Hip Resurfacing Implant Market to Reach $246.9 M by 2034 | Aging Demographics & Rising Osteoarthritis Drive Growth

Rising incidence of problems like arthritis, as well as hip injuries, is keeping the demand rolling in the hip resurfacing implant market, says FactMR.

The global hip resurfacing implant market is estimated at US$ 193.2 million in 2024. The market is projected to grow at a rate of 2.5% through 2034. The market is projected to surpass a valuation of US$ 246.9 million by 2034.

Conditions like osteoarthritis and bursitis are rising in prevalence, leading to more cases of hip pain. As a result, hip treatment procedures are rising in popularity. While whole hip replacement has traditionally been the go-to procedure for treating hip pain, hip resurfacing has also gained prominence. As a result, the hip resurfacing implant industry is being propelled.

The rapidly aging population of the world is a significant victim of hip problems and requires hip treatment. However, aside from medical conditions, injuries and obesity also play a role in the requirement for hip resurfacing. With the global obesity problem reaching large proportions and instances of sports injuries on the rise, there is greater demand for hip resurfacing and, in turn, hip resurfacing implants.

There are significant obstacles that constrict market growth, however. Hip replacement remains ever-popular and is preferred to hip resurfacing in many instances. Doubts over the effectiveness of the hip resurfacing procedure and the material used in the implants are also restricting the growth of the market.

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“The proliferation of hip issues has led to more people becoming knowledgeable about hip treatment procedures. Thus, there is a rising consciousness of hip resurfacing. Market players can take advantage of the growing awareness about hip issues and treatment by marketing the benefits of hip resurfacing and hip resurfacing implants.”says a Fact.MR analyst.

Key Takeaways from the Market Study:

• The global hip resurfacing implant market is projected to expand at a CAGR of 2.5% through 2034.
• The East Asia hip resurfacing implant market is expected to grow at a rate of 3.5% from 2024 to 2034.
• The hip resurfacing implant industry is expected to register a CAGR of 3.8% in South Korea over the forecast period.
• The hip resurfacing implant industry in China is expected to rise at a CAGR of 3.6% through 2034.
• Based on material type, hybrid alloy leads the market, with an expected market share of 49.0% in 2024.

Hip Resurfacing Implant Industry News:

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Recent developments in the market highlight advancements in related sectors. In June 2023, the Asian Orthopaedic Institute (AOI) at SIMS Hospital, Chennai, launched a hip surgery unit, introducing innovative hip resurfacing techniques in India. In January 2023, Exatech successfully completed the first surgery using its JointMedica Polymotion hip implant, a metal-on-polyethylene resurfacing implant. Additionally, in March 2022, DePuy Synthes acquired CUPTIMIZE Hip-Spine Analysis technology, aiding surgeons in better diagnosing and treating abnormal hip movement. These developments reflect the growing emphasis on technology-driven solutions across various industries.

Leading Players Driving Innovation in the Hip Resurfacing Implant Market:

Key industry participants like Zimmer Biomet; Johnson & Johnson; Stryker Corporation; Smith & Nephew plc; MicroPort Scientific Corporation; Exactech, Inc.; OMNIlife Science, Inc.; B. Braun Melsungen AG; DJO Global, Inc.; Aesculap Implant Systems, LLC; ConMed Corporation etc. are driving the hip resurfacing implant industry.

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Companies in the Market Basing Strategies on Acquiring and Developing Technology:

Some leading market players are looking to acquire small and mid-sized technologically advanced firms. Overall, the development of technology plays a key role in company strategies, as research and development is another area of focus. Some prominent companies in the market are Zimmer Biomet, Johnson & Johnson, Stryker Corporation, and Smith & Nephew plc.

In January 2023, Exatech carried out the first successful surgery with its new resurfacing implant, called the JointMedica Polymotion.

In March 2022, the CUPTIMIZE Hip-Spine Analysis technology was acquired by DePuy Synthes.

Check out More Related Studies Published by Fact.MR Research:

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Hip reconstruction devices market is valued at US$ 8.21 billion in 2023 and is projected to reach US$ 12.15 billion by the year 2033.

Orthopedic implant market size is valued at US$ 44.94 billion in 2024, as stated in the updated research study published by Fact.MR. Worldwide revenue from the sales of orthopedic implants is forecasted to increase at a CAGR of 6.6% and reach US$ 85.17 billion by the end of 2034.

Joint reconstruction devices market is valued at US$ 32.75 billion in 2023 and is thus expected to reach US$ 58.65 billion by the end of 2033.

Medical implants market size is estimated at $86.6 billion in 2024 and predicted to reach a valuation of $180.9 billion by 2034, reflecting a steady CAGR of 7.6%.