Hip Replacement Implants Market is Expected To Demonstrate a CAGR of 4.0% by 2026

The global hip replacement implants market was valued at approximately US$ 7.0 Bn in 2017 and is anticipated to expand at a CAGR of over 3.5% from 2018 to 2026 to reach a value of approximately US$ 9.0 Bn by 2026. The global hip replacement implants market is driven by a rise in demand for hip replacement procedures, increase in government expenditure for the advancement of health care, rise in the incidence of trauma/accidental injuries, and increase in the prevalence of hip-related disorders. Furthermore, the global demand for hip replacement is increasing primarily due to a rise in clinical education among patients, increase in demand for hip replacement implants from the geriatric population, and rise in the prevalence of obesity and arthritis. Demand for new hip surgeries has significantly increased in the U.S. from 89,919 surgeries in 2004 to 122,154 in 2015.

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The global hip replacement implants market has been segmented based on product, material, end-user, and region. In terms of product, the global market has been classified into total hip replacement implants, partial hip replacement implants, revision hip replacement, and hip resurfacing implants. The total hip replacement segment has been further sub-segmented into fixed bearing and mobile bearing. Based on material, the hip replacement implants market has been categorized into metal-on-metal, metal-on-polyethylene, ceramic-on-polyethylene, ceramic-on-metal, and ceramic-on-ceramic. In terms of end-user, the market has been split into hospitals, ambulatory surgical centers, orthopedic clinics, and others. Based on region, the global market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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The global hip replacement implants market was valued at approximately US$ 7.0 Bn in 2017. It is projected to register a cumulative annual growth rate (CAGR) of over 3.5% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled ‘Hip Replacement Implants Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’ Expansion of the health care industry, government initiatives, increase in health care expenditure, rise in product approvals, and increase in the patient population are projected to augment the global market from 2018 to 2026. As key players introduce their new hip replacement implants in developed regions such a North America and Western Europe, these regions are likely to account for a dominating share of the global hip replacement implants market. Development of health care infrastructure and high medical expenditure by governments in emerging markets such as China and India are likely to boost the hip replacement implants market in Asia Pacific at a CAGR of around 4.0% from 2018 to 2026.

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Rise in Demand for Hip Replacement Surgeries across the Globe to Propel Market

Global demand for hip replacement is increasing, primarily due to a rise in clinical education among patients, increase in demand among the geriatric population, and rise in the prevalence of obesity and arthritis. The U.S. has witnessed a significant rise in demand for new hip surgeries from 89,919 surgeries in 2004 to 122,154 in 2015. Advancements in minimally invasive surgeries and 3D printing have fueled the global hip replacement market.

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