Artificial Hip Joint Market Growth: Market Expansion Strategies
The Artificial Hip Joint Market size was escalated to USD 7.27 billion by the end of 2022 and is projected to reach at USD 10.99 billion by 2030 with a growing healthy CAGR of 5.3% during the forecast period 2023-2030.
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The artificial hip joint market is experiencing significant growth due to the rising prevalence of hip-related disorders and an increasing aging population worldwide. As people age, the natural wear and tear on their joints can lead to conditions such as osteoarthritis, rheumatoid arthritis, or fractures that require hip replacement surgeries.
Advancements in medical technology have revolutionized the design and materials used in artificial hip joints, resulting in improved durability, functionality, and patient outcomes. The introduction of innovative materials like titanium alloys, ceramic composites, and highly cross-linked polyethylene has enhanced the longevity of these implants.
Moreover, minimally invasive surgical techniques have gained popularity in recent years. These procedures involve smaller incisions, reduced tissue damage, faster recovery times, and fewer complications for patients. As a result, more individuals are opting for hip replacement surgeries to regain mobility and improve their quality of life.
KEY MARKET SEGMENTS
By Product type
- Primary Hip Replacement Devices
- Partial Hip Replacement Devices
- Revision Hip Replacement Devices
- Hip Resurfacing Devices
By Material type
By Fixation Material
- Cemented Fixation
- Cementless Fixation
- Hybrid Fixation
By End Use
- Ambulatory Surgical Centers
- Orthopedic clinics
Major Players Listed in the Report are as Follows:
Johnson and Johnson, Stryker Corporation, B. Braun, Zimmer Biomet Holdings, MicroPort Scientific Corporation, Smith and Nephew, DJO Global, Exactech, and other players.
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