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Hip Replacement Market Size to Surpass USD 10.79 billion by 2030, exhibiting a CAGR of 4.9%

As per the report by Fortune Business Insights, the global Hip Replacement Market size is projected to reach USD 10.79 billion in 2030, at a CAGR of 4.9% during the forecast period, 2023-2030

Hip Replacement Market

Hip Replacement Market Forecast 2023-2030
Hip Replacement Market Forecast 2023-2030

Pune, India, Sept. 20, 2023 (GLOBE NEWSWIRE) -- The Hip Replacement Market size was valued at USD 7.42 billion in 2022 and market is projected to reach USD 10.79 billion by 2030, recording a CAGR of 4.9% during the forecast period. Hip replacement market is significant segment of medical device industry, driven by growing aging population, and advancements in medical technology. Fortune Business Insights™ displays this information in a report titled, "Hip Replacement Market, 2023-2030."


Request a Free Sample Copy of the Research Report:

https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/hip-replacement-implants-market-100247


Key Industry Development:

February 2021 – MicroPort Orthopedics has broadened its range of hip stems, including the introduction of the Profemur Gladiator HA Collared Stem and Cemented Collared Hip Stem, as part of this expansion.

Key Takeaways:

  • As per the U.S. FDA, in March 2021, Stryker issued an Urgent Medical Device Recall notice to its customers, announcing a voluntary recall of the Triathlon Total Knee System

  • The advent of 3D printing technology in the production of orthopedic implants led to a significant increase in the request for personalized implants.

  • The market is categorized by end-users into hospitals and Ambulatory Surgery Centers (ASCs), orthopedic clinics, and other segments.

  • In September 2020, Conformis revealed that the Cordera Hip System had received clearance from the U.S. Food and Drug Administration.


Discover the Leading Players Featured in the Report:

Zimmer Biomet (U.S.), Medical Device Business Services, Inc. (Johnson & Johnson Private Limited) (U.S.), Smith & Nephew (U.K.), Stryker (U.S.), Exactech, Inc. (U.S.), GRUPPO BIOIMPIANTI s.r.l. (Italy),  Conformis (U.S.), MicroPort Scientific Corporation (China), B. Braun Melsungen AG (Germany)


Report Scope & Segmentation

Report Coverage

Details

Forecast Period

2023 to 2030

Forecast Period 2023 to 2030 CAGR

4.9%

2030 Value Projection

USD 10.79 billion

Base Year

2022

Market Size in 2023

USD 7.72 billion

Historical Data

2019-2021

No. of Pages

115

Segments covered

By Procedure, End-user, and Region


Browse Complete Report Details:

https://www.fortunebusinessinsights.com/industry-reports/hip-replacement-implants-market-100247


Segmentation:

The Total Hip Replacement segment is expected to experience significant growth due to a surge in the number of arthroplasty procedures. In terms of procedures, the market is divided into partial, total, and revision & hip resurfacing, with the total segment expected to exhibit substantial growth throughout the forecast period, driven by the increasing number of arthroplasty procedures.

The Hospitals & Ambulatory Surgery Centers (ASCs) segment is anticipated to register notable expansion, primarily attributed to the rising number of hip procedures. In terms of end-users, the market is segmented into orthopedic clinics, hospitals & Ambulatory Surgery Centers (ASCs), and others, with the hospitals & ambulatory surgery centers segment projected to grow at a significant rate during the analysis period due to the increasing volume of hospital surgeries.

The market for hip replacement has been studied across various geographical regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

By Procedure

  • Total

  • Partial

  • Revision & Hip Resurfacing

By End-user

  • Hospitals & ASCs

  • Orthopedic Clinics

  • Others

By Geography

  • North America

  • Europe

  • Asia Pacific

  • Latin America

  • Middle East & Africa

Driving factor:

The increase in market value is primarily attributed to the presence of favorable reimbursement policies, which play a crucial role in driving the growth of the hip replacement market. Several countries' governments have introduced various schemes to support joint replacement procedures. However, it's worth noting that challenges related to product recalls could potentially impede the industry's expansion significantly.


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Regional insights:

North America is poised to maintain its dominant share in the global hip replacement market, driven by the increasing number of collaborations among industry players and an uptick in hip arthroplasty procedures. It is also anticipated to achieve a noteworthy Compound Annual Growth Rate (CAGR) during the study period.

The European market is projected to experience substantial growth over the study period, mainly due to the growing demand for customized implants in the region.Meanwhile, the market value in the Asia Pacific region is expected to exhibit remarkable growth over the analysis period, primarily fueled by the continuous introduction of new products by manufacturers.

Competitive Landscape

Major players in the industry employ a variety of strategies to enhance their market presence. These strategies encompass increased investment in research and development, pursuing acquisitions and merger agreements, among others. Additionally, they are also focusing on participating in trade conferences and forming collaborations to expand their geographical reach.


FAQs

How big is the Hip Replacement Market?

Hip Replacement Market size was USD 7.72 billion in 2023.

How fast is the Hip Replacement Market growing?

The Hip Replacement Market will exhibit a CAGR of 4.9% during the forecast period, 2023-2030


Have Any Query? Ask Our Experts:

https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/hip-replacement-implants-market-100247


Related Links:

Orthopedic Joint Replacement Market Share, Size, Demand and Forecast

Knee Replacement Implants Market Size, Share, Growth Industry Report

Orthopedic Implants Market Share, Size, Demand and Forecast

Spinal Devices Market Size, Share, Growth Industry Report


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