Hip Replacement Devices Market Size 2028: Projected Growth and Opportunities | Techsci Research

Posted by Kumar on May 2nd, 2023

According to a TechSci Research report, the global hip replacement devices market is expected to experience impressive growth with a projected CAGR in the forecast period from 2022 to 2028. This growth is attributed to factors such as an increase in demand for minimally invasive surgical procedures and rising healthcare expenditures by private funds and governmental aid. Additionally, the market is being driven by technological advancements such as robot-assisted surgery.

Hospitals and specialty clinics are rapidly adopting technologically advanced hip replacement devices, which is further fueling the market growth. Hip fractures and hip osteoarthritis cases are also rapidly increasing, leading to a surge in demand for hip replacement procedures. Favorable reimbursement scenarios are further aiding the market growth.

Hip replacement, also known as hip arthroplasty, is a surgical procedure that replaces diseased or injured hip joints with an artificial hip implant. There are four types of hip replacement devices available, including primary hip reconstruction devices, partial hip reconstruction devices, revision hip reconstruction devices, and hip resurfacing devices.

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The global hip replacement devices market is segmented by product type, end user, regional distribution, and competitive landscape. Hospitals are expected to dominate the market segment in the upcoming five years due to their availability of complete pre and post-surgery procedures, in-expensive medical devices, and expert surgeons. Orthopedic clinics are also anticipated to show significant growth as they can provide outpatient care after the surgery, which can be difficult to conduct in hospitals.

Hospitals are more likely to adopt robot-assisted surgeries compared to other end users in the market, thereby increasing the demand for technologically advanced processes involved in hip replacement surgeries and driving the market growth.

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“North America is an anticipated promising region for the maximum growth of the market owing to the well-developed healthcare industry in the major economies of the region. Moreover, the hip arthroplasty cases are rapidly multiplying since the geriatric population is the region is increasing drastically, therefore new players can try to set their market in the region with positive anticipations of market growth. Also, top players in the market are greatly involved in the partnerships and research and development of the technologically advanced devices thereby supporting the market growth in the region,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.

“Global Hip Replacement Devices Market By Product Type (Primary Hip Reconstruction Devices, Partial Hip Reconstruction Devices, Revision Hip Reconstruction Devices, Hip Resurfacing Devices) By End User (Hospitals, Ambulatory Care Centers, Orthopedics Clinics, Others) By Region, Competition Forecast & Opportunities, 2028”, has evaluated the future growth potential of Global Hip Replacement Devices and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Hip Replacement Devices.

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