Hip Replacement Market Size, Share, and Growth Outlook:
[160 Pages Report] The global Hip Replacement Market size was valued at USD 5.5 billion in 2021, and it is expected to reach USD 8 billion by the end of 2023, with growth at a CAGR of 4.5% throughout the forecast period 2022-2030. Hip replacement is a surgical method to remove infected hip joints by inserting them into the body and replacing damaged hips with an artificial joint. Osteoarthritis is one of the major common issues for hip disease.
The North American Hip Replacement Market was controlled by the global market followed by the Europe Hip Replacement Market during the forecast period 2022-2030. North American market controls the global market by contributing a substantial revenue share and is probably to remain it is controlling the market and enhance in coming years, due to elements such as the rise in the number of hip joints and growth in strategic partnerships among the major companies in the North America region.
Furthermore, surges in product introductions, incidence related to osteoarthritis, increased surgery ratios, advanced healthcare infrastructure, increased R&D initiatives, and health insurance claims are the key factors helping the growth of the market in this region. Countries in North America like the USA, and Canada are contributing their share in the growth of the North American Hip Replacement Market during the forecast period 2022-2030.
Europe hip replacement devices market is projected to grow a substantial share over the forecast period owing to increasing awareness about the demand for good healthcare infrastructure and the need for customized implants in European countries like the United Kingdom, France, German, Italy, and other key countries.
Asia Pacific Hip Replacement Market is projected to grow at the fastest growth rate over the period of 2022-2030. Additionally, the hip replacement market in Asia Pacific region countries like China, India, Japan, and South Korea, is also growing owing to increasing aged populations prone to osteoarthritis, bone injuries, osteoporosis, and others resulting in market demand for hip replacement devices.
The Latin American hip replacement devices market is expected to produce at a prominent growth rate over the forecast period 2022-2030. The Hip Replacement Market in the Middle East and Africa is predicted to register a substantial growth rate.
Hip Replacement Market Growth Drivers:
The growing aged population boosts the market growth globally. Furthermore, according to a study by Eurostat, the stats of the European Union, more than 20.7% of the EU populace was aged over 65, in 2021. Old-age people are more likely to have ortho diseases and infections or injuries owing to wear and tear and degeneration of bones. Furthermore, the aged population can affect bone fracture simply, due to the low density of bone and lower ability to regenerate bones. Moreover, the rise in Research and Developments initiative for enhancements in hip replacement operations, new product launches, and approvals for new products led the market growth.
As per the WHO, the geriatric population part of the global populace is projected to develop around 21% during 2015-2050. The demand for hip replacement can be look in the geriatric population, the increasing aged population is projected to need a higher number of hip replacement devices.
Latest growth advancements in artificial hip implant technologies resulted in innovative and new products such as mobile-bearing hip implants and several materials grouping implants that have grown the leg’s flexibility. Furthermore, the latest innovations have also minimized the side effects of artificial implants enhancing the demand for artificial implants or artificial hips.
A few of the major hampering elements restricting the market growth are the burden of the expenses process and increased cost of equipment and the hazard of complications after the operation.
Market Segmentation:
By Product
By Application:
By End-Use:
Geographical Classification:
Some of the Major Companies Leading the Global Market:
Hip Replacement Implants Market
The global Hip Replacement Market size was valued at USD 5.5 billion in 2021, and it is expected to reach USD 8 billion by the end of 2023, with growth at a CAGR of 4.5% throughout the forecast period 2022-2030
Based on Application, the Total Hip segments is projected to led the global hip replacement market during the forecast period 2022-2030
The global market is segmented into Product, Application, and End User.
North American market controls the global market by contributing a substantial revenue share and is probably to remain it is controlling the market and enhance in coming years