Hip Replacement Devices Market | Contrive Datum Insights

The Hip Replacement Devices Market Size Was Valued At USD 5.92 Billion In 2020 And Is Expected To Reach USD 7.69 Billion By 2028, Growing At A CAGR Of 3.44% From 2021 To 2028.

Hip Replacement Devices Market Overview:

Total hip replacement is also known as total hip replacement/hip resurfacing. It is a very common procedure that helps minimize pain and stiffness in the hip joint. Total Hip Replacement Four sections for Primary Hip Reconstruction, Partial Hip Reconstruction, Hip Resurfacing and Hip Implant Repair.

Primary hip reconstructive surgery to replace a complete hip. It consists of three parts: the femoral stem, femoral head and acetabular cup. Like the stem, the acetabular cup can be cemented or uncemented, which is the most common because of its advantages. Partial hip reconstruction is done when only the femoral component of the hip is replaced. This type of implant uses similar modular components as total hip replacements, however, this type of procedure uses a monopolar or bipolar head and femoral stem. A partial hip prosthesis is less expensive and takes less time to implant than a total hip replacement.

Hip Replacement Devices market size, estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Hip Replacement Devices market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and the Russian-Ukraine war.

Key Market Updates:

• In December 2020, Conformis announced the launch of the Cordera Match Hip System in the US. The Cordera is a cementless primary total hip replacement system.
• In February 2021, MicroPort Orthopedics announced the launch of the Profemur Gladiator HA Collared Stem, the Profemur Gladiator Cemented Collared Stem and the Cemented Collared Hip stem to expand the company's portfolio of hip stems. These products are indicated for the treatment of total hip replacement and fracture patients.
• In February 2021, OrthoGrid Systems Inc. announced the OrthoGrid Hip software application. This will help power the company's AI-enabled digital platform with advanced technology for direct anterior total hip replacement.

Major Market Segments Covered in Hip Replacement Devices Industry Research:

Market Key Players:
Zimmer, Smith & Nephew, DePuy Synthes, Waldemar LINK, Stryker, Corin, B. Braun, And Others.

By Type:

• Primary HIP Replacement, Partial HIP Replacement, Revision HIP Replacement, HIP Resurfacing,

By Application:

• Hospitals, Ambulatory Surgical Centers

By Region:

As of 2018, North America accounted for the largest share due to good healthcare infrastructure and presence of major industry players. Moreover, rising incidence of osteoporosis and osteoarthritis and rising number of sports and road injuries are contributing to the Advantages of the regional market are some of the major factors contributing to the growth. Favorable reimbursement policies for patients are expected to increase the number of procedures, which in turn is expected to support growth in the near future.

Asia Pacific is expected to witness lucrative growth over the forecast period. Factors such as rising healthcare spending in emerging Asian markets, rising geriatric population (with higher risk of osteoarthritis, osteoporosis, and bone damage), and rising incidence of obesity will drive growth in the coming years. Moreover, rapid development of healthcare infrastructure owing to booming medical tourism industry is driving the market demand in the region.

Availability of resources capable of developing advanced technologies at lower cost is leading to growth in manufacturing in countries such as China and India. In addition, China issued Decree No. 650 (formerly Decree No. 276) in 2014 - Regulations on the Supervision and Administration of Medical Devices - to restrict foreign investment in the country, mainly to protect the domestic medical device manufacturing industry. Hence, the number of local orthopedic manufacturers is expected to increase in the near future.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Significant Market Dynamics:

Drivers

Adequate health coverage and health reimbursement policy reforms for joint replacement surgery are expected to drive the demand for hip implants. In an effort to provide affordable and quality medical care to all, governments across the world have introduced various medical reimbursement schemes for joint replacement surgery. This has led to an increase in the number of people undergoing hip replacement surgery, boosting the market.

Restraints

The volume of replacement surgery is increasing rapidly. However, complications associated with the use of implants is a major factor that is likely to hamper the growth of the global market in the coming years. The lawsuits allege that patients experienced serious side effects due to the flawed devices. Associated side effects include allergic reactions, metal poisoning, infections, and bone loss. Large companies like Zimmer Biomet face various individual and class actions over malfunctioning orthopedic replacement equipment. E.g, In August 2019, nearly 2,000 Stryker replacement lawsuits were filed in state and federal courts. Moreover, major product recalls of hip and knee replacement devices by major key players across the globe are estimated to hamper the market growth in the coming years. According to the FDA, there were more than 13,000 recalls of knee replacement components and systems from 2003 to 2019. Zimmer Biomet recorded the most recalls, followed by Johnson and Johnson Services Inc. and Smith & Nephew.

Hip Replacement Devices Market report scope:

Crucial Points from this Hip Replacement Devices Report

• Estimate Hip Replacement Devices market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
• Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
• Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
• Get a quick viewpoint on the Hip Replacement Devices market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
• Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
• Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
• Study the sales and distribution channels over key geographies to improve top-line revenues.

Frequently Asked Questions-

What is the CAGR of Hip Replacement Devices market?

The Hip Replacement Devices Market is growing at a CAGR of 3.44% During Forecast Period.

 What are the key types of Hip Replacement Devices market?

Primary HIP Replacement, Partial HIP Replacement, Revision HIP Replacement, HIP Resurfacing,

What are the key applications of Hip Replacement Devices market?

Hospitals, Ambulatory Surgical Centers                                    

Who are the key players in Hip Replacement Devices market?

Zimmer, Smith & Nephew, DePuy Synthes, Waldemar LINK, Stryker, Corin, B. Braun, And others.