The global Hip Replacement Market is estimated to be valued at US$ 7.0 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hip replacement surgery involves replacing the damaged hip joint with an artificial joint called prosthesis. It is primarily done to reduce pain and improve mobility for patient suffering from hip fractures, arthritis or injuries. The implants and prosthesis used for hip replacement helps restore movement and reduces pain.
Market key trends:
One of the major trends driving the growth of the hip replacement market is the increasing adoption of robot-assisted surgeries. Robot-assisted surgeries offer several advantages over traditional open surgeries such as increased precision, flexibility, smaller incisions and scars and quicker recovery time. Additionally, it also helps delivering personalized hip implants customized for each patient's anatomy which further improves surgical outcomes. Technological advancements in 3D printing and computer navigation assistance has enabled greater precision and accuracy in hip replacement surgeries.
Segment Analysis
The Global hip replacement market Size is segmented by product type, material, end user and region. By product type, the total hip replacement segment dominated the market in 2020 and is expected to remain dominant over the forecast period. Total hip replacement provides improved pain relief and restores movement of the hip joint better as compared to partial hip replacement. By material, metal-on-metal dominated the market due to better longevity. However, its usage is declining due to concerns regarding metal ion release and it is being replaced by metal-on-polyethylene and ceramic-on-polyethylene materials. By end user, hospitals accounted for the largest share as majority of hip replacement surgeries are performed in hospitals.
Key Takeaways
The global hip replacement market is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing incidence of osteoarthritis and growing geriatric population.
Regional analysis
North America dominated the global hip replacement market in 2020 and is expected to continue its dominance over the forecast period. This is attributed to the favorable reimbursement scenario and presence of major players in the region. Asia Pacific is expected witness the fastest growth owing to growing medical tourism, increasing healthcare spending and rising incidence of hip fractures.
Key players
Key players operating in the hip replacement market are Depuy Synthes (Johnson & Johnson), Microport Scientific Corporation, Zimmer Biomet Company Highlights, Exactech Inc, DJO Global Inc, Stryker Corporation, B. Braun Melsungen, Smith & Nephew. Depuy Synthes holds the leading market share owing to its diversified product portfolio and global brand recognition. Microport Scientific Corporation is a key player from China and has been gaining market share rapidly.
Get More Insights On This Topic: https://www.newsstatix.com/biomedical-hip-replacement-market-size-share-analysis-2023-2030/
After losing all the impression of their achievements, great companies often fade away.
When the whole world was shifting towardsdigital photography in late 80s, Kodak refused to join the bandwagon, and continued with their existing products even after inventing the digital camera technology.
However, after 2010, Nokia's market value declined by about 90 percent and in 2011 Nokia was acquired by Microsoft.
why Nokia, which was considered as the undisputed king of mobile devices was thrown out of the market?The main reason is the introduction of iPhone in 2007.
At the time of iPhone's launch, half of all the devices sold in the planet were Nokia's.
Nokia's management thought they will continue to rule the market with dated Symbian OS and average phones.They never thought Apple would come-up with a superior hardware and software and the executives were afraid to acknowledge the fact even after knowing that it would take several years to develop a better OS that could compete with iOS.
