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Hip Replacement Market Analysis | 2022-2028
Hip Replacement Market Size, Share, Trends, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2028
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 (North America, Europe, Asia-Pacific, and Rest of the World).
"The global hip replacement market was valued at USD 7 billion in 2021 and is projected to reach USD 9.39 billion by 2028, registering a CAGR of 4.30% during the forecast period."
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What is a hip replacement?
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.
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Hip Replacement Market Report Overview |
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Market Size in 2028 |
USD 9.39 billion |
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Market Size in 2021 |
USD 7 billion |
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Market Growth (2022-2028) |
4.30% CAGR |
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Base Year of Study |
2021 |
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Trend Period |
2016-2020 |
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Forecast Period |
2022-2028 |
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. The 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 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 are likely to hamper market growth.
COVID-19 Impact
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.
Opportunities:
The hip replacement industry has opportunities to grow in many areas, including the rise in the number of people with arthritis worldwide, developed, high-quality surgical procedures and modular implants. Important substitute measures for this should include generating additional hip revisions for the portfolio, getting approval from FDA for more advanced hip replacement systems, personal online education programs and a communication channel between the patients and orthopedic physicians The faster growth is mainly due to tie-ups, mergers/acquisitions, and collaborations with industry leaders and funds spent on research and development. Over the challenges that help the sector to develop as a whole, the rivalry in America and Europe is predicted to be the fiercest.
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"The hospital segment accounted for the largest market share."
The hip replacement market has been bifurcated into hospitals, orthopedic clinics, and ambulatory surgical centers. Under these, the hospitals segment more than 80% of the market share in 2021 and are 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.
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"North America accounted for the largest market share."
The market in North America accounted for the largest market share in 2021 and is projected to grow at a significant CAGR during the assessment period. The regional growth is primarily attributed to the 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.
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This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
What deliverables will you get in this report?
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Key questions this report answers |
Relevant contents in the report |
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How big is the sales opportunity? |
In-depth analysis of the Hip Replacement Market |
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How lucrative is the future? |
Market forecast and trend data and emerging trends |
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Which regions offer the best sales opportunities? |
Global, regional and country level historical data and forecasts |
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Which are the most attractive market segments? |
Market segment analysis and forecast |
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Which are the top players and their market positioning? |
Competitive landscape analysis, Market share analysis |
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How complex is the business environment? |
Porter’s five forces analysis, PEST analysis, Life cycle analysis |
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What are the factors affecting the market? |
Drivers & challenges |
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Will I get the information on my specific requirement? |
10% free customization |
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
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Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.
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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 a 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.
The hip replacement market was estimated to grow from USD 7 billion in 2021 to USD 9.39 billion by 2028.
The hip replacement market is expected to witness an impressive growth of 4.30% 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) • DJO Global, Inc. (US)
North America accounted for the largest share of the hip replacement market in 2021.
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.
The hospitals segment accounted for the largest market share in 2021 and is projected to register significant growth during the review period.
Distributors, suppliers, manufacturers, logistics organizations, and government bodies.
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