The global robotic-assisted hip replacement market is estimated to garner a revenue of USD 12 Billion by the end of 2031 by growing at a CAGR of ~5% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of USD 7 Billion in the year 2021. The increasing demand for hip replacement surgeries and the rise in the geriatric patient population is anticipated to attribute to the growth of the market. As per Agency for Health Research and Quality, each year higher than 4 million total hip replacements are done in the U.S. The high prevalence of lower extremity conditions like osteoarthritis (OA), osteoporosis, and hip diseases are major growth drivers of the market during the forecast period. The number of adults aged 50 or above with osteoporosis raised from 9.4% in 2007-2008 to 12.6% in 2017-2018.
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The lack of experienced physicians and surgeons across the globe and the increasing adoption of automation in the medical sector is considered to boost the growth of global robotic-assisted hip replacement market trends. The shortage of surgical specialties as per estimations would be between 17,000 and 28,000 by 2033.
The global robotic-assisted hip replacement market is segmented and analyzed for demand and supply into type and application. The type segment is divided into passive, semi-active, and active systems, and the application segment is divided into hospitals, orthopedic clinics, ambulatory and academic, and research. Out of these, the hospitals segment is expected to hold the largest market size by the end of 2031 on the back of the high incidence of osteoporosis during the forecast period. Worldwide, about 200 million women suffer from osteoporosis. It is estimated that the incidence of hip fracture will increase by 310% and 240% in men and women respectively.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5,355.79, which grew from USD 3,515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global robotic-assisted hip replacement market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America region is projected to hold the largest market share by the end of 2031. Out of which the North America region is estimated to have the largest market growth on the back of highly developed infrastructure, the presence of an advanced technology base, and growing market giants during the forecast period.
The growing incidence of osteoporosis and osteoarthritis, shortage of surgical specialists, and increasing sports and road injuries are major factors to aid in the market growth in the North America region. More than 2 million football injuries took place in the U.S in 2021.
The global robotic-assisted hip replacement market is further classified on the basis of region as follows:
Our in-depth analysis of the global robotic-assisted hip replacement market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increase in the geriatric patient pool, new advancements and technological surgeries, and the lack of surgeons and physicians are the major factors driving the growth of the robotic-assisted hip replacement market.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2031.
High cost of surgical robots, and less affordable in low-income regions are estimated to hamper the market growth.
The market in North America region is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are Medtronic plc, Medical Device Business Services, Inc., DePuy Synthes, Zimmer Biomet, Stryker, Smith & Nephew, Globus Medical, NuVasive Inc., Limacorporate S.p.A., Asensus, Titan Surgical LLC.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and by region.
The hospitals segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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