Hip Replacement Market to Reach US$ 7.0 Billion in 2023 - Coherent Market Insights
 |
| Hip Replacement Market |
Market Overview:
The global Hip Replacement Market is estimated to be valued at US$ 7.0 Billion In 2023 and is expected
to exhibit a CAGR of 5.5% over the
forecast period 2023-2030, as highlighted in a new report published by Coherent
Market Insights. Hip replacement refers to a surgical procedure performed to
replace a damaged hip joint with an artificial implant. The procedure provides
relief from pain, improves mobility, and enhances the overall quality of life
for individuals suffering from hip joint disorders. The growing prevalence of
hip joint disorders, such as osteoarthritis and rheumatoid arthritis, coupled
with an aging population, is driving the demand for hip replacement procedures
worldwide.
Market Key Trends:
The use of minimally invasive techniques in hip replacement surgeries is a key
trend observed in the global hip replacement market. Minimally invasive hip
replacement involves smaller incisions, resulting in less tissue damage,
reduced pain, shorter hospital stays, and faster recovery time for patients.
This approach provides numerous advantages over traditional open surgery, such
as minimal blood loss, reduced risk of infection, and improved cosmetic
results. The increasing adoption of minimally invasive techniques by orthopedic
surgeons is expected to drive the market growth during the forecast period.
However, it is important to note that this report does not provide information
about the key players in the hip replacement market, even though market data is
available for them. The report focuses on providing a market overview and
highlighting key trends in the hip replacement market.
Segment Analysis:
The Hip
Replacement Market can be divided into two main segments: primary hip
replacement and revision hip replacement. Primary hip replacement refers to the
initial surgery to replace a damaged or diseased hip joint, while revision hip
replacement involves the replacement of a previously implanted prosthesis due
to complications or wear and tear.
Within the primary hip replacement segment, the dominating sub-segment is total
hip replacement (THR). THR involves replacing both the acetabulum and the
femoral head with prosthetic components. This procedure is preferred by
surgeons and patients due to its higher success rate and long-term durability.
Additionally, advancements in surgical techniques and implant materials have
significantly improved the outcomes of THR surgeries, making it the most
preferred option for hip replacement.
On the other hand, the revision hip replacement segment is driven by the
growing number of patients requiring a second or subsequent hip replacement
surgery. Factors such as implant failure, infection, and dislocation can
necessitate revision surgeries. This segment is expected to witness growth due
to the increasing number of primary hip replacement procedures being performed
worldwide.
Key Takeaways:
The global hip replacement market is projected to witness high growth,
exhibiting a CAGR of 5.5% over the
forecast period. This growth can be attributed to the increasing prevalence of
hip disorders and the rising geriatric population. Furthermore, technological
advancements, such as the development of minimally invasive surgical techniques
and advanced implant materials, are driving the market growth.
Regionally, North America is anticipated to be the fastest-growing region in
the hip replacement market. The high prevalence of hip disorders, advanced
healthcare infrastructure, and reimbursement policies are contributing to the
growth of the market in this region.
Key players operating in the hip replacement market include Depuy Synthes
(Johnson & Johnson), Microport Scientific Corporation, Zimmer Biomet
Company Highlights, Exactech Inc, DJO Global Inc, Stryker Corporation, B. Braun
Melsungen, and Smith & Nephew. These key players are focused on product
development, strategic collaborations, and mergers and acquisitions to
strengthen their market position and expand their product portfolio.
Comments
Post a Comment