Artificial Hip Joint Market

Report Scope & Overview:

The Artificial Hip Joint Market size was escalated to USD 7.27 billion by the end of 2022 and is projected to reach at USD 10.99 billion by 2030 with a growing healthy CAGR of 5.3% during the forecast period 2023-2030.

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.

DRIVING FACTORS

• Good Health Reimbursement to Surge the Market Growth

• Fast Adoption of Customized Hip Prostheses to Boost the Market

RESTRAINING FACTORS

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.

IMPACT OF COVID-19: 

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.

MARKET ESTIMATION: 

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.

KEY MARKET SEGMENTATION:

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 

• Ambulatory Surgical Centers

• Orthopedic clinics

• Others

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Regional Insights

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

Key Players:

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.