The Hip Replacement Implants by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Hip Replacement Implants , The hip replacement implants market size has grown strongly in recent years. It will grow from $7.58 billion in 2023 to $8.16 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to aging population and osteoarthritis prevalence, rise in hip fractures and trauma cases, patient preference for enhanced mobility, global increase in obesity rates, rise in sports injuries impacting hips..
The hip replacement implants market size is expected to see strong growth in the next few years. It will grow to $10.97 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to growing demand for outpatient hip replacements, innovations in implant materials, global efforts in arthritis awareness, regulatory support for innovation, environmental sustainability in healthcare.. Major trends in the forecast period include technological advancements, patient-specific implants, robot-assisted surgery, outcomes data and value-based care, customized implant options, telemedicine and remote consultations.
The increase in the prevalence of arthritis is expected to propel the growth of the hip replacement implant market going forward. Arthritis refers to swelling and tenderness of one or more joints, which leads to severe pain in bones and joints. Osteoarthritis and rheumatoid arthritis are common types of arthritis. Hip replacement implants are commonly used in hip replacement surgeries, or hip arthroplasty, in the treatment of arthritis to address hip pain and restore its functioning, in which surgeons replace damaged or non-functioning parts of the hip joint with artificial implants. For instance, in November 2021, according to the Centers for Disease Control and Prevention, a US-based national public health agency, approximately 58.5 million adults, or 24% of all adults, have arthritis. With annual costs for medical care and lost wages of $303.5 billion, it is a primary cause of work impairment. Additionally, the majority of arthritis sufferers in the US are working-age adults (around 57.3%). Furthermore, according to the Versus Arthritis report in 2021, a US-based nonprofit organization focused on arthritis, in the UK, 20.3 million people suffer from musculoskeletal (MSK) conditions such as arthritis or back discomfort. Therefore, the increase in the prevalence of arthritis is driving the growth of the hip replacement implant market.
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The hip replacement implants market covered in this report is segmented –
1) By Product Type: Femoral Reconstruction, Acetabular Reconstruction, Hip Resurfacing, Revision Hip Implants, Bearing And Porous Metal, Total Replacement Implants
2) By Component: Ace Tabular Cup Systems, Hip Stem Systems, Revision Accessories And Components
3) By Material: Metal-On-Metal, Metal-On-Polyethylene, Ceramic-On-Metal, Ceramic-On-Polyethylene, Ceramic-On-Ceramic
4) By End-User: Orthopedic Clinics, Hospitals, Surgical Centers
Technology advancement is a key trend gaining popularity in the hip replacement implant market. Major companies operating in the market are focused on research and development for innovative new technologies to sustain their position in the market. For instance, in June 2022, InssTek Inc., a South Korea-based leading metal 3D printing company in the additive manufacturing industry, introduced Metal Porous Coating (MPC) technology to coat and fabricate artificial hip joint and cup components to enable faster and more accurate surgeries, particularly regarding the titanium materials. Metal porous coating (MPC) is a direct energy deposition (DED) additive manufacturing technique that enables 3D printing patterns of porous structures onto the surface of artificial joints using medical-grade titanium powder to form one alloy to achieve optimal roughness and pore structure to facilitate quicker and more precise procedures with maximum biocompatibility, especially with titanium materials. InssTek successfully coated a BENCOX Mirabo Z Cup Cortinium artificial hip joint cup using MPC technology manufactured by Korean artificial limb developer Corentec, which has also received FDA approval.
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