Hip Replacement Market Report
Hip Replacement Market, By Product (Total Hip Replacement Implant, Partial Hip Replacement Implant, Hip Resurfacing Implant, Revision Hip Replacement Implant), End-User (Hospitals, Orthopedics Clinics, Ambulatory Surgical Centers), and Region - COVID-19 Impact Analysis and Forecast to 2026.
This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global Hip Replacement market. The historic years considered for the study are 2016-2019, the base year is 2020, and the forecast period is 2021-2026.
Hip Replacement Market, By Product (Total Hip Replacement Implant, Partial Hip Replacement Implant, Hip Resurfacing Implant, Revision Hip Replacement Implant), End-User (Hospitals, Orthopedics Clinics, Ambulatory Surgical Centers), and Region - C...
Impact of COVID-19 on Hip Replacement Market
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The Hip Replacement market is projected to grow from USD 7.1 billion in 2020 to USD 9.3 billion by 2026 at a CAGR of around 4.6% during the forecast period.
Hip replacement is defined as a surgical procedure to replace a hip joint with a prosthetic implant. The surgery can be performed either as a total replacement or hemi (half) replacement. The surgery is performed to relieve pain caused due to arthritis or fracture in the hip bone. Based on the product, hip replacement can be categorized as total hip replacement implant, partial hip replacement implant, hip resurfacing implant, and revision hip replacement implant.
Key players operating in the Hip Replacement market are-
The growth of the hip replacement market is primarily driven by the rising number of people suffering from arthritis and obesity. Expanding geriatric population and increasing incidences of accidental injuries are expected to propel the market growth at a significant rate during the review period. Additionally, increasing spending on R&D activities to advanced hip implant procedures is likely to create lucrative opportunities for the market players during the review period. However, the high cost of hip replacement and lack of awareness among consumers regarding hip replacement in rural areas is likely to hamper the market growth.
By end-user, the hip replacement market has been bifurcated into hospitals, orthopedics clinics, and ambulatory surgical centers. Under these, the hospitals' segment accounted for the largest market share in 2020 and is projected to register significant growth during the review period. The segment growth can be attributed to the presence of required healthcare infrastructure and skilled healthcare staff.
By region, the market in North America accounted for the largest market share in 2020 and is projected to grow at a significant CAGR during the assessment period. The regional growth is primarily attributed to high demand for advanced hip replacement procedures, expanding geriatric populace, and the presence of key market players such as Zimmer Biomet (US) and Johnson & Johnson (US). The market growth in the Asia-Pacific region is expected to be driven by rising incidences of arthritis.
The outbreak of the COVID-19 virus has affected the growth of the healthcare industry significantly. Stringent lockdown measures and restricted movement of people affected the product supply for a short period and thus, affected the market growth.
Here is the list of the group of customers that the hip replacement market hopes to have the greatest opportunity to convert-
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The hip replacement market is expected to witness an impressive growth of 4.6% CAGR in the coming years.
Zimmer Biomet (US), Johnson & Johnson (US), Stryker Corporation (US), Smith & Nephew plc (UK), MicroPort (China), Exactech, Inc. (US), OMNI life science, Inc. (US), B. Braun (Germany) and DJO Global, Inc. (US) are among the key players in the hip replacement market.
The hip replacement market size is expected to reach USD 9.3 billion in the foreseeable future.
The hospitals' segment is expected to register significant growth in the hip replacement market in the coming years.
North America accounted for the largest share in the hip replacement market in 2020.
Hip replacement distributors, Hip replacement suppliers, Hip replacement manufacturers, Logistics organizations, Government bodies are the target audience in the hip replacement market.