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How Will the Hip Replacement Implants Market Grow from 2024 to 2033?

The market size of hip replacement implants has seen substantial growth in the recent past. Projections show that the market will expand from $7.58 billion in 2023, reaching $8.16 billion in 2024, at a compound annual growth rate (CAGR) of 7.7%. The historical increase can be attributed to factors such as the aging population and the prevalence of osteoarthritis, an increase in hip fractures and trauma cases, and a preference among patients for improved mobility. Additionally, a global increase in obesity rates and a rise in sports injuries that impact the hips have also contributed to this growth.

The market size of hip replacement implants is predicted to witness hefty increases in the coming years, expanding to $10.97 billion by 2028 at a compound annual growth rate (CAGR) of 7.7%. The projected growth during the forecast period is due to the rising need for outpatient hip replacements, breakthroughs in implant materials, worldwide arthritis awareness campaigns, and regulatory backing for innovation, along with environmental sustainability in the healthcare sector. The forecast period is also expected to see trends like technological progress, patient-specific implants, robotic surgeries, outcome data, value-based care, custom implant options, telemedicine, and remote consultations.

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What Aspects Are Influencing the Growth Rate of the hip replacement implants Market?

The escalating rate of arthritis is anticipated to fuel the expansion of the hip replacement implant market. Arthritis, characterized by inflammation and sensitivity in one or more joints, results in brutal pain in the bones and joints. Osteoarthritis and rheumatoid arthritis are the commonly diagnosed types. Hip replacement implants play a substantial role in hip replacement surgeries, otherwise known as hip arthroplasty, where surgeons substitute damaged or dysfunctional parts of the hip joint with artificial implants to alleviate arthritis caused hip pain and regain joint functionality. For example, data from the Centers for Disease Control and Prevention, attests that about 58.5 million adults in the US, accounting for 24% of the total adult population, were afflicted with arthritis in November 2021. The soaring medical care and loss of wages costs have risen to $303.5 billion yearly, making it a prime contributor to employment impairment. Moreover, most of the individuals affected by arthritis in the US are of working age, approximately 57.3%. Additionally, the Versus Arthritis report in 2021 confirms that in the UK, there are 20.3 million individuals agonizing from musculoskeletal conditions, including arthritis or back problems. Consequently, the escalating rate of arthritis is a major propellant for the expansion of the hip replacement implant market.

What Are the Critical Segments of the Hip Replacement Implants Market?

1) By Product Type: Femoral Reconstruction, Acetabular Reconstruction, Hip Resurfacing, Revision Hip Implants, Bearing And Porous Metal, Total Replacement Implants

2) By Component: Ace Tabular Cup Systems, Hip Stem Systems, Revision Accessories And Components

3) By Material: Metal-On-Metal, Metal-On-Polyethylene, Ceramic-On-Metal, Ceramic-On-Polyethylene, Ceramic-On-Ceramic

4) By End-User: Orthopedic Clinics, Hospitals, Surgical Centers

What Trends Are Redefining Consumer Expectations in the Hip Replacement Implants Market?

Advancements in technology are beginning to dominate trends within the hip replacement implant market, as the leading companies aim to retain their competitive edge through continuous research and development. For instance, InssTek Inc., a leading South Korean company within the additive manufacturing industry, announced in June 2022 that it had launched a new technology, Metal Porous Coating (MPC), to assist in the creation and coating of artificial hip joint and cup components. This technology focuses on enabling more efficient and precise surgeries, specifically in relation to the use of titanium materials. The MPC, an additive manufacturing technique that uses direct energy deposition (DED), allows for the 3D printing of porous structures onto the surface of artificial joints. This process uses medical-grade titanium powder to generate alloys that provide excellent roughness and pore structure, enhancing surgical precision and promoting maximum biocompatibility. Notably, InssTek has successfully coated a BENCOX Mirabo Z Cup Cortinium artificial hip joint cup, produced by the Korean prosthesis creator Corentec, using this MPC technology. This was approved by the FDA.

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What Are the Leading Regions in the Hip Replacement Implants Market Expansion?

North America was the largest region in the hip replacement implants market in 2023. Asia-Pacific is expected to be the fastest-growing region in the hip replacement implants market duirng the forecast period. The regions covered in the hip replacement implants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Hip Replacement Implants Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the hip replacement implants market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Hip Replacement Implants Market Include

1. Hip Replacement Implants Market Executive Summary

2. Hip Replacement Implants Market Segments

3. Hip Replacement Implants Market Size And Template Market Growth Rate

4. Key Hip Replacement Implants Market Trends

5. Major Hip Replacement Implants Market Drivers

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25. Key Mergers And Acquisitions In The Hip Replacement Implants Market

26. Top Hip Replacement Implants Companies

27. Hip Replacement Implants Market Opportunities And Strategies

28. Hip Replacement Implants Market, Conclusions And Recommendations

29. Appendix

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