PUBLISHER: Grand View Research | PRODUCT CODE: 1321483
PUBLISHER: Grand View Research | PRODUCT CODE: 1321483
The global hip replacement implants market size is projected to reach USD 8.7 billion by 2030, growing at a CAGR of 6.2% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growing prevalence of osteoarthritis and hip fractures and the growing geriatric population are the major factors contributing to market growth. For example, according to the American Academy of Orthopedic Surgeons, in the U.S., hip fractures affect over 300,000 individuals annually. Most of these fractures occurred in people 65 or older who suffered from injuries in the home or outdoor falls. Therefore, more hip replacement surgeries were performed due to the aging population and rising rates of diseases affecting the lower extremities. Additionally, this leads to a rise in demand for hip replacement implants.
The rapid advancement of surgical procedures has spurred the demand for hip replacement implants. Furthermore, introducing novel implant types and combining materials for enhanced stability and longevity further boosts the expansion of the hip replacement implants market globally. Additionally, the market is growing due to shifting consumer preferences brought on by advancements in the materials utilized in hip replacement implants. Advanced materials, such as cross-linked polyethylene sockets with ceramics or metallic femoral heads, are becoming more accessible and creating opportunities for companies.
Growing research agreements between key developers and R&D companies to develop innovative implant solutions further contribute to market growth. For instance, in September 2022,Zimmer Biomet Holdings, Inc. and Surgical Planning Associates, Inc. signed an exclusive, multi-year partnership arrangement to promote the first FDA-approved mixed reality navigation system, HipInsight, used in total hip arthroplasty. With HipInsight, developed specifically for Zimmer Biomet's hip implant line, surgeons may employ the second generation of Microsoft HoloLens glasses to observe a projected hologram of the individual's pelvic anatomy during surgery to aid in positioning the implant and alignment.