The Hip Replacement Market is estimated to Witness High Growth Owing to Rising Incidences of Osteoarthritis
The Hip Replacement Market is estimated to Witness High Growth Owing to Rising Incidences of Osteoarthritis
Blog Article
The hip replacement market involves the manufacturing and sale of medical devices that are used for the full or partial replacement of hip joints. Hip replacement surgeries are carried out to treat severe arthritis or trauma injuries of the hip joint. The primary types of hip replacements include total hip arthroplasty, partial hip replacement, and hip resurfacing. Total hip arthroplasty, commonly known as total hip replacement, involves replacing both the damaged ball and socket parts of the hip joint with prosthetic implants. Partial hip replacement involves replacing only the damaged or worn parts, while resurfacing involves shaving off the damaged cartilage and bone and replacing them with metal components. Hip replacement surgeries help reduce pain and improve mobility for patients suffering from severe hip pain.
The Global artificial hip replacement market is estimated to be valued at US$7.5 billion in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024-2029.
Key Takeaways
The Hip Replacement Market Companies include Zimmer Biomet Holdings Inc., Johnson & Johnson, Stryker Corporation, Smith & Nephew, and B. Braun Melsungen AG.
Key opportunities: Significant opportunities for growth in the hip replacement market exist in emerging economies due to increasing healthcare awareness and expenditure. 3D-printed implants and robot-assisted surgery technologies also offer lucrative opportunities.
Global expansion: Major players in the hip replacement market are focusing on expanding their geographic presence through acquisitions and partnerships with local players in Asia Pacific and Latin American regions with high unmet needs.
Market Key Trends
The primary driver fueling the Hip Replacement Market Trend is the rising incidences of osteoarthritis and other degenerative joint diseases associated with aging populations globally. According to statistics, osteoarthritis affects over 300 million people worldwide and is a leading cause of disability.
PEST Analysis
Political: Regulations regarding healthcare infrastructure and reimbursements have a significant impact on the hip replacement market. Countries with universal healthcare have seen higher adoption rates.
Economic: The economic conditions of a country determine the discretionary spending on elective procedures like hip replacements. Mature economies have seen greater demand.
Social: As life expectancy increases, prevalence of osteoarthritis is rising globally. Social acceptance of joint replacement surgeries is encouraging patients to undergo the procedure for improved quality of life.
Technological: Innovation in materials and procedures have enhanced clinical outcomes of hip replacements. Minimally invasive techniques and short stem implants have boosted uptake. Computer-assisted surgeries allow for precision.
Geographical regions
North America accounts for the largest share of the global hip replacement market in terms of value. This can be attributed to the availability of advanced robotic and computer-assisted implants, rising obesity rates leading to arthritic conditions, and favorable reimbursement structure for Hip Replacement Companies surgeries in countries like the US. The market is mature with tremendous growth potential in revision surgeries.
Fastest growing region
Asia Pacific region is poised to dominate the future growth charts on account of the expanding medical tourism industry, growing geriatric population, increasing healthcare expenditures, and rising standards of living. Greater societal acceptance of joint replacement and emergence of affordable localized manufacturing will propel the demand over the coming years.
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