The Artificial Hip Joint Market size was escalated to USD 7.65 billion by the end of 2023 and is projected to reach at USD 11.57 billion by 2031 with a growing healthy CAGR of 5.3% during the forecast period 2024-2031.
The worldwide effect of COVID-19 has been exceptional and faltering, with the market seeing a negative interest shock across all locales in the midst of the pandemic. In light of our examination, the worldwide market showed an enormous decay of 12.1% in 2020. The unexpected ascent in CAGR is inferable from this market's interest and development, getting back to pre-pandemic levels once the pandemic is finished.
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The commonness of osteoarthritis is expanding progressively and has turned into a monetary weight for some nations around the world. Hip osteoarthritis causes degeneration of the hip joint and can be treated by hip arthroplasty. In hip medical procedures, the harmed ligament and bone part are supplanted by a hip prosthesis. The systems are expanding altogether because of the maturing populace, dynamic government support, and further developing patient information in regard to substitution medical procedures. This, thusly, is decidedly affecting the item interest
One of the critical patterns to the Artificial Hip Joint market development is the joining of online apparatuses for patients who went through hip medical procedures. Medical care associations are quickly increasing the projects, and expanded consciousness of online assets is assessed to offer rewarding learning experiences for the market. In the a couple of years, patients have begun alluding to electronic apparatuses and online assets to acquire data for explicit sicknesses. Joint substitution is one such region seeing the presentation of a few web-based apparatuses which help the patient through their medical procedures, speaking with the muscular specialists, and giving post-medical procedure data. For example, BMC Journal communicated an article connected with the RECOVER-E portable application a work in progress that helps patients recuperating from knee and hip medical procedures.
Good Health Reimbursement to Surge the Market Growth
Fast Adoption of Customized Hip Prostheses to Boost the Market
The volume of substitution medical procedures are rising expediently. Notwithstanding, the intricacies connected with the utilization of the embed are a central point that can almost certainly hamper the development of the worldwide market in the expected years. The claims guarantee patients were left with genuine secondary effects in light of the gadget's absconds. The connected incidental effects contain hypersensitive responses, metal harming, contamination, and bone misfortune. Significant organizations like Zimmer Biomet have confronted different individual claims and legal claims attributable to the glitch of their muscular substitution gadgets.
In August 2019, there were almost 2,000 Stryker substitution claims in state and government courts. Also, the huge item reviews of the hip and knee swap gadgets for significant central members all over the planet are assessed to hamper the market's development before long. As indicated by the U.S. FDA, from 2003 to 2019, there were in excess of 13,000 reviews of knee substitution parts and frameworks. Zimmer Biomet recorded the biggest number of reviews, trailed by Johnson and Johnson Services Inc. also, Smith and Nephew.
The continuous COVID-19 pandemic is an extraordinary general well-being concern. This pandemic has antagonistically affected the number of hip arthroplasty strategies. The high gamble of COVID-19 contamination required during the surgery alongside rising COVID-19 patient confirmations in the clinics is one of the superb variables bringing about declining surgeries. For example, in the UK, around 100,000 joint substitution medical procedures were dropped during the primary flood of COVID-19 in the mid-2020. Albeit, the business is ready to observe critical development because of the diminishing number of COVID-19 patients in certain districts and the execution of standard working conventions in medical services offices. The public authority drives for giving clinical crisis care to patients experiencing osteoarthritis have supported the income development.
Complete Hip Replacement Segment is Expected to Hold Major Share Over the Forecast Period Absolute Hip Replacement is a strategy in which the harmed hip is eliminated and supplanted with a prosthesis of metal, ceramic or plastic parts or a mix of both. Artificial Hip Joint is the choice when joint harm is UN-salvageable and it ruins the capacity of the joint.
Osteoarthritis is the essential justification for absolute Artificial Hip Joint. The commonness of osteoarthritis is expanding because of the maturing populace and the expansion in other related factors like heftiness. As per the World Health Organization (WHO), by 2050, almost 130 million individuals will experience the ill effects of joint inflammation, of whom 40 million will be seriously crippled by this infection. Alongside this, different variables including rheumatoid joint inflammation, hip break, septic joint pain, and ankylosing spondylitis, have likewise assisted this market with development, and this is supposed to go on over the conjecture period.
