Hip Replacement Market Growth 2022 CAGR Status, Industry Share, Size, Segments, Development Strategy, Key Players, Competitive Landscape, Dynamics and Forecast to 2028
Posted on May 12 2022 6:34 AM
"Hip Replacement Market research report 2022 describes competitive share analysis, consumption by regions, business development, technologies and growth trends, demand status and future product."
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, 2021-2028”. The market size stood at USD 6.57 billion in 2020.
The market’s growth is also attributable to favorable health reimbursement policies. The governments of several nations are launching health reimbursement policies to provide quality and affordable care to their citizens. The favorable health reimbursement policies and reforms are likely to bolster the growth of the market.
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OrthoGrid Systems Inc.’s Launch of OrthoGrid Hip Software Application to Amplify Market Growth
In February 2021, OrthoGrid Systems Inc., a global leader in medtech, intending to digitally transform intraoperative musculoskeletal surgeries, launched OrthoGrid Hip software application, after FDA’s approval. The new software application is the latest version of the patented implant agnostic, distortion-correcting, intraoperative-alignment technology for direct anterior hip total arthroplasty offered on the artificial intelligence digital platform of the company. The new software provides a plethora of new tools to help orthopedic surgeons achieve their surgical goals with enhanced efficiency and accuracy.
Growing Demand for Customized Hip Prostheses to Augment Market Growth
Each patient's unique anatomy requires a customized implant, and according to the patient's anatomy, the sizes of implants may also vary. Hence, major manufacturers are leveraging 3D printing technology to deliver patient-specific implants. The adoption of 3D printing technology has augmented the demand for customized implants. As a result, the companies are focused on developing cutting-edge technologies to provide technically advanced customized prostheses and implants. The growing demand for customized hip prostheses is anticipated to boost the global hip replacement market growth.
Based on procedure, the market is trifurcated into revision & hip resurfacing, partial replacement, and total replacement. Based on end-user, the market is segmented into orthopedic clinics, hospitals & ambulatory surgery centers, and others. Geographically, the market is classified into Latin America, Europe, Asia Pacific, North America, and the Middle East & Africa.
- It provides information on different market segments, such as procedure, end-user, and others.
- It highlights the growth potential, capabilities, and demographics of the market.
- It assimilates the ongoing and upcoming investment opportunities in the market.
- It sheds light on the various growth strategies adopted by key players in the market.
- It also includes the COVID-19 pandemic’s impact.
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Drivers & Restraints-
Growing Demand for Customized Hip Prostheses to Augment Market Growth
Each patient's unique anatomy requires a customized implant, and according to the anatomy of the patient, the sizes of implants may also vary. Hence, major manufacturers are leveraging 3D printing technology to deliver patient-specific implants. The adoption of 3D printing technology has augmented the demand for customized implants. As a result, the companies are focused on developing cutting-edge technologies to provide technically advanced customized prostheses and implants. The growing demand for customized hip prostheses is anticipated to boost the global hip replacement market growth.
The governments of several nations are reforming their existing health reimbursement policies and introducing newer ones to provide quality and affordable care to their citizens. These favorable health reimbursement policies and reforms are likely to bolster the growth of the market.
Healthcare organizations are scaling up the incorporation of online tools for patients who went under hip replacement surgeries and patients who have yet to undergo a surgery. These online tools are designed to help patients recover post-surgery. The growing adoption of these online tools is likely to favor market growth.
However, complications regarding the implants’ use may hamper growth.
Increasing Number of Hip Arthroplasty to Aid Growth in North America
North America is poised to attain the largest chunk of the global hip replacement market share. The increasing number of hip arthroplasty is expected to augment the market’s growth. Additionally, the rising number of strategic collaborations amongst major players is expected to boost the growth of the market.
Europe is anticipated to witness substantial growth due to the increasing number of surgeries, rising demand for customized implants, and favorable health reimbursement policies.
Asia Pacific is expected to exhibit rapid growth due to new product launches and the cumulative efforts of major manufacturers to strengthen market positions through indirect or direct distribution networks.
The Middle East & Africa, and Latin America are projected to witness considerable growth due to the rising adoption of implants and increasing orthopedic diseases & injuries.
Key Players Emphasize Strategic Collaborations to Strengthen Market Positions
Stryker, DePuy Synthes, and Zimmer Biomet hold the leading positions in the global market. Zimmer Biomet held the highest market share due to the high sales of hip implants. Strategic collaborations are vital to the growth of the market players. The key players operating the market emphasize extensive R&D activities to develop advanced and effective implants. They focus on devising ingenious growth strategies, including new product launches, technological developments, partnerships, collaborations, acquisitions, mergers, and others. For instance, Microport Orthopedics launched Profemur Gladiator HA Collared Stem, Cemented Collared Hip Stem, and Profemur Gladiator Cemented Collared Stem in February 2021 to expand its product portfolio. The products aid in total hip arthroplasties and fracture patients.
- February 2021: 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.
List of Key Players in the Global Market-
- 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.)
- MicroPort Scientific Corporation (Shanghai, China)
- Braun Melsungen AG (Melsungen, Germany)
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Table Of Contents :
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Number of Hip Replacement Procedures – For Key Countries
- Regulatory Scenario - For Key Countries/Regions
- Reimbursement Scenario - For Key Countries/Regions
- New Product Launches
- Technological Advancements in Hip Replacement Market
- Key Industry Developments - Mergers, Acquisitions and Partnerships
- 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
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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