Hip Replacement Devices Market to Grow by a Substantial CAGR of 5.04% Reaching USD 11.83 Billion by 2026, As per DelveInsight

LAS VEGAS, March 2, 2022 /PRNewswire/ -- DelveInsight's Hip Replacement Devices Market Insights and Forecast report provides the current and forecast Hip Replacement Devices Market, upcoming innovation in the devices, individual market shares, challenges, drivers and barriers, market trends, and key competitors in the Hip Replacement Devices Market. 

Some of the salient features from the Hip Replacement Devices Market report: 

• As per DelveInsight analysis, in terms of revenue share, North America is predicted to register the fastest growth in the Hip Replacement Devices market.
• Key Hip Replacement Devices companies proactively working in the market include Zimmer Biomet, Stryker Corporation, Smith & Nephew, DePuy Synthes, Exactech, Inc., Corin, Microport Scientific Corporation, Merete GmbH, DEDIENNE SANTÉ, Amplitude,  Surgival,  MatOrtho Limited,  Auxein Medical., Advin Health Care,  Meril Life Sciences Pvt. Ltd., United Orthopedic Corporation, DJO, LLC, Medacta International, Conformis, B. Braun Melsungen AG, and others.
• DelveInsight analyzes that the Global Hip Replacement Devices Market was valued at USD 8.82 billion in 2020, and is expected to grow at a substantial CAGR of 5.04% during the forecast period from 2021 to 2026. Hip Replacement Devices market size is anticipated to reach USD 11.83 billion by 2026.
• In February 2021, MicroPort Orthopedics launched HA Coated Collared Hip Stem and Cemented Collared Hip Stem, Expanding its Hip Stem Portfolio.
• In July 2020, Conformis announced the US commercial launch of the Cordera™ Match Hip System.
• In March 2020, DePuy Synthes received CE Mark for BI-MENTUM™ Dual Mobility System for hip replacement in patients with a higher risk of dislocation.

To pick on the latest highlights related to Hip Replacement Devices, get the snapshot of the key highlights entailed in the Hip Replacement Devices Report

Hip Replacement Devices Overview 

Hip Replacement Devices are the prostheses used to replace the damaged hip cartilage and bone caused due to musculoskeletal disease or aging. Hip replacement surgery is also known as hip arthroplasty is performed to remove the damaged bone and cartilage of the hip and replaced it with prosthetic components. During hip replacement, a surgeon removes the diseased or damaged parts of the hip joint and inserts the artificial joint. The damaged sections are removed from the hip joint and are replaced with constructed metal, ceramic, and very hard plastic-like devices aka Hip Replacement Devices. There are various Hip Replacement Devices such as hip implants, hip revision implants, total hip replacement implants, among others.

Hip Replacement Devices Market Insight 

North America is expected to dominate the overall Hip Replacement Devices market during the forecast period. This domination is due to the existence of a well-established reimbursement scenario for hip arthroplasty in the region. In addition, the presence of proper and advanced healthcare facilities, and the rising prevalence of the obese population in the region is also a factor driving the market in the region.

In the Hip Replacement Devices product segment, the total hip replacement system is expected to hold the largest market during the forecasted period. This is due to the integration of novel technologies such as 3-D printing and Artificial Intelligence (AI) solutions in order to simplify surgical procedures and increase the Hip Replacement Devices market penetration. For instance, in 2019, RSIP Vision, a global leader in artificial intelligence (AI), computer vision, and image processing technology, announced a new AI-based total hip replacement solution that provides a precise, automated 3D structure of the patients' hip for physicians to better plan surgery.

Furthermore, the Asia-Pacific region has the future potential growth for the Global Hip Replacement Devices. This is due to the rising osteoporosis leading to hip fractures in the region. Also, improving healthcare infrastructure, increasing per capita healthcare expenditure, high rate of obesity among the Asian population are expected to drive the Hip Replacement Devices market.

Click here to understand more about the Hip Replacement Devices Market Forecast @ Hip Replacement Devices Future Assessment

Hip Replacement Devices Market Dynamics 

The significant rise observed in hip replacement surgery is owing to the burgeoning prevalence of osteoarthritis across the globe is giving rise to an increase in the market for Hip Replacement Devices. In addition, osteoporosis is also considered to be a leading cause of hip fractures among the population which will directly boost the demand for Hip Replacement Devices. Furthermore, shifting preferences for minimally invasive hip replacement surgeries as compared to the traditional procedure is also likely to spur the Hip Replacement Devices market. This is mainly because of the advantages such as less damage to the soft tissues, leading to a quicker, less painful recovery associated with the minimally invasive surgeries.

Also, improving healthcare infrastructure, increasing per capita healthcare expenditure, rising disposable income, high rate of obesity, and rising old age population coupled with an increasing number of musculoskeletal disorders will also contribute to the growth in the Hip Replacement and Replacement devices market. Additionally, the presence of key players such as Zimmer, Stryker, DePuy Synthes, and Exactech, Inc. is also a driving factor for the Hip Replacement Devices market. Hence, all the aforementioned factors are anticipated to contribute to the direct growth of the Global Hip Replacement Devices during the forecasted period. 

However, on the contrary, there are certain factors such as few product recalls, and stringent regulations for the devices as these implants are classified under the class III category by the US FDA is likely to impede the Hip Replacement Devices market growth. Also, the demand for Hip Replacement Devices is primarily affected by the outbreak of the COVID- 19 pandemic. The government imposed lockdowns to curb the spread of the virus leading to restrictions in movement and a decrease in regular check-ups. Owing to the COVID-19 pandemic situation, various forms of elective procedures were temporarily stopped in contrast to the COVID-19 affected patients that were given utmost priority leading to a decrease in Hip Replacement Devices market growth.

To gain a better understanding of the COVID-19 impact on Hip Replacement Devices, get a snapshot of the COVID-19 Impact On Hip Replacement Devices 

Scope of the Hip Replacement Devices Market Report

• Coverage: Global
• Study Period: 2021-2026
• Market Segmentation By Product Type - Total Hip Replacement System, Partial Hip Replacement System, Hip Revision  System, and Hip Resurfacing System
• Market Segmentation By Fixation - Cemented and Non-Cemented
• Market Segmentation By End-User- Hospitals, Orthopedic Clinics, And Others
• Market Segmentation By Geography - North America, Europe, Asia-Pacific, and Rest of World
• Key Hip Replacement Devices Companies -  Zimmer Biomet, Stryker Corporation, Smith & Nephew, DePuy Synthes, Exactech, Inc., Corin, Microport Scientific Corporation, Merete GmbH, DEDIENNE SANTÉ, Amplitude,  Surgival,  MatOrtho Limited,  Auxein Medical., Advin Health Care,  Meril Life Sciences Pvt. Ltd., United Orthopedic Corporation, DJO, LLC, Medacta International, Conformis, B. Braun Melsungen AG, and others.
• Porter's Five Forces Analysis
• Product Profiles
• Case Studies 
• KOL's Views
• Analyst's View

Delveinsight Analysis: The Global Hip Replacement Devices Market was valued at USD 8.82 billion in 2020, growing at a Compound Annual Growth Rate (CAGR) of 5.04% during the forecast period from 2021 to 2026 to reach USD 11.83 billion by 2026.

Know more about which MedTech player is set to emerge as the trendsetter @ Key Hip Replacement Devices Companies Analysis 

Table of Contents 

Learn more about the report offerings @ Hip Replacement Devices Outlook

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SOURCE DelveInsight Business Research, LLP