By Product type
Primary Hip Replacement Devices
Partial Hip Replacement Devices
Revision Hip Replacement Devices
Hip Resurfacing Devices
By Material type
Metal-on-plastic
Ceramic-on-plastic
Ceramic-on-ceramic
Others
By Fixation Material
Cemented Fixation
Cementless Fixation
Hybrid Fixation
By End Use
Hospitals
Orthopedic clinics
Others
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North America represented the biggest offer starting around 2021, attributable to the great medical care framework and the presence of key industry players. Besides, the developing rate of osteoporosis and osteoarthritis and the rising number of sports and street wounds are a few main considerations helping the development of the territorial market. Great repayment arrangements for patients are expected to build the quantity of medical procedures, which thus is supposed to help development soon.
Asia Pacific is supposed to observe worthwhile development over the estimated time frame. Factors, for example, developing medical services spending in arising Asian commercial centers and developing older populace, which have a higher gamble of creating osteoarthritis, osteoporosis, and bone wounds, and rising frequency of heftiness will add to the development more than quite a while. Likewise, quickly creating medical care framework because of the roaring clinical the travel industry is actuating market interest in the area.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The Major players in the Artificial Hip Joint market are Johnson and Johnson, Stryker Corporation, B. Braun, Zimmer Biomet Holdings, MicroPort Scientific Corporation, Smith and Nephew, DJO Global, Exactech, and other players.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 7.65 Billion |
| Market Size by 2031 | US$ 11.57 Billion |
| CAGR | CAGR of 5.3% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product Type (Primary Hip Replacement Device, Partial Hip Replacement Device, Revision Hip Replacement, Hip Resurfacing) • By Material (Metal On Plastic, Ceramic On Plastic,Cermaic On Ceramic, Others) • By Fixation (Cemented Fixation,Cementless Fixation, Hydrib Fixation) • By End Use(Hospital, Ambulance, Orthopedic Clinic) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Johnson and Johnson, Stryker Corporation, B. Braun, Zimmer Biomet Holdings, MicroPort Scientific Corporation, Smith and Nephew, DJO Global, Exactech, and other players. |
| DRIVING FACTORS | • Good Health Reimbursement to Surge the Market Growth • Fast Adoption of Customized Hip Prostheses to Boost the Market |
| Restraints | • The volumes of substitution medical procedures are rising expediently. |
Ans: The Artificial Hip Joint Market is to grow at a CAGR of 5.3% During the Forecast Period 2023-2030.
Artificial Hip Joint Market covers these segments which are: By Product Type, By Material Type, By Fixation Material, and by end-use
Covid has antagonistically affected the Medical Industries.
Manufacturer and service provider, research institutes, universities, private libraries, suppliers, and distributors.
The size of the Artificial Hip Joint Market is estimated at 10.99 billion in 2030.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Artificial Hip Joint Market Segmentation, by Product type
8.1 Primary Hip Replacement Devices
8.2 Partial Hip Replacement Devices
8.3 Revision Hip Replacement Devices
8.4 Hip Resurfacing Devices
9. Artificial Hip Joint Market Segmentation, by material type
9.1 Metal-on-plastic
9.2 Ceramic-on-plastic
9.3 Ceramic-on-ceramic
9.4 Others
10. Artificial Hip Joint MarketSegmentation, By Fixation Material type
10.1 Cemented Fixation
10.2 Cementless Fixation
10.3 Hybrid Fixation
11. Artificial Hip Joint Market Segmentation, By end user
11.1 Hospitals
11.2 Ambulatory Surgical Centers
11.3 Orthopedic clinics
11.4 Others
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Johnson and Johnson
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 Stryker Corporation
13.3 B. Braun
13.4 Zimmer Biomet Holdings
13.5 MicroPort Scientific Corporation
13.6 Smith and Nephew
13.7 DJO Global
13.8 Exactech
14. Competitive Landscape
14.1 Competitive Benchmark
14.2 Market Share Analysis
14.3 Recent Developments
15. Conclusion
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