Renub Research recently released a report titled “Hip Replacement Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028″ providing a detailed industry analysis that includes market share insights. In addition, the report covers research on competitors and regions and current advancements in the Hip Replacement Market. The Hip Replacement Industry shall expand at a CAGR of nearly 5.46%.from 2022 to 208.
Hip replacement is a medical intervention that involves the substitution of a damaged or diseased hip joint with a prosthetic joint composed of materials such as metal, plastics, or ceramic to alleviate discomfort, enhance mobility, and rehabilitate the normal function of the hip joint. Individuals may require hip replacement surgery due to various reasons, such as prevalent conditions like osteoarthritis, rheumatoid arthritis, avascular necrosis, bone tumours, and genetic bone disorders, as well as factors like hip joint injuries, previous surgeries, and congenital hip conditions. For instance, Globally, osteoarthritis affects 528 million people and results in 19 million years lived with disability, as reported by the World Health Organization (WHO).
As the population ages conditions that require hip replacement surgery increase. As per the “World Social Report 2023” by the United Nations, the population of people aged 65 and above has reached about 761 million, and it shall outdo 1.6 billion by 2050, more than double the present figure. In addition, the availability of better healthcare facilities, including hospitals and clinics with specialized orthopedic departments, has increased access to hip replacement surgeries for patients. Furthermore, the demand for minimally invasive procedures, which are less painful and have a shorter recovery time, has also contributed to the rise of the hip replacement market.
However, the hip replacement market is subject to limitations such as the high cost associated with the procedure, potential complications, implant failure risks, limited healthcare access in certain areas, and the likelihood of revision surgeries due to wear and tear or infection.
Total hip replacement is dominant in the hip replacement market due to its high success rates and effectiveness in treating various hip-related conditions
Total hip replacement is a popular option among patients and healthcare providers due to its high success rate of over 95% and effectiveness in treating various hip-related conditions, such as osteoarthritis, rheumatoid arthritis, avascular necrosis, hip fractures, and bone tumours. Many patients report significant improvements in pain relief, mobility, and overall quality of life following total hip replacement surgery, contributing to high patient satisfaction. Total hip replacement is a well-established procedure that has been performed for several decades, and experienced surgeons have refined their skills, leading to improved patient outcomes.
The significant rise of orthopedic clinics is due to the presence of proficient healthcare professionals and well-established infrastructure
The expansion of orthopaedic clinics in the hip replacement market is due to various factors, including the growing incidence of hip-related conditions, increasing awareness and desire for joint replacement surgeries, progressions in medical technology, advancements in healthcare infrastructure, and the provision of tailored orthopaedic services. Furthermore, orthopaedic clinics offer individualized treatment plans and specialized care to patients, leading to increased patient satisfaction and positive recommendations, which further contributes to the growth of orthopaedic clinics in the hip replacement market.
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Asia-Pacific is predicted to grow the fastest in the Hip Replacement Market
The Asia-Pacific region’s growth in the hip replacement market can be due to several factors, such as the increasing geriatric population, rising awareness, and demand for joint replacement surgeries, improving healthcare infrastructure, and advancements in medical technology. Additionally, the region’s lower cost of living and lower labour costs has resulted in the establishment of many medical tourism destinations, attracting patients from around the world seeking cost-effective hip replacement surgeries. Furthermore, government initiatives to promote medical tourism and investments in healthcare infrastructure have also contributed to the rise of Asia-Pacific in the hip replacement market.
Competitive Landscape.
The hip replacement market is highly competitive and includes major players such as Smith & Nephew PLC, Johnson & Johnson, ConformisInc, Integra Lifesciences Corporation, MicroPort Scientific Corporation, Zimmer Biomet, Stryker, and Braun Melsungen AG. These companies continuously engage in product innovation, technological advancements, and mergers and acquisitions to gain a larger market share.
Market Summary:
- Product – The Report covers Hip Replacement Market, by product in 3 viewpoints (total hip replacement, partial hip replacement, and revision and hip resurfacing).
- End-User – Hip Replacement Market breakup in 3 viewpoints (hospitals and surgery centres, orthopaedic clinics, and others).
- Region – Renub Research report covers the Hip Replacement Market by region in 5 viewpoints (North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa).
- Key Players – All the major players have been covered from 4 Viewpoints (Overview, Strategy, Merger/Acquisition, and Financial Insight) Smith & Nephew PLC, Johnson & Johnson, ConformisInc, Integra Lifesciences Corporation, MicroPort Scientific Corporation, Zimmer Biomet, Stryker, and Braun Melsungen AG.
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