conditions such as arthritis, joint pain, and inflammation often necessitate hip replacement surgery. Additionally, hip fractures and wear-and-tear injuries contribute to the need for these procedures, enabling patients to regain mobility and alleviate joint discomfort.

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The United States leads in hip replacement surgeries, with over 300,000 procedures performed annually, as reported by the American Academy of Orthopaedic Surgeons. Similarly, the United Kingdom witnessed approximately 100,000 total hip replacement surgeries in 2018, while China recorded around 300,000 hip replacement surgeries in the same year. These statistics underscore the widespread prevalence and importance of hip replacement procedures globally.

Rising Adoption of Hip Implants Driving Global Hip Replacement Implants Market

Hip implants provide relief from hip pain and restore mobility, particularly for those suffering from arthritis and hip injuries. Despite diverse outcomes in patients, influenced by factors like device design, surgeon skill, and patient characteristics, millions benefit from hip replacements worldwide. Advancements in technology have led to customized implants and safer surgeries, driving growth in the global hip replacement market. North America leads in hip replacement procedures, followed by Europe, while the Asia Pacific market is projected to grow rapidly due to increased surgeries and economic development.

Key players:

Stryker,Zimmer Biomet,DePuy Synthes Companies (Johnson & Johnson),Smith & Nephew,Wright Medical Group,MicroPort Scientific Corporation,Exactech, Inc.,OMNIlife science, Inc.,B. Braun Melsungen AG,DJO Global, Inc.

Segmentation:

Product

Total Hip Replacement Implants
Partial Hip Replacement Implants
Hip Resurfacing Implants
Revision Hip Replacement Implants

Material

Metal-on-metal
Metal-on-polyethylene
Ceramic-on-metal
Ceramic-on-polyethylene
Ceramic-on-ceramic

End User

Hospitals
Ambulatory Surgery Centers
Orthopedic Clinics
Others

Regions Covered:

North America(USA, Canada and Mexico)
Europe(UK, Germany, France and the Rest of Europe)
Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)
South America(Brazil, Argentina and the Rest of South America)
Middle East and Africa(GCC and Rest of the Middle East and Africa)

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Market Trends:

Emerging trends in the hip replacement implants market include the development of innovative implant materials such as ceramic and highly cross-linked polyethylene, the integration of 3D printing technology for customized implants, and the introduction of robotic-assisted surgery for enhanced precision and accuracy.

Future Outlook:

The future outlook for the hip replacement implants market appears promising, with sustained growth expected over the forecast period. Advancements in implant design and materials, coupled with increasing adoption of minimally invasive surgical techniques, are likely to drive market expansion further.

Key Market Study Points:

Analysis of market drivers, challenges, and trends influencing the hip replacement implants market.
Assessment of market size and growth potential across various segments and regions.
Examination of key factors shaping the competitive landscape and market dynamics.
Identification of strategic opportunities for market players to capitalize on.

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