Hip Reconstruction Devices Market Set for 4.0% CAGR Growth, Estimated to Reach $6.7 Billion by 2034: Transparency Market Research, Inc.
Wilmington, Delaware, United States, Transparency Market Research Inc. -, Aug. 15, 2024 (GLOBE NEWSWIRE) -- As per the report published by Transparency Market Research, the global hip reconstruction devices market (고관절 재건 장치 시장) was worth US$ 4.1 Bn in 2023 and is expected to reach US$ 6.7 Bn by the year 2034 at a CAGR of 4.0 % between 2024 and 2034.
Hip reconstruction devices imply the medical devices used to replace damaged hip joints. During hip replacement surgery, a surgeon removes the damaged sections of the hip joint and replaces them with artificial parts made of metal, ceramic, and hard plastic. Types of hip arthroplasty devices include metal-on-polyethylene, ceramic-on-polyethylene, ceramic-on-ceramic, and ceramic-on-metal.
Hip Reconstruction Devices Market – Eagle’s Eye View
Medical equipment called hip reconstruction devices are used to replace or repair injured hip joints. These tools are essential in procedures such as hip arthroplasty, in which prosthetic components are used to replace damaged hip joint portions in an effort to relieve pain and restore function.
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There are various types of hip reconstruction devices available in the market. For instance, hip prostheses are artificial joints composed of materials such as metal, ceramic, and plastic. These devices are used to replace the damaged sections of hip joint. Additionally, fixation devices such as screws, plates, and rods are utilized to stabilize the hip joint during and after surgery.
On the other hand, there are hip resurfacing devices employed in cases wherein patient’s natural bone is preserved through the placement of a smooth metal covering on the femoral head.
It is worth noting that hip reconstruction surgery is one of the most common kinds of joint surgeries performed in the U.S., with more than 450,000 procedures being held each year. The growing prevalence of hip osteoarthritis is one of the primary factors driving the demand of such surgeries worldwide.
Research states that globally, 595 million (95% uncertainty interval 535-656) people had osteoarthritis in 2020, equal to 7·6% (95% UI 6·8-8·4) of the global population, and an increase of 132·2% (130·3-134·1) in total cases since 1990. The cases of osteoarthritis are projected to increase 74·9% (59·4-89·9) for knee, 48·6% (35·9-67·1) for hand, 78·6% (57·7-105·3) for hip, and 95·1% (68·1-135·0) for other types of osteoarthritis by 2050.With increase in geriatric population, the prevalence of hip-related conditions is expected to increase, thereby driving demand for hip reconstruction solutions. The hip reconstruction devices industry, of late, has seen notable advancements, including the integration of 3D printing technology, robotic-assisted surgery, minimally invasive procedures, and biologic solutions.
Additionally, the employment of advanced materials such as highly cross-linked polymers and ceramic-on-ceramic implants is becoming more common as these materials aid in extending overall lifespan of hip implants due to their superior resistance to wear and tear.
What’s with Hip Reconstruction Devices Market Regional Insights?
- North America generated the largest market value in 2023. The region is expected to continue with its dominating streak during the forecast period as well.
Higher incidence of hip-related conditions such as osteoarthritis and joint-related disorders owing to the fast aging population, innovations such as 3D printing, robotic-assisted surgery and minimally invasive procedures, presence of favorable reimbursement policies and health insurance coverage, growing awareness about hip disorders and advancements in diagnostic technologies, well-established healthcare infrastructure coupled with the presence of leading medical device manufacturers and increase in sports-related injuries and accidents, particularly among the younger population are some of the factors driving hip reconstruction devices market share.
For instance, the 2022 American Joint Replacement Registry Annual Report includes data from over 2.8 million hip and knee procedures from over 1,250 institutions that encompass all 50 states and the District of Columbia.
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Hip Reconstruction Devices Market Report Scope:
| Report Coverage | Details |
| Forecast Period | 2024-2034 |
| Base Year | 2020-2022 |
| Size in 2023 | US$ 4.1 Bn |
| Forecast (Value) in 2034 | US$ 6.7 Bn |
| Growth Rate (CAGR) | 4.0 % |
| No. of Pages | 170 Pages |
| Segments covered | Product, Indication, End-user |
Key Players
Stryker Corporation, Smith & Nephew plc, DePuy Synthes, B. Braun, Zimmer Biomet Holdings, Inc., Corin Group, Waldemar Link GmbH & Co. KG, Exactech, Inc., MicroPort and United Orthopedic Corp. are some of the leading key players operating in the global industry.
What are the Key Developments of Hip Reconstruction Devices Market?
In January 2022, Hip Innovation Technology, LLC (HIT), a medical device company developing innovative orthopedic device solutions to advance the quality of life and quality of care for patients, received FDA (Food and Drug Administration) Investigational Device Exemption (IDE) approval to initiate a pivotal clinical study to further evaluate the company’s Reverse Hip Replacement System (Reverse HRS) for use in primary total hip arthroplasty (THA).
Hip Reconstruction Devices Market Segmentation
Product
- Primary Cemented Hip Replacement Devices
- Primary Cementless Hip Replacement Devices
- Partial Hip Replacement Devices
- Revision Hip Replacement Devices
- Hip Resurfacing Devices
Indication
- Osteoarthritis
- Rheumatoid Arthritis
- Trauma
- Others
End-user
- Hospitals
- Orthopedic Clinic
- ASCs
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