New York, June 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hip Replacement Global Market Report 2023" - https://www.reportlinker.com/p06466650/?utm_source=GNW
R.L., Integra LifeSciences, Kyocera Corporation, Medacta International, Merete, Colfax Inc, Globus Medical Inc, Microport Orthopedics Inc., DJO Global Inc, Waldemar Link GmbH & Co. KG, Athenahealth Inc., Peter Brehm GmbH, Group FH Ortho communication, Synergie Ingenierie Medicale, Elite Surgical, Corentec Co. Ltd, Arthrex Inc and Waldemer Link GmbH.
The global hip replacement market is expected to grow from $6.67 billion in 2022 to $6.98 billion in 2023 at a compound annual growth rate (CAGR) of 4.61%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The hip replacement market is expected to reach $8.50 billion in 2027 at a CAGR of 5.07%.
The hip replacement market includes revenues earned by entities by partial hip replacement, hip revision surgery, hip arthroplasty, hip resurfacing, minimally invasive hip surgery, posterior hip replacement, and anterior hip replacement approaches.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
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.
North America was the largest region in the hip replacement market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main procedure types of hip replacement are total hip replacement, partial hip replacement, rivision hip replacement, and hip resurfacing.Hip hemiarthroplasty involves removing and replacing the femoral head in order to cure certain femoral neck fractures.
The various materials include metal-on-metal, metal-on-polyethylene, ceramic-on-polyethylene, ceramic-on-metal, ceramic-on-ceramic. These are used by various end-users such as hospitals, specialty clinics, and ambulatory surgery centers.
The increase in incidences of hip injuries is expected to propel the growth of the hip replacement market going forward.Hip injuries happen when one of the muscles that support the hip joint is overstretched or damaged.
People with arthritis, avascular necrosis, or other types of hip joint deterioration may experience hip pain and stiffness that can be treated with a hip replacement. For instance, in June 2021, according to the National Library of Medicine, a US-based biomedical library, hip fracture incidence is thought to be at 1.6 million per year worldwide, and it is predicted to rise to 2.6 million by 2025 and 4.5 million by 2050. Therefore, the increase in incidences of hip injuries is driving the growth of the hip replacement market going forward.
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.
For instance, in July 2022, Enovis, a US-based medical technology company, launched AR technology named "ARVIS" designed to improve both total hip and knee replacement surgery. This technology provides surgeons with better information and an enhanced surgical experience without the need for obtrusive and unnecessary equipment.
In July 2022, Enovis, a US-based medical technology company acquired Insight Medical Systems, Inc for an undisclosed amount.This acquisition is about enhancing patient outcomes in orthopedic surgery by utilizing next-generation augmented reality surgical guidance.
Insight Medical Systems, Inc is a US-based medical technology company that provides a new viewpoint for surgical procedures.
The countries covered in the hip replacement market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The hip replacement market research report is one of a series of new reports that provides hip replacement market statistics, including hip replacement industry global market size, regional shares, competitors with a hip replacement market share, detailed hip replacement market segments, market trends and opportunities, and any further data you may need to thrive in the hip replacement industry. This hip replacement market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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