The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s hip replacement implants market report forecasts the hip replacement implants market size to grow to $9.58 Billion by 2027, with a CAGR (compound annual growth rate) of more than 6%.

Learn More On The Hip Replacement Implants Market Report 2023 – https://www.thebusinessresearchcompany.com/report/hip-replacement-implants-global-market-report

Hip Replacement Implants Market Size Forecast
The global hip replacement implants market is expected to grow from $7.08 billion in 2022 to $7.51 billion in 2023 at a compound annual growth rate (CAGR) of 6.03%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global hip replacement implants market size is expected to reach $9.58 billion in 2027 at a CAGR of 6.27%.

North America held the largest hip replacement implants market share, and Asia-Pacific was the fastest-growing region in 2022.

Key Hip Replacement Implants Market Driver ­– Increase In The Prevalence Of Arthritis
According to the Centres for Disease Control and Prevention, a US-based national public health body, roughly 58.5 million persons, or 24% of all adults, will have arthritis in November 2021. It is a leading source of work impairment, with yearly expenses for medical care and lost pay totaling $303.5 billion. Furthermore, the majority of arthritis patients in the United States are working-age adults (around 57.3%). Furthermore, according to the Versus Arthritis report in 2021, a nonprofit organisation based in the United States that focuses on arthritis, 20.3 million people in the United Kingdom suffer from musculoskeletal (MSK) conditions such as arthritis or back pain. As a result, the growing prevalence of arthritis is propelling the expansion of the hip replacement implant market.

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Key Hip Replacement Implants Market Trend – Technological Advancement
To maintain their market position, major industry players are focusing on research and development for revolutionary new technologies. For example, InssTek Inc., a leading metal 3D printing company in the additive manufacturing industry based in South Korea, introduced Metal Porous Coating (MPC) technology in June 2022 to coat and fabricate artificial hip joint and cup components to enable faster and more accurate surgeries, particularly with titanium materials. Metal porous coating (MPC) is an additive manufacturing technique that uses medical-grade titanium powder to form one alloy to achieve optimal roughness and pore structure to facilitate faster and more precise procedures with maximum biocompatibility, particularly with titanium materials. InssTek successfully covered a BENCOX Mirabo Z Cup Cortinium artificial hip joint cup with MPC technology developed by Corentec, a Korean artificial limb developer with FDA approval.

Hip Replacement Implants Market Segment
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

Hip Replacement Implants Market Major Players and Strategies
Major players in the hip replacement implants market are Zimmer Biomet, DePuy Synthes Companies (Johnson & Johnson), Stryker Corporation, Smith & Nephew PLC, B. Braun SE, Corin Group, Waldemar Link GmbH & Co. KG, Wright Medical Group, Arthrex, Inc., Corentec Company Ltd., MicroPort Scientific Corporation, Exactech, Inc., DJO Global, Inc., OMNI life science, Inc., Integra LifeSciences, Medacta International and PETER BREHM GmbH.

Exactech, Inc., a US-based developer and producer of revolutionary implants, instruments, and smart technologies for joint replacement surgery, purchased JointMedica Limited in January 2022 for an undisclosed sum. Exactech Inc. intends to bring the next generation of hip resurfacing to the global market with this acquisition. JointMedica Limited is an orthopaedic device and implant manufacturing firm situated in the United Kingdom.

The Hip Replacement Implants Global Market Report 2023 covers regional data on hip replacement implants market size, hip replacement implants market trends and drivers, opportunities, strategies, and hip replacement implants market competitor analysis. The countries covered in the hip replacement implants market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Hip replacement implants are medical devices that mimic the movements and architecture of the hip in order to restore mobility and reduce pain caused by hip illnesses or injuries such as arthritis.

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