Stratview Research has recently published a new research report on the Hip Replacement Market that is segmented by Product (Total Hip ReplacementImplant, Partial Hip Replacement Implant, Hip Resurfacing Implant, Revision Hip
Replacement Implant), End-User (Hospitals, Orthopedics Clinics, Ambulatory Surgical Centers), and Region -COVID-19 Impact Analysis and Forecast to 2028.
Market Dynamics
The growth of the hip replacement market is primarily driven by the rising number
of people suffering from arthritis and obesity. Expanding geriatric population
and increasing incidences of accidental injuries are expected to propel the
market growth at a significant rate during the review period.
Additionally, increasing spending on R&D activities to advanced hip implant procedures is
likely to create lucrative opportunities for the market players during the
review period. However, the high cost of hip replacement and lack of awareness
among consumers regarding hip replacement in rural areas is likely to hamper
the market growth.
Regional Analysis
The market in North America accounted for the largest market share in 2021 and is projected to grow at a significant CAGR during the assessment period. The regional growth is primarily attributed to the high demand for advanced hip replacement
procedures, expanding geriatric populace, and the presence of key market
players such as Zimmer Biomet (US) and Johnson & Johnson (US). The market
growth in the Asia-Pacific region is expected to be driven by rising incidences
of arthritis.
COVID-19 Impact
The outbreak of the COVID-19 virus has affected the growth of the healthcare
industry significantly. Stringent lockdown measures and restricted movement of
people affected the product supply for a short period and thus, affected the
market growth.
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