During the forecast period, the total Hip Implants Market is expected to hold a major share

 Market Overview

Hip replacement is a surgical operation in which a prosthetic implant is used to replace a hip joint. The procedure can be done as a full replacement or as a hemi (half) replacement. The procedure is frequently performed to treat discomfort caused by arthritis or a hip fracture. Osteoarthritis has become more common in recent years. Furthermore, it is more prevalent among the aging population, which has been growing in recent years. The key driving force behind this industry is the rising prevalence of osteoarthritis. Other factors, such as an increase in the number of injuries and an increase in the world's obese population, are also contributing to the market's growth. However, the operation is quite expensive and may place a financial strain on patients acting as a restraint in the market growth.



Key Market Trends

During the forecast period, the total Hip Implants Market is expected to hold a major share. Total hip replacement is a process in which the injured hip is removed and replaced with a prosthesis made of metal, ceramic, or plastic components, or a mix of these. When joint deterioration is irreversible and obstructs joint function, hip replacement is a possibility.

The most common reason for complete hip replacement is osteoarthritis. Because of the aging population and other linked variables such as obesity, the prevalence of osteoarthritis is rising. According to the World Health Organization (WHO), approximately 130 million people will have arthritis by 2050, with 40 million of them being severely crippled. Other causes such as rheumatoid arthritis, hip fracture, septic arthritis, and ankylosing spondylitis have also contributed to the market's growth, which is likely to continue over the forecast period.

North America Dominates the market

According to the Autoimmunity Reviews Journal, 80 percent of the population over 65 years old in the United States has osteoarthritis, albeit only 60 percent of this subset exhibits symptoms. Apart from that, according to OECD obesity data from 2017, the United States and Mexico have the highest prevalence of obesity among OECD countries (38.2 and 32.4, respectively). The Hip Implants Market is driven by these two key causes, making North America the largest potential market.

Countries in North America, such as the United States and Canada, have a well-developed healthcare system, which is another element in this market's dominance.

Competitive Landscape

The majority of hip replacement implants are made by major international companies. Industry leaders have built their position in the market by investing more in research and having a better distribution system. Furthermore, due to increased awareness, Asia-Pacific is seeing the emergence of some minor companies, which has aided the market's growth.

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