Hip Replacement Market Trends to Watch Post-COVID Revenue Situation | Fortune Business Insights
The global hip replacement market size is projected to hit USD 9.91 billion by 2028 and exhibit a CAGR of 5.3% during the forecast period. The increasing number of hip replacement surgeries due to the growing prevalence of osteoarthritis is anticipated to boost the market growth. The rising geriatric population and the improving patient knowledge for such surgeries are also expected to stimulate market growth. Fortune Business Insights™ has presented this information in its report titled, “Hip Replacement Market, 2021-2028”. The market size stood at USD 6.57 billion in 2020.
The market’s growth is also attributable to favorable health reimbursement policies. The governments of several nations are launching health reimbursement policies to provide quality and affordable care to their citizens. The favorable health reimbursement policies and reforms are likely to bolster the growth of the market.
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On the basis of products, the market is segmented into total hip implants, partial femoral head, hip resurfacing, and revision hip. Total hip implants held the largest market share as of 2018, owing to the growing demand for minimally invasive surgeries and ongoing technological advancements. Moreover, increasing prevalence of osteoarthritis is another major driver for the market. According to the National Joint Registry for England, 90% of total hip replacement was performed for osteoarthritis in the U.K. in 2016.
The industry players are continuously trying to develop new technologies and navigation systems in order to simplify surgical procedures and increase their market penetration. For instance, in August 2018, Conformis, Inc. collaborated with JFK Medical Center in Florida to perform the first-ever 3D total hip replacement surgery. Similarly, in May 2019, OrthoAlign, Inc. launched the HipAlign application that provides smart navigation technology during surgery.
Hip resurfacing surgery also held a substantial share of the hip replacement implants market. These implants assist in realigning damaged joints instead of total replacement. They are alternatives for total hip replacement. Many key players are investing on R&D in order to create new ceramic implants for better patient outcomes. For instance, there is an ongoing clinical trial on a ceramic device implant “H1,” which is expected to result in faster recovery as compared to total hip implants.
Growing Demand for Customized Hip Prostheses to
Augment Market Growth
Each patient's unique anatomy requires a customized implant, and according to the patient's anatomy, the sizes of implants may also vary. Hence, major manufacturers are leveraging 3D printing technology to deliver patient-specific implants. The adoption of 3D printing technology has augmented the demand for customized implants. As a result, the companies are focused on developing cutting-edge technologies to provide technically advanced customized prostheses and implants. The growing demand for customized hip prostheses is anticipated to boost the global hip replacement market growth.
Report
Coverage-
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It provides information on different market
segments, such as procedure, end-user, and others.
·
It highlights the growth potential,
capabilities, and demographics of the market.
·
It assimilates the ongoing and upcoming
investment opportunities in the market.
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It sheds light on the various growth
strategies adopted by key players in the market.
· It also includes the COVID-19 pandemic’s impact.
Speak
To Our Analyst:
Drivers
& Restraints-
Growing
Demand for Customized Hip Prostheses to Augment Market Growth
Each patient's unique anatomy requires
a customized implant, and according to the anatomy of the patient, the sizes of
implants may also vary. Hence, major manufacturers are leveraging 3D printing technology
to deliver patient-specific implants. The adoption of 3D printing technology
has augmented the demand for customized implants. As a result, the companies
are focused on developing cutting-edge technologies to provide technically
advanced customized prostheses and implants. The growing demand for customized
hip prostheses is anticipated to boost the global hip replacement market
growth.
The governments of several nations are
reforming their existing health reimbursement policies and introducing newer
ones to provide quality and affordable care to their citizens. These favorable
health reimbursement policies and reforms are likely to bolster the growth of
the market.
Healthcare organizations are scaling
up the incorporation of online tools for patients who went under hip
replacement surgeries and patients who have yet to undergo a surgery. These
online tools are designed to help patients recover post-surgery. The growing
adoption of these online tools is likely to favor market growth.
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