What is Global Hip and Knee Replacement Market?
The Global Hip and Knee Replacement Market is a vast and dynamic sector that focuses on the production and distribution of hip and knee replacement devices. These devices are crucial in orthopedic surgeries, aiding in the replacement of damaged or diseased parts of the hip or knee joint with artificial parts. The market is driven by various factors such as the increasing prevalence of arthritis, osteoporosis, and other bone-related ailments, coupled with the growing geriatric population worldwide. The market also benefits from technological advancements in the medical field, which have led to the development of more efficient and durable replacement devices. However, the market also faces challenges such as high costs of these devices and surgeries, and potential complications and risks associated with replacement surgeries. Despite these challenges, the market continues to grow, fueled by the increasing demand for better and more effective treatment options for bone-related ailments.
Total Hip Systems, Partial Hip Systems, Revision Hip Systems, Total Knee Systems, Partial Knee Systems, Revision Knee Systems in the Global Hip and Knee Replacement Market:
The Global Hip and Knee Replacement Market is segmented into various product types, including Total Hip Systems, Partial Hip Systems, Revision Hip Systems, Total Knee Systems, Partial Knee Systems, and Revision Knee Systems. Total Hip Systems are devices used in total hip replacement surgeries, where the entire hip joint is replaced with an artificial joint. These systems are the largest segment in the market, owing to the high prevalence of conditions requiring total hip replacement surgeries. Partial Hip Systems are used in surgeries where only a part of the hip joint is replaced. Revision Hip Systems are used in surgeries where a previously implanted artificial hip joint is replaced with a new one. Similarly, Total Knee Systems are used in total knee replacement surgeries, while Partial Knee Systems are used in surgeries where only a part of the knee joint is replaced. Revision Knee Systems, like Revision Hip Systems, are used in surgeries where a previously implanted artificial knee joint is replaced with a new one. Each of these product types caters to specific needs and conditions, contributing to the diversity and comprehensiveness of the market.
Hip Replacement, Knee Replacement in the Global Hip and Knee Replacement Market:
The Global Hip and Knee Replacement Market finds its applications mainly in two areas - Hip Replacement and Knee Replacement. Hip Replacement is a surgical procedure where a damaged or diseased hip joint is replaced with an artificial joint. This procedure is commonly performed on patients suffering from arthritis, fractures, or other hip-related ailments. The market provides various types of hip replacement devices, catering to the specific needs and conditions of patients. Knee Replacement, on the other hand, is a surgical procedure where a damaged or diseased knee joint is replaced with an artificial joint. This procedure is commonly performed on patients suffering from arthritis, injuries, or other knee-related ailments. The market provides various types of knee replacement devices, again catering to the specific needs and conditions of patients. Both these application areas are crucial to the market, driving its growth and development.
Global Hip and Knee Replacement Market Outlook:
To provide a snapshot of the Global Hip and Knee Replacement Market, in 2022, the market was valued at US$ 19540 million. It is projected to reach a value of US$ 25800 million by 2029, growing at a Compound Annual Growth Rate (CAGR) of 4.0% during the forecast period of 2023-2029. This growth is testament to the increasing demand for hip and knee replacement devices and surgeries, driven by the growing prevalence of bone-related ailments and the aging population. The market is dominated by the top three manufacturers, who collectively hold a share of about 65%. In terms of product types, Total Hip Systems is the largest segment, accounting for about 25% of the market. This dominance of Total Hip Systems is reflective of the high demand for total hip replacement surgeries, driven by the high prevalence of conditions requiring these surgeries.
| Report Metric | Details |
| Report Name | Hip and Knee Replacement Market |
| Accounted market size in 2022 | US$ 19540 in million |
| Forecasted market size in 2029 | US$ 25800 million |
| CAGR | 4.0% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Consumption by Region |
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| By Company | Zimmer Biomet, Johnson & Johnson, Stryker Corporation, Smith & Nephew, B. Braun, Wright Medical Group, Corin Group, Exactech, DJO Global, Waldemar Link, Mindray |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
