Hip Replacement Market to hit USD 10 Billion by 2032, says Global Market Insights Inc.

Selbyville, Delaware, Jan. 11, 2023 (GLOBE NEWSWIRE) —

The hip replacement market value is set to reach USD 10 billion by 2032, according to a new research report by Global Market Insights Inc.

Rising elderly population and the surging demand for hip replacement technologies and operations globally. As people age, chronic illnesses get more complicated because of functional and cognitive loss, which often makes the diagnosis less effective. The growing number of patients with osteoporosis, osteoarthritis, and other conditions resulting from the aging population are opting for hip replacement surgery, thereby fueling the business revenue.

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Increasing need for revision treatments to boost revision hip replacement devices demand

The revision hip replacement devices segment of the hip replacement market to be valued at more than USD 1.4 billion till 2032. The significant segmental revenue is due to the increasing requirement for revision treatments following deterioration, implanted product dislocation, or surgical infections.

High durability of the metal-on-plastic material to influence industry revenue

Metal-on-plastic segment held over 56% market share in 2022 and is projected to expand significantly in the coming years. The growing revenue share can be attributed to the advantages offered by metal-on-plastic devices including durability, reliable outcome, and presence of affordable alternatives. Metal-on-plastic hip replacement devices are a good option for less active patients and are the most commonly used hip reconstruction implants.

Browse key industry insights spread across 280 pages with 573 market data tables & 19 figures & charts from the report, “Hip Replacement Market Size By Product (Primary Hip Replacement Devices, Partial Hip Replacement Devices, Revision Hip Replacement Devices, Hip Resurfacing Devices), By Material (Metal-on-plastic, Ceramic-on-plastic, Ceramic-on-ceramic, Ceramic-on-metal), By Fixation Material (Cemented Fixation, Cementless Fixation, Hybrid Fixation), By Inserts (Cross-linked Polyethylene Inserts, Antioxidant Polyethylene Inserts, Non-antioxidant Polyethylene Inserts), By End-use (Hospitals, Ambulatory Surgical Centers), Industry Analysis Report, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/hip-replacement-market

Improved health outcomes provided by hybrid fixation to favor segment expansion

Hybrid fixation segment of the hip replacement market is estimated to generate over USD 1.5 billion between 2023 and 2032. The segment is likely to expand substantially due to its ability to provide a considerable improvement in health outcomes while being an economical option. A hybrid fixation method incorporates the advantages of cementless hip sockets and cemented stems, in addition to long-term outcomes. Hybrid fixation with standard polyethylene outperforms cemented hips at all ages, supporting industry revenue growth during the forecast timeframe.

Good oxidative stability of non-antioxidant polyethylene inserts to impact segment development

Non-antioxidant polyethylene inserts segment to cross over USD 3.5 billion by 2032. This progressive growth is owing to several benefits offered by non-antioxidant polyethylene inserts including high wear resistance and good oxidative stability. The growing preference for these inserts by surgeons and patients for hip arthroplasty to propel the hip replacement market progress.

Growing inclination towards ASCs for cost-effective high-quality treatment options to stimulate market dynamics

The ambulatory surgical centers segment to be worth more than USD 1.5 billion from 2023 to 2032. ASCs provide same-day surgical treatments with cost-effective, high-quality services, while cutting down the medical costs by 45-60%. Clinical studies show that ambulatory surgical centers outperform hospital-based facilities in terms of operation quality and post-operative care. The high-quality services and increasing number of procedures offered at ambulatory surgical centers to accelerate industry expansion.

Rising number of hip replacement surgeries in the US to augment North America market share

North America hip replacement market to grow significantly owing to the presence of major industry players along with the increasing number of surgical procedures in the US over the past few years. Furthermore, technical developments in products, coupled with increased commercialization to boost regional industry growth.

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Product innovations to define the competitive landscape of the market

Stryker Corporation, Smith & Nephew, Ortho Development, Kyocera Corporation, B Braun Melsungen AG (Aesculap), Microport Orthopedics, Medacta International, ConforMIS Inc., Depuy Synthes (Johnson & Johnson), DJO Global, Exatech Inc., Limacorporate, Waldemar Link, Corin Group are among the major enterprises operating in the hip replacement market.

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About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.