According to the market analysis report titled ‘Hip Replacement Market Size By Product (Primary Hip Replacement Devices, Partial Hip Replacement Devices, Revision Hip Replacement Devices, Hip Resurfacing Devices), By Material (Metal-on-plastic, Ceramic-on-plastic, Ceramic-on-ceramic), By Fixation Material (Cemented Fixation, Cementless Fixation, Hybrid Fixation), By Inserts (Cross-linked Polyethylene Inserts, Antioxidant Polyethylene Inserts, Non-antioxidant Polyethylene Inserts), By End-use (Hospitals, Ambulatory Surgical Centers), COVID19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, global hip replacement market is anticipated to exhibit an upward growth trend through 2027.
 

Hip replacement market is slated to expand considerably during 2021-2027 due to increase in the number of patients with osteoporosis, osteoarthritis, and hip fractures. Furthermore, medical advancements in this field and the increasing prevalence of elderly population also play a crucial role in influencing the industry growth.

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Despite the positive industry outlook, expenditure incurred for hip surgeries and stringent regulatory frameworks may halt the growth trajectory of this marketplace during the forecast timeframe.

Based on product, hip resurfacing devices segment accounted for a valuation of USD 79 Mn in 2020 and is estimated to record a healthy growth rate of 4.5% through, attributable to rising number of hip resurfacing surgeries due to degradation of existing implants.

Considering material, hip replacement industry from the ceramic-on-ceramic sub-segment garnered a valuation of around USD 507 Mn in 2020 and expected to showcase a stable growth rate of 3.9% in the study period.

Based on fixation, the cementless fixation category, valued USD 5.1 billion in 2020, is slated to showcase a year-over-year growth rate of 4.3% over the assessment timeframe due to reduction in clinical complications and increasing occurrence of cement disease.

In terms of inserts, the antioxidants polyethylene inserts division is anticipated to record a CAGR of 10.8% over the forecast period. The strong product demand can be credited to robust mechanical strength and limited oxidative degradation of the implant.

Speaking of the end user scope, the hospitals segment, valued at USD 5.7 Bn in 2020, is expected to log a growth rate of 3.7% during the evaluation timeframe due to the rising incidence of conditions like osteoporosis, osteoarthritis and hip fractures.

From a regional standpoint, the Middle East & Africa hip replacement market is promising in terms of growth rate, attributable to rising awareness regarding hip replacement surgeries across the landscape.

The competitive framework of the global hip replacement market is majorly influence by major companies like DJO Global, Inc., ConforMIS, Exactech, Inc., Corin Group, Zimmer Biomet Holdings, Johnson & Johnson, Waldemar Link GmBH & Co., KG, Smith & Nephew plc, Microport Orthopedics Inc., Stryker Corporation, Lima Corporate, Medacta International, Aeschulap, Inc., and Mathys AG Bettlach.