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HEALTHCARE & PHARMACEUTICAL

Robotic-Assisted Hip Replacement Market Analysis by Type (Passive, Semi-Active, and Active Systems); and by Application (Hospitals, Orthopedic Clinics, Ambulatory, and Academic and Research) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • Stryker revealed the release of Mako Total Hip 4.0, a smart robotic system to improve the user experience with CT-based 3D modeling and new planning features along with approach-specific and region-based pelvic registration.

  • DePuy Synthes announced that Australian orthopedic surgeons will be the world’s first to access the next generation of robotics.

Global Robotic-Assisted Hip Replacement Market Size, Forecast, and Trend Highlights Over 2023 - 2035

 

Base Year

2022

Forecast Year

2023-2035

CAGR

~5%

Base Year Market Size (2022)

~ USD 7.7 Billion

Forecast Year Market Size (2035)

~ USD 13.8 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)

 

The global robotic-assisted hip replacement market is estimated to garner a revenue of ~USD 13.8 Billion by the end of 2035 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~USD 7.7 Billion in the year 2023. 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.

 

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. A growing number of hip replacement issues, and rising damage to cartilage owing to age or sedentary lifestyle practices are estimated to rise the market growth.

Global Robotic-Assisted Hip Replacement Market: Growth Drivers and Challenges

Growth Drivers

  • Increase in Geriatric Patient Pool with Rising Life Expectancy Across the World – Increased life expectancy and declining fertility are expected to be the reason for the growing geriatric population. As per the 2021 U.S Census Bureau, the United States has 15% of the nation’s population i.e., over 50 million adults aged 65 and above. Older people are more prone to bone-related diseases, especially, osteoporosis and osteoarthritis. Moreover, the rising geriatric population is bound to demand more frequent surgeries to treat such diseases. This is estimated to boost market growth.

  • High Demand for Hip Replacement Surgical Procedures with Increasing Awareness of Replacement Procedures – It is observed that the total hip arthroplasty is estimated to increase by 30% in 2020, 72% in 2025, 120% in 2030, and 280% in 2040.

  • Surge in Personal Disposable Income Across the World Among Developing Countries – Personal disposable income increased by USD 1.18 billion in 2020 and 80% of it i.e., USD 957 billion is from fiscal stimulus.

  • Lack of Surgeons and Physicians to Perform Safely and Efficiently – The U.S has a shortage of about 12o,000 physicians and 30,200 surgical specialists in 12 years based on the report of the Association of American Medical Colleges (AMMC).

  • Government Investments in Healthcare and Hospital Infrastructure to Improve Healthcare Facilities – Hospital infrastructure investment in America is a direct investment in American jobs and communities, where in 2019 about 5 million jobs and USD 1 trillion in goods and services are purchased from small businesses supporting over 15 million jobs.

Challenges

  • High Cost of Surgical Robots

The robotic machinery is very expensive and requires a skilled professional to handle that is hindering market growth. Not everyone is able to access these procedures and will go with conventional methods to reduce costs. The rising number of healthcare facilities and increasing health issues hampers market growth.

  • Less Affordable in Low-Income Regions

  • Lack of favorable reimbursement policies

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 2035 on the back of the high incidence of osteoporosis, rising number of hip fractures, and increasing road accidents 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.

Global Robotic-Assisted Hip Replacement Market Regional Synopsis

The North America region robotic-assisted hip replacement market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. 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 aiding in the market growth in the North America region. More than 2 million football injuries took place in the U.S in 2021.

Market Segmentation

Our in-depth analysis of the global robotic-assisted hip replacement market includes the following segments:

            By Type

  • Passive System
  • Semi-active System
  • Active System

 

               By Application

  • Hospitals
  • Orthopedic Clinics
  • Ambulatory
  • Academic and Research

Top Featured Companies Dominating the Global Robotic-Assisted Hip Replacement Market

·Medtronic plc

  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis
  • Medical Device Business Services, Inc.
  • Zimmer Biomet
  • Stryker Corporation
  • Smith & Nephew
  • Globus Medical
  • NuVasive, Inc.
  • Limacorporate S.p.A.
  • Asensus Surgical US, Inc
  • Titan Surgical LLC

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