The global hip replacement market is projected to hit $8.6 billion by 2031, increasing at a 4 percent compound annual growth rate from 2022 through 2031, according to Allied Market Research.
1. Market growth will be driven by increases in research and development for the advancement of hip replacement surgeries and a spike in product approvals and launches.
2. The integration of robotics and advanced navigation systems with hip replacement surgeries is projected to further accelerate growth in the coming years.
3. In addition, a surge in the number of hip replacement procedures and an increase in access to healthcare facilities have created lucrative opportunities in the industry, according to the report.
4. By procedure, the total hip replacement segment contributed to nearly one-third of the global hip replacement market in 2021, and is expected to lead the trail by 2031.
5. The revision hip replacement segment is expected to see the fastest growth through 2031 because of a spike in the adoption of hip implants and product launches in the market.
6. Key medical device players in the hip replacement market include Smith+Nephew, Conformis, Stryker, Zimmer Biomet, Exactech and Colfax.