- Partial Hip replacement Implants
- Total Hip replacement Implants
- Revision Hip Replacement Implants
- Resurfacing Implants
Hip Replacement Implants Market was valued at USD 5,856.3 million in 2022 and is anticipated to grow at a CAGR of 4.7 % over 2023-2029. The hip replacement implants market refers to the medical devices used in hip replacement surgeries, also known as total hip arthroplasty, which is a surgical procedure that involves replacing a damaged or diseased hip joint with prosthetic implants to relieve pain and restore joint function. The market for hip replacement implants includes various components, such as femoral stems, acetabular cups, femoral ball, liners, and other associated materials and instruments. The demand for hip replacement implants is primarily driven by the growing prevalence of conditions like osteoarthritis, rheumatoid arthritis, and hip fractures, which often require surgical intervention. For instance, according to CDC, from 2016 to 2018, approximately 58.5 million US population were diagnosed with arthritis and 25.9% of the total adult population, or 78.4 million adults 18 years of age and older, will have arthritis by 2040. This increasing prevalence of arthritis is the major factor for the rising demand for hip replacement surgeries. Moreover, reasons including an aging population and improvements in surgical methods create significant opportunities for the growth of the hip replacement implants market.
However, concerns associated with expensive implants and surgical procedures negatively impact the growth of these markets. Furthermore, patient-specific implants, robotic and computer-assisted navigation systems for hip replacement procedures, and cementless hip implants are some of the major developments influencing market growth and development. Numerous implant manufacturers are forming collaborations and engaged in research and development to develop innovative implant technologies, which further contribute to the market growth. For instance, in August?2022,?Exactech, a prime leader and provider of novel implants, instrumentation, and smart technologies for joint replacement surgery launched the Spartan Stem and Logical Cup System for total hip arthroplasty.
Hip Replacement Implants Market Key Developments:
Fastest Growing Market
Increase in the prevalence of osteoporosis and rheumatoid arthritis is a key factor drives the global market over the forecast years. Moreover, technological advancements of hip replacement surgeries, rise in R&D for the development of innovative implants, grow in popularity for the total hip arthroplasty, government initiations to provide care to senior citizen, and rise in healthcare expenditure are surge the global market. However, high cost of products, stringent regulations for product approval, and dearth of skilled professionals are restrain the global knee replacement market over the forecast timeframe.
2022 is the base year and 2029 is the forecast year.
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
In our report, we provide 12-15 market players’ information into the report. However, based on the client’s request we will provide additional country and regional market players information as well.