Hip Replacement Market size is estimated to cross USD 10 Billion by the end of 2033, growing at a CAGR of 6% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of hip replacement was over USD 7 Billion. The growth can be attributed to rising prevalence of osteoarthritis in the population owing to any kind of accident, mishap or injury. Despite the existence of more than 100 different kinds of arthritis, osteoarthritis (OA), which affects approximate 30 million US adults, is the most widespread variety.
Also there has been growing incidence of hip injuries owing to the number of accidents taking place including road accidents and sport injuries. As a result, the hip replacement surgeries is expected to considerably grow in the forecast period. Approximate, 1200 road crashes take place every day in India. Also the Journal of the American Academy of Orthopaedic Surgeons reports that athletic hip injuries make up around 6% of all sports injuries and are becoming more common.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
6% |
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Base Year Market Size (2022) |
USD 7 Billion |
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Forecast Year Market Size (2033) |
USD 10 Billion |
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Regional Scope |
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End-user (Hospitals, Orthopedic Clinics, Ambulatory Surgery Centers)
The global hip replacement market is segmented and analyzed for demand and supply by end user into hospitals, orthopedic clinics, and ambulatory surgery centers. Out of which, the orthopedic clinics segment is estimated to garner the largest revenue by the end of 2033, backed by increasing orthopedic surgeons, rising number of hospitals, people suffering from leg problems and other factors. According to the National Library of Medicine, the number of distinct orthopedic surgeons increased from 21,216 in 2012 to 21,553 in 2020, a 1.6% rise, over those years.
Our in-depth analysis of the global market includes the following segments:
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By Product |
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By Material |
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By End - User |
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North America Market Forecast
The North America hip replacement market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033, owing to rising number of hip arthroplasty, high expenditure on health expenditure, growth in healthcare sector, increasing disposable income and other factors. A total of almost 2.4 million hip and knee surgeries—representing an 18.3% increase in total procedural volume compared to that in 2020—were reported in the yearly report from more than 1150 facilities. This equates to a 40% capture rate of the entire annual volume of total joint arthroplasty (TJA) performed in the United States.
Navbit, an Australian startup, and Johnson & Johnson Private Limited have announced a strategic partnership to advance smartphone-inspired technology in hip replacement surgery.
At the American Academy of Orthopedic Surgeons (AAOS) 2022 Annual Meeting in Chicago, Stryker Corporation’s Joint Replacement Division introduced the Insignia Hip Stem, which was designed to optimize patient fit and surgeon ease of implantation in muscle-sparing approaches for total hip and hemiarthroplasty procedures.
Author Credits: Radhika Gupta, Shivam Bhutani
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