The global hip replacement market size is projected to hit USD 9.91 billion by 2028 and exhibit a CAGR of 5.3% during the forecast period. The increasing number of hip replacement surgeries due to the growing prevalence of osteoarthritis is anticipated to boost the market growth. The rising geriatric population and the improving patient knowledge for such surgeries are also expected to stimulate market growth. Fortune Business Insights™ has presented this information in its report titled, “Hip Replacement Market, 2021-2028”. The market size stood at USD 6.57 billion in 2020.
The market’s growth is also attributable to favorable health reimbursement policies. The governments of several nations are launching health reimbursement policies to provide quality and affordable care to their citizens. The favorable health reimbursement policies and reforms are likely to bolster the growth of the market.
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| North America | United States, Canada and Mexico |
| Europe | Germany, UK, France, Italy, Russia and Turkey etc. |
| Asia-Pacific | China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam etc. |
| South America | Brazil, Argentina, Columbia etc. |
| Middle East & Africa | Saudi Arabia, UAE, Egypt, Nigeria and South Africa |
OrthoGrid Systems Inc.’s Launch of OrthoGrid Hip Software Application to Amplify Market Growth
In February 2021, OrthoGrid Systems Inc., a global leader in medtech, intending to digitally transform intraoperative musculoskeletal surgeries, launched OrthoGrid Hip software application, after FDA’s approval. The new software application is the latest version of the patented implant agnostic, distortion-correcting, intraoperative-alignment technology for direct anterior hip total arthroplasty offered on the artificial intelligence digital platform of the company. The new software provides a plethora of new tools to help orthopedic surgeons achieve their surgical goals with enhanced efficiency and accuracy.
Segmentation-
Based on procedure, the market is trifurcated into revision & hip resurfacing, partial replacement, and total replacement. Based on end-user, the market is segmented into orthopedic clinics, hospitals & ambulatory surgery centers, and others. Geographically, the market is classified into Latin America, Europe, Asia Pacific, North America, and the Middle East & Africa.
Report Coverage-
- It provides information on different market segments, such as procedure, end-user, and others.
- It highlights the growth potential, capabilities, and demographics of the market.
- It assimilates the ongoing and upcoming investment opportunities in the market.
- It sheds light on the various growth strategies adopted by key players in the market.
- It also includes the COVID-19 pandemic’s impact.
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