Hip Replacements: Market Set to Reach $13.7B by 2034 with Tech-Driven Advancements

The hip replacement market is driven by rising orthopedic disorders, advancements in surgical techniques, and improved implant materials. Growing demand for minimally invasive procedures is shaping industry trends.

The global market for hip replacements is projected to reach a value of approximately $9,128.5 million by the year 2024. It is anticipated that the market will experience a compound annual growth rate (CAGR) of 4.2% from 2024 to 2034, ultimately achieving an estimated worth of US$ 13,722.4 million by 2034.

There is a growing interest among manufacturers in surgical implants, as the process of replacing damaged components with new artificial alternatives has become increasingly straightforward. Patients have reported enhanced outcomes and greater reliability with these implants, which has significantly contributed to the rising demand within the market.

The increasing prevalence of osteoporosis, osteoarthritis, hip fractures, and other degenerative joint diseases, along with advancements in implant materials and surgical techniques, are key drivers of this market expansion.

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Key Takeaways from Hip Replacement Market Study:

• The global hip replacement market is projected to be valued at US$ 9,128.5 million in 2024.
• The market is anticipated to expand significantly, reaching a valuation of US$ 13,722.4 million by 2034.
• The hip replacement industry is expected to grow at a CAGR of 4.2% over the forecast period.
• Hospitals remain the dominant end-user, with the segment projected to grow at a CAGR of 4.7%
• North America is anticipated to hold a dominant market share of 1% in 2024.
• East Asia is expected to account for 1% of the global hip replacement market in 2024.

Leading Players Driving Innovation in the Hip Replacement Market:

Zimmer Biomet; Johnson and Johnson Services, Inc.; Stryker; Smith and Nephew plc; B.Braun Melsungen AG; Corin; Waldemer Link GmbH & Co. KG; Wright Medical Group N.V.; Arthrex, Inc.; Conformis; Corentec Co., Ltd.

Market Growth Drivers:

• Increasing Elderly Demographics: The worldwide rise in the elderly population has led to a higher prevalence of hip-related conditions, thereby driving the demand for hip replacement surgeries.
• Technological Advancements in Implants: The introduction of advanced materials, including titanium, ceramic, and cross-linked polyethylene, has significantly enhanced the longevity and performance of implants, resulting in more durable hip replacements.
• Surge in Minimally Invasive Surgical Techniques: The evolution of surgical methods, such as robotic-assisted and computer-guided surgeries, has improved accuracy, minimized complications, and facilitated faster recovery times for patients.
• Growing Investments in Healthcare: Both governmental and private sectors are increasing their financial commitments to orthopedic care, especially in developing regions, which is contributing to the expansion of the market.

Hip Replacement Market News:

• Exactech and JointMedica commemorated the successful execution of the inaugural hip replacement surgery utilizing the groundbreaking Polymotion® hip implant. This event represents a notable advancement in the field of joint replacement surgery.
• In a collaborative effort, Orthofix Medical and LimaCorporate have joined forces to tackle the issue of chronic high hip dislocation in the United States, presenting a customized solution that incorporates Orthofix's Fitbone™ intramedullary nail system alongside LimaCorporate's 3D-printed pelvic fixation device.
• On July 18, 2023, Corentec made a significant entry into the Japanese artificial joint market, as its BENCOX product received regulatory approval from the Japanese Ministry of Health, Labor, and Welfare.
• Additionally, an innovative pinless navigation system, which is set to transform hip replacement procedures by improving the accuracy of acetabular cup positioning, has begun its introduction into the United States market following a brief calibration period of one minute.

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Future Prospects:

The hip replacement sector is set to experience significant expansion in the near future, propelled by advancements in technology, heightened awareness regarding joint health, and a rising preference for minimally invasive surgical techniques. As healthcare professionals prioritize enhancing patient experiences and minimizing recovery durations, breakthroughs in 3D-printed implants, AI-driven surgical procedures, and regenerative medicine are expected to transform the industry further.

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