Hip Replacement Market Size, Share Industry Analysis 2023-2033

The Hip Replacement Market was valued at USD 7.67 Bn in 2023 and is projected to reach USD 12.86 Bn by 2033, growing at a CAGR of 5.30% from 2023 to 2033.

NEW YORK CITY, NEW YORK, UNITED STATES, January 11, 2023 /EINPresswire.com/ -- A hip replacement¹ is a procedure that replaces a hip joint using a prosthetic implant. It can be done as either a complete or hemi (half) replacement. This surgery is done to alleviate pain from arthritis or fractures in the hip bone. Hip replacement can be classified based on the product as total hip replacement, partial hip replacement, hip resurfacing, revision hip replacement, and hip resurfacing implant.

FACTORS FOR DRIVING

Favorable Health Reimbursement to Surge the Market Growth

Hip implants will be in high demand due to adequate health coverage and reforms in the health reimbursement policies for joint replacement procedures. Different countries have created various health reimbursement programs for joint replacement surgery to ensure that everyone has access to affordable, high-quality care. This has led to an increase in hip arthroplasty patients, which has helped foster the market.

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Market Boosting: Rapid Adoption of Customized Hip Prostheses

With the growing demand for custom-made implants for both males and women, it is expected that hip arthroplasty implant sales will increase. Because each patient is unique, the size of implants will differ. Manufacturers are increasingly focusing on 3D printing technology to create patient-specific implants. A huge increase in customized orthopedic implants has been achieved by 3-D printing technology. The market is likely to benefit from the fact that many orthopedic companies are creating cutting-edge technology that can be used for technically advanced replacement prostheses.

Market Growth will be hampered by Restraints, Lawsuits, and Defects in the Hip Replacement Product.

The rising popularity of replacement surgery means that complications associated with implant use will be a major deterrent to global market growth in the coming years. The defective device had severe side effects, according to lawsuits. Numerous cases have been filed against large companies, including Stryker and Zimmer Biomet, for the malfunction of orthotic replacement devices.

Key Market Segments

Type

Total Hip Replacement Implant
Partial Hip Replacement Implant
Resurfacing Implant
Revision Hip Replacement Implant

Application

Hospitals
Orthopedic Clinics
Ambulatory Surgical Centers

Key Market Players included in the report:

Stryker Corporation
Microport Scientific Corporation
B. Braun Melsungen AG
Depuy Synthes (J&J)
DJO Global Inc.
Smith & Nephew
Zimmer Biomet
Exactech Inc.

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Recent Development

In May 2022, Parkash Hospital, Amritsar, launched United States Food and Drug Administration-approved Mako Robotic-Arm Assisted Technology to assist with hip and knee replacement.

Insignia Hip Stem was launched by Stryker's Joint Replacement Division in March 2022. It is designed to maximize patient fit and surgeon ease of implanting the hip stem using muscle-sparing techniques for total and hemiarthroplasty.

Zimmer Biomet Holdings, Inc., a medical company, announced the clearance of the 510K Rosa Hip System, which is a robotic system used directly for total hip replacement.

The Medacta company announced that Enhancement of the Hip Replacement with Increased Revision and Greater Profitability will be available in 2021.

Microport Orthopaedics introduced a new hip replacement technology in February 2021. It launched hip-coated collared hip stems and cemented hip stems with greater efficiency and effectiveness for patients.

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¹ https://market.us/report/hip-replacement-market/