Research Nester published a report titled “Hip Replacement Market: Global Demand Analysis & Opportunity Outlook 2033” which delivers a detailed overview of the global hip replacement market in terms of market segmentation by product, material, end user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global hip replacement market is anticipated to grow with a CAGR of ~6% over the forecast period, i.e., 2023-2033. The market is segmented by end-user into hospitals. Orthopedic clinics, and ambulatory surgery centers. Out of these segments, orthopedic clinics segment is anticipated to garner the largest revenue by the end of 2033.
The global hip replacement market is estimated to garner a revenue of ~USD 10 Billion by the end of 2033. Up from a revenue of ~USD 7 Billion in the year 2022. The growing geriatric population, growth in spending on healthcare. And the growing prevalence of rheumatoid arthritis are some of the major factors estimated to drive the growth of the market.
Geographically, the global hip replacement market is segmented into five major regions including, North America, Europe, and Asia Pacific. Latin America, the Middle East & Africa. Amongst these regions, the market in the North American region is expected to hold the highest revenue by the end of 2033.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific).
In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, and market players’ competitive study. Investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Growing Geriatric Population to Boost Market Growth
The number of Americans 65 and older is projected to nearly double over the next three decades, going from 48 million to 88 million by 2050. According to the National Institutes of Health.
The body is expected to change as we get older, which might have an impact on our health. The hips are one area of the body where changes over time could lead to persistent pain and even disability. Therefore, as a result of this factor, the hip replacement market is anticipated to expand during the course of the forecast.
However, the side effects of replacement surgeries are the high price of the procedure. And stringent government regulations are expected to operate as a key restraint to the growth. The global hip replacement market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global hip replacement market which includes company profiling of Zimmer Biomet, Johnson & Johnson Private Limited, Stryker Corporation, Smith & Nephew, B. Braun SE, Wright Medical Group N.V., Corin Group, Exactech, Inc., DJO LLC, and Waldemar Link GmbH & Co. KG. The profiling enfolds key information of the companies. Which encompasses business overview, products and services, key financials, and recent news and developments.
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On the whole, the report depicts a detailed overview of the global hip replacement market. That will help industry consultants, equipment manufacturers, and existing players searching for expansion opportunities. New players searching for possibilities, and other stakeholders to align their market-centric strategies. According to the ongoing and expected trends in the future.