IMARC Group, a leading market research company, has recently releases report titled “Hip Replacement Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The study provides a detailed analysis of the industry, including the global hip replacement market size, share, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the hip replacement market?
The global hip replacement market size reached US$ 7.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 9.9 Billion by 2028, exhibiting a growth rate (CAGR) of 5.02% during 2023-2028.
What is Hip Replacement?
Hip replacement is a surgical procedure that involves removing a damaged or deteriorated hip joint and replacing it with an artificial implant, known as a prosthesis. This procedure is commonly recommended for individuals who experience chronic hip pain and loss of function due to conditions such as osteoarthritis, rheumatoid arthritis, or injury. The goal of hip replacement surgery is to alleviate pain, improve mobility, and enhance the quality of life for the patient. The artificial joint is usually made from materials like metal, ceramic, or plastic, and is designed to mimic the natural movements of the hip. The surgery can be performed through various approaches, including anterior, posterior, or lateral, depending on the specific needs of the patient. Post-operative rehabilitation is crucial for optimal recovery and function.
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What are the growth prospects and trends in the hip replacement industry?
The rising number of elderly individuals who are more susceptible to conditions like osteoarthritis, necessitating hip replacement surgeries represents one of the key factors driving the growth of the market across the globe. Innovations in surgical techniques, implant materials, and post-operative care are making hip replacement surgeries more effective and less invasive, which is attracting more patients. The increasing prevalence of hip-related disorders, including fractures and arthritis, is driving the demand for hip replacement procedures. Enhanced awareness about the effectiveness of hip replacement surgery in improving quality of life is leading to higher acceptance among patients. Improved healthcare facilities, especially in developed countries, offer better diagnostic and surgical options, which is promoting the market growth. The growing emphasis on maintaining an active lifestyle even in later years is increasing the number of younger patients opting for hip replacement. The emergence of specialized orthopedic clinics offering targeted treatment plans contributes to the accessibility and popularity of hip replacement surgeries.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Procedure:
- Total Hip Replacement
- Partial Hip Replacement
- Revision Hip Replacement
- Hip Resurfacing
Breakup by Material:
- Metal on Metal
- Metal on Polyethylene
- Ceramic on Polyethylene
- Ceramic on Metal
- Ceramic on Ceram
Breakup by End User:
- Hospitals
- Orthopedic Clinics
- Ambulatory Surgery Centers
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
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Who are the key players operating in the industry?
The report covers the major market players including:
- B. Braun SE
- Conformis Inc.
- Corentec Co. Ltd.
- Corin Group
- DJO LLC (Enovis)
- Exactech Inc.
- Globus Medical Inc.
- Integra LifeSciences
- Johnson Johnson
- Kyocera Corporation
- Medacta International SA
- MicroPort Scientific Corporation
- Smith Nephew PLC
- Stryker Corporation
- Zimmer Biomet
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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