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BANGALORE, India , Sept. 8, 2022 /PRNewswire/ -- Hip Replacement Market is segmented by Type - Total Hip Replacement Implant, Partial Hip Replacement Implant, Hip Resurfacing Implant, Revision Hip Replacement Implant, by Application - Hospitals, Orthopedics Clinics, Ambulatory Surgical Centers. Global Opportunity Analysis and Industry Forecast 2022 - 2028. It is published in Valuates Reports under the Medical Procedures Category.
The global Hip Replacement market size is projected to reach USD 2688.1 million by 2028, from USD 2257.7 million in 2021, at a CAGR of 2.5% during 2022-2028.
Major Factors Driving The Growth Of The Hip Replacement Market Are
A few of the main growth-promoting drivers for the market are the rise in the geriatric population, rise in demand for hip arthroplasty/replacement surgical operations, favorable reimbursement policies, and rise in R&D and technological advancement.
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TRENDS INFLUENCING THE GROWTH OF HIP REPLACEMENT MARKET
The expansion of the hip replacement market is anticipated to be driven by the population's increasing prevalence of osteoarthritis, rheumatoid arthritis, and osteonecrosis. The cartilage may deteriorate or suffer an injury with time and usage. Hip tendons and muscles are susceptible to overuse. Hip fractures can occur from falls or other accidents. Hip pain may be brought on by any of these conditions.
During the forecast period, there will be a steady increase in demand for hip replacement implants. The market for hip replacement implants is being driven by both the increased clinical awareness among patients and the soaring demand for hip replacement surgery. Demand for hip replacement implants is being fueled by the rising popularity of fitness regimens that can lead to significant accidents.
The hip Replacement Market size is increasing as a result of increased R&D activity for improvements in hip replacement procedures, new launches, and product approvals. Customized hip replacement implants are the result of technological developments. Traditional implants come in a single size and are integrated into the patient's body by scraping away extra bone, which imposes physical restrictions on the patient. As a result, businesses offer specially made hip replacement implants that are adapted to the patient's anatomy and condition. The global market for hip replacement implants is projected to increase faster as a result of material advancements.
Favorable reimbursement procedures are accelerating the expansion of the Hip Replacement Market. The Patient Protection and Affordable Care Act (PPACA) increased the scope of insurance coverage for orthopedic devices, making them more accessible to more patients. Over the past few years, prosthetics and orthotics have received suitable coverage from both public (like CMS) and commercial payers.
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HIP REPLACEMENT MARKET SHARE ANALYSIS
Based on application, the hospital segment dominated is expected to be the most lucrative. The increase in hospitals and the need for cutting-edge medical care are to blame for this. However, due to an increase in the number of orthopedic clinics and a rise in healthcare spending, the category of orthopedic clinics is anticipated to experience significant growth during the Hip Replacement Market projection period.
Based on region, The global market for hip replacements was dominated by North America in 2021 and is predicted to continue dominating over the forecast period as a result of the region's increased product launches, well-established healthcare infrastructure, and the presence of large companies. However, the Asia-Pacific region is anticipated to increase significantly because of its large population base, growing healthcare infrastructure, and rising healthcare spending.
Total hip replacement procedures held the majority of the market in 2021, and this trend is anticipated to persist over the course of the forecast period due to improvements in hip replacement and an increase in the prevalence of orthopedic illnesses. However, due to the increased use of hip implants and product launches in the market, the revision hip replacement sector is anticipated to experience significant growth throughout the projection period.
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