Albany NY, United States: The global hip replacement implants market was valued at US$ 5 Bn in 2020 and is projected to expand at a moderate CAGR from 2021 to 2031.
Albany NY, United States: The global hip replacement implants market was valued at US$ 5 Bn in 2020 and is projected to expand at a moderate CAGR from 2021 to 2031. Rapid development of surgery procedures has fueled the demand for hip replacement implants. New implant types and material combinations for better stability and lifespan also contribute to the growth of the global hip replacement implants market.
Hip replacement, also known as hip arthroplasty, is a surgery, which replaces the injured hip joint with a prosthetic implant known as hip implant. A number of patients receive hip replacements, while suffering from arthritis, the primary cause of pain & inflammation, and other conditions. Moreover, hip fracture and wear & tear of the same are the key factors for the hip replacement surgery. Hip replacement enables patients to regain mobility and relief from joint pain.
Hip replacement is the most common joint replacement procedure in the U.S., with over 300,000 surgeries performed every year according to the American Academy of Orthopaedic Surgeons. In 2018, around 100,000 people underwent total hip replacement surgery in the U.K. Approximately, 300,000 hip replacement surgeries were performed in China in 2018.
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Hip Replacement Implants: Market Segmentation
The global hip replacement implants market has been segmented based on product, material, end user, and region
In terms of product, the global hip replacement implants market has been classified into total hip replacement implants, partial hip replacement implants, hip resurfacing implants, and revision hip replacement implants. The total hip replacement implants segment has been bifurcated into fixed bearing hip implant and mobile bearing hip implant. Increase in incidence of osteoarthritis, rheumatoid arthritis, and other musculoskeletal conditions is projected to boost the growth of the global hip replacement implants market during the forecast period.
Based on material, the global hip replacement implants market has been categorized into metal-on-metal, metal-on-polyethylene, ceramic-on-metal, ceramic-on-polyethylene, and ceramic-on-ceramic. The metal-on-polyethylene segment accounted for a major share of the global market in 2020, owing to rise in prevalence of joint diseases in developing countries and increase in geriatric population. Various material combinations and innovation in metal-on-polyethylene materials are transforming the market rapidly.
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In terms of end user, the global hip replacement implants market has been divided into hospitals, ambulatory surgery centers, orthopedic clinics, and others. The hospitals segment accounted for a significant market share in 2020 attributable to increase in awareness about health and availability of various facilities in hospitals for hip replacement surgery.
Hip Replacement Implants Market: Regional Segmentation
In terms of region, the global hip replacement implants market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
North America dominated the global hip replacement implants market in 2020. This can be ascribed to rapid technological advancements, high geriatric population, and stability in product pricing and reimbursement procedures. Presently, North America has the highest rate of implant procedures, nearly double of that in Europe.
The market in Asia Pacific is likely to grow at a rapid pace during the forecast period. Rise in hip replacement surgeries, rapid adoption of hip implants, and high economic growth of countries such as China, India, Singapore, Malaysia, Indonesia, and South Korea are projected to propel the market in Asia Pacific during the forecast period. Improving healthcare infrastructure, rise in private and public investment in public healthcare, and technological advancements in countries are anticipated to drive the hip replacement implants market in the region from 2021 to 2031.
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Hip Replacement Implants Market: Major Players
Key players operating in the global hip replacement implants market include
- Stryker
- Zimmer Biomet
- DePuy Synthes Companies (Johnson & Johnson)
- Smith & Nephew
- Wright Medical Group
- MicroPort Scientific Corporation
- Exactech, Inc.
- OMNIlife science, Inc.
- B. Braun Melsungen AG
- DJO Global, Inc.
These players mainly focus on adopting various strategies to expand product offerings and strengthen geographic presence. Technological advancements, expansion of operations across the globe, and merger & acquisitions are factors likely to propel the global hip replacement implants market over the next few years.
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