WILMINGTON, DE / ACCESSWIRE / December 9, 2022 / Transparency Market Research Inc. - The hip replacement implants market is anticipated to expand at a CAGR of 4% from 2021 to 2031 according to projections by TMR. The demand for hip replacement implants has been spurred by advancement in surgical techniques.
Consumer preferences are changing as a result of improvements in the materials used in hip replacement implants, which is helping the market expand. Advanced materials, including cross-linked polyethylene socket combined with ceramic or metal femoral head, are becoming more widely available and opening up new commercial opportunities. In addition, a substitute material for the surfaces of the acetabular cup that is advised is the highly cross-linked polyethylene linear.
The growing investments in the advancement of hip replacement techniques in emerging nations is anticipated to fuel the market for hip replacement implants. Nevertheless, improvements in medical technology are prognosticated to influence the hip replacement implants market globally in the coming years.
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Key Findings of Hip Replacement Implants Market Study
- Hip arthroplasty, sometimes referred to as hip replacement, is a surgical procedure that involves replacing the damaged hip joint with a prosthetic device called a hip implant. Numerous patients who have arthritis, which is the main source of pain and inflammation, as well as other disorders, get hip arthroplasty implants. In addition, hip fracture and wear and tear are the main reasons for hip replacement surgery. Patients who have hip replacement can regain their mobility and experience joint pain reduction.
- There are two types of total hip implants: mobile-bearing total hip implants and fixed-bearing complete hip implants. Osteoarthritis or hip fractures are the two main reasons for hip replacement surgery. Individuals with rheumatoid arthritis, osteonecrosis, or bone tumors may also require hip replacements to reduce discomfort, in addition to those with osteoarthritis or hip injuries.
Hip Replacement Implants Market: Growth Drivers
- Availability of novel implant procedures and material fusions that offer greater stability and longevity to strengthen demand for hip replacement implants
- Increasing prevalence of rheumatoid arthritis, osteoarthritis, and other musculoskeletal diseases is anticipated to spur market expansion for hip replacement implants market
- Rising health awareness and the availability of a range of services in hospitals for hip replacement surgery have promoted the market growth
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Hip Replacement Implants Market: Regional Dynamics
In 2020, the market for hip replacement implants was dominated by North America. This can be attributed to the quick development of technology, a large number of elderly population in this region. Furthermore, the consistency of product prices, and reimbursement policies have also provided impetus to the market growth. The rising number of implant surgeries being conducted in this region are projected to open new growth avenues for the global hip replacement implants market.
The market in Asia Pacific is anticipated to develop significantly during the forecast period due to factors including an increase in hip replacement procedures, rapid acceptance of hip implants, and significant economic growth.
Hip Replacement Implants Market: Key Players
The hip replacement implants manufacturers primarily concentrate on using various ways to increase their geographic footprint and product offerings.
Smith & Nephew, Zimmer Biomet, Smith & Nephew, Exactech, Inc., B. Braun Melsungen AG, Wright Medical Group, OMNIlife science, Inc. and Exactech Inc., are important participants in the global hip replacement implants market.
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Hip Replacement Implants Market: Segmentation
By Product
- Total Hip Replacement Implants
- Partial Hip Replacement Implants
- Hip Resurfacing Implants
- Revision Hip Replacement Implants
By Material
- Metal-on-metal
- Metal-on-polyethylene
- Ceramic-on-metal
- Ceramic-on-polyethylene
- Ceramic-on-ceramic
By End-use
- Hospitals
- Ambulatory Surgery Centers
- Orthopedic Clinics
- Others
By Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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