Hip And Knee Replacement Market, By Procedure (Total Replacement, and Partial Replacement), By Application (Hospitals, Clinics, Ambulatory Centers, and Other), By Region Analysis - Global Analysis And Industry Forecast Report Till 2030.

The Hip And Knee Replacement Market is projected to grow from $19.99 billion to $26.54 billion, at a CAGR of 3.2% during the forecast period 2021-2030.

Joint replacement is usually the primary treatment option for femoral neck fractures. Surgery aims to improve the patient's quality of life by restoring maximum function, mobility, and pain relief, ensuring service life with good muscle mass, and avoiding secondary problems.

Hip and knee replacements are the most frequent joint replacements. The most likely causes of hip or knee surgery are indications such as osteoarthritis and femoral neck trauma. Patients undergoing early hip or knee replacement are usually between the ages of 60 and 70 years. Orthopedic disorders, osteoporosis, osteoarthritis (OA) and the increasing prevalence of lower extremity conditions are some of the factors driving the Hip And Knee Replacement Market.

Market Dynamics:

Drivers:

One of the major trends in the growth of the Hip And Knee Replacement Market is the consolidation of online tools for patients undergoing hip surgery. Healthcare organizations are rapidly expanding their programs and rising awareness of online resources is expected to provide lucrative growth opportunities for the market. Over the past few years, patients have started to consult web-based tools and online resources for information about their specific diseases. Joint replacement is one such area that is seeing the introduction of several online tools to help patients through surgery, communicate with orthopedic surgeons, and provide post-surgery information. The above mentioned factors are anticipated to spur the market.

Restraints:

The amount of alternative surgery is growing rapidly. However, complications associated with the use of implants are major factors likely to hamper the growth of the global market in the projected years. The lawsuit claims that the patient suffered severe side effects as a result of a device defect. Related side effects include allergic reactions, metal poisoning, infection, and bone loss. Major companies such as Zimmer Biomet are facing a variety of individual and class action lawsuits over malfunctioning orthopedic replacement devices. These concerns are likely to negatively affect the Hip And Knee Replacement Market.

Opportunities:

Reforms in health compensation policies for adequate health assurance and joint replacement procedures are expected to propel the demand for knee and hip implants. To provide affordable and quality care for all, governments in several countries have launched various health insurance schemes for joint replacement surgery. This has increased the number of people undergoing hip arthroplasty and stimulated the Hip And Knee Replacement Market. These features are likely to spur the market and provide many opportunities.

Key Players:

• Stryker

• Tornier, Inc.

• United Orthopedics Corporation

• Zimmer, Inc.

• Johnson & Johnson

• MicroPort Scientific Corporation

• OMNIlife Science, Inc.

• B. Braun Melsungen AG

• Aesculap Implant Systems, LLC

• ConMed Corporation

• DePuy Synthes

• NuVasive

• Globus Medical

• Ossur

• Integra LifeSciences

• Wright Medical

Market Segmentation:

Hip And Knee Replacement Market, By Procedure

• Total Replacement

• Partial Replacement

Hip And Knee Replacement Market, By Application

• Hospitals

• Clinics

• Ambulatory Centers

• Other

Hip And Knee Replacement Market, By Region Type

• North America 

• Europe 

• Asia-Pacific