Hip Replacement Market Size, Share, Revenue, Trends And Drivers For 2024-2033

The Business Research Company's Hip Replacement Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UK, August 14, 2024 /EINPresswire.com/ -- The hip replacement market has experienced robust growth in recent years, expanding from $6.98 billion in 2023 to $7.32 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to demographic trends, rising incidence of osteoarthritis, increasing awareness and education, reimbursement policies, lifestyle changes.

Strong Future Growth Anticipated
The hip replacement market is projected to continue its strong growth, reaching $9.04 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to rising aging population, prevalence of chronic conditions, global healthcare infrastructure improvement, regulatory support, patient preference for minimally invasive procedures.

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Growth Driver Of The Hip Replacement Market
The increasing prevalence of obesity is expected to propel the growth of the hip replacement market going forward. Obesity is a medical condition characterized by an excessive accumulation of body fat to the extent that it may have a negative impact on health. Hip replacement surgery can offer several benefits for individuals who are obese and experiencing hip joint issues by relieving pain, improving mobility, enhancing functionality, and improving quality of life, and can unevenly distribute pressure on the hip joints, leading to accelerated wear and tear.

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Major Players And Market Trends
Key players in the hip replacement market include Johnson & Johnson, Stryker Corporation, Smith & Nephew PLC, B. Braun Melsungen AG, ConforMIS Inc., Exactech Inc., MicroPort Scientific Corporation.
Technological advancements are a key trend gaining popularity in the hip replacement market. Companies operating in the hip replacement market are adopting new technologies to sustain their position in the market.

Segments:
1) By Procedure: Total Hip Replacement, Partial Hip Replacement, Revision Hip Replacement, Hip Resurfacing
2) By Material: Metal-On-Metal, Metal-On-Polyethylene, Ceramic-On-Polyethylene, Ceramic-On-Metal, Ceramic-On-Ceramic
3) By End-User: Hospitals, Specialty Clinics, Ambulatory Surgery Centers

Geographical Insights: North America Leading The Market
North America was the largest region in the hip replacement market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global hip replacement market report during the forecast period. The regions covered in the hip replacement market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Hip Replacement Market Definition
Hip replacement refers to a surgical procedure in which an orthopedic surgeon replaces the damaged hip joint elements with new, artificial ones after removing the sick ones. When a hip joint is damaged due to arthritis, avascular necrosis, or another condition, hip replacement can relieve hip pain and stiffness.

Hip Replacement Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Hip Replacement Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on hip replacement market size, hip replacement market drivers and trends, hip replacement market major players, hip replacement competitors' revenues, hip replacement market positioning, and hip replacement market growth across geographies. The hip replacement market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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