Global Hip Replacement Implants Market – Analysis By Type, Surgical Approach, Fixation Approach, By Region, By Country (2022 Edition): Market Insights, Pipeline and Forecast with Impact of COVID-19 (2022-2027)
Executive Summary
According to Azoth Analytics research report, the Global Hip Replacement Implants Market was valued at USD 6764 Million in the year 2021. Diabetes, obesity, hip disorders such as osteoarthritis, rheumatoid arthritis and joint pains along with the confluence of sedentary lifestyles are some of the factors known to increase the chances of developing hip disease which then requires Hip Replacement Implants or surgeries.
An increase in the prevalence of these ailments and lifestyle choices among the masses, coupled with the rising geriatric population, represents one of the key factors driving the market growth. Furthermore, the leading pharmaceutical companies are focusing on the development of new and innovative product that comes with robot-assisted minimally-invasive surgeries that is likely to cater to a large section of the population through customized implants and provide long-lasting improvements in their hip functionality. This is likely to propel the market for Hip Replacement Implants in the forecast period globally.
The COVID-19 pandemic had a negative effect on the overall Hip Replacement Implants market due to widespread surgical restrictions and cancellation of implant procedures resulting in monumental revenue losses for the orthopaedic and medical device companies. However, the market for Hip replacement started recovering and began working rapidly in order to cater to the backlog of postponed surgeries. Therefore, in the coming years, it is estimated that the market for Hip replacement will recover rapidly after the resumption of surgical procedures at full force.
Scope of the Report
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