The global hip replacement market size exceeded USD 6.69 billion in 2022 and is projected to rake USD 10.8 billion by 2030, expanding at a CAGR of 6.17% from 2022 to 2030 with increased research and development of the hip replacement market.
The rapid adoption of the new technologies developed in the hip replacement market with improved performance in osteoporosis with the increasing prevalence of the arthritis disorder with an increasing number of populations enhances the market.
Increasing patients from the geriatric group with an increased number of sports and enhance interest from the individuals in the sports with increased arthritis pain and increased demand from the market for hip replacement and developed technologies in orthopedics with improved number of surgeries in osteoarthritis. Developing infrastructures in the orthopedics sector with increased features and enhanced performance from the surgery with increased results with benefits such as less period of time required for performing the surgery, reduced complications and long-lasting surgery in hip replacement drives the market growth.
Report Highlights:
Hip Replacement Market Report Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 7.1 Billion |
| Projected Forecast Revenue in 2030 | USD 10.8 Billion |
| Growth Rate from 2022 to 2030 | CAGR of 6.17% |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2022 To 2030 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Regional Snapshots:
The geographical sector with increasing population across various regions and an increasing number of populations with increasing rheumatoid disorder among the geriatric population and enhance arthritis pain with increasing interest in sports from the individual and increasing fracture and injury with increased requirements from the medical sector in orthopedics sector with an increase in requirement for the developed technologies and surgery with increased performance and reduce the arthritis pain. Integration of facilities developed in the health care sector with imposed policies from the government about reimbursement and common people also can take the benefit from the treatment with increased efficiency and efficacy and reduced pain strives the market oh hip replacement with increased arthroplasty in hip replacements which enhance the market growth to a larger extend.
Asia Pacific region with an increase in the prevalence of rheumatoid disorder and enhanced arthritis pain among the geriatric population with an increase in the number of road accidents, an increasing number of sports and increase participation from individuals in the sports and increased injury in individuals drives the market of hip replacement. Europe, Latin America, the Middle East and Africa also contribute in the market with rising developments in orthopedics surgery helps to boost the market growth during the forecast period.
Market Dynamics:
Drivers:
The advance developed technologies in hip replacement market with increased techniques in orthopedics surgery with increased efficiency of the treatment and improved results in hip replacement with reduced pain help to strive the market of hip replacement with increased demands from the health care sector, increase research and development from the key market players and increased investment for introducing new technologies helps to drive the market growth. Increased government initiative for developing new techniques in the orthopedics sector and introducing a number of policies such as reimbursement which helps the common people to take the benefit of the treatment and increase the market growth of hip replacement with an increased number of applications in the medical sector. The introduction of an advanced navigation system with an integrated robotics system in the surgery with improved results in operation enhances the market growth. The 3D-developed technology with 3D printing helps to perform the surgery with increased performance in surgery, reduced time, and reduced complications in hip replacement.
Restraints:
Lack of awareness among the people regarding development of the hip replacement in underdeveloped regions may hamper the market growth of hip replacement. Enhancing rules and regulations in the implantation of hip replacement surgery may alter the market of hip replacement. Increasing developed technologies in hip replacement which led to increased cost of the surgery may restrain the market growth during the forecast period. Less developed infrastructure in hip replacement may challenge the market growth in the medical sector.
Opportunities:
The developing regions with improved technologies in hip replacement and increased performance with reducing arthritis pain and increase in demand from the market strives the market of hip replacement. Research and development activities in introducing new surgery with increased performance and continuous research with investment from the market players propels the market with enhanced innovations extending the market growth to a larger height. Enhance internet connectivity with an improved cloud system and integration of robots in hip replacements with increased demands for new techniques. The government interest in developing hip replacement with increased funding from the government for new innovative surgery helps to drive the market of hip replacement.
Challenges:
The increasing cost of hip replacement techniques with increased innovations and new technologies may hamper the market growth. The existing hip replacement techniques with developed surgery operations available in hip replacement can challenge the market growth of hip replacement. Lack of skill among the population regarding new developments in hip replacement and lack of knowledge in performing the surgery may affect the market of hip replacement during the forecast period.
Recent Developments:
Major Key Players
Market Segmentation:
By Product Type
By Application
By End User
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