Global Hip Replacement Market Is Estimated To Witness High Growth Owing To Increasing Prevalence of Hip-related Disorders
The Global Hip Replacement Market is estimated to be valued at US$ 7.0 Billion In 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hip replacement is a surgical procedure in which a damaged or diseased hip joint is replaced with an artificial joint known as a prosthesis. The market offers various types of hip replacement implants, including metal-on-metal, ceramic-on-ceramic, and metal-on-polyethylene. These implants help in pain reduction, restoration of joint motion, and improvement in the quality of life for patients suffering from hip-related disorders. Increasing prevalence of hip-related disorders such as osteoarthritis and traumatic injuries, coupled with the aging population, is driving the demand for hip replacement surgeries worldwide.
Market Dynamics:
The two key drivers fueling the growth of the hip replacement market are the increasing prevalence of hip-related disorders and technological advancements in implant design and materials. The rising incidence of osteoarthritis and traumatic injuries, particularly in the elderly population, is leading to a higher demand for hip replacement surgeries. Furthermore, innovative implant designs and materials, such as highly cross-linked polyethylene and advanced bearing surfaces, are improving the longevity and functionality of hip replacements. These advancements are driving the adoption of hip replacement surgeries by providing better outcomes and reducing the risk of complications.
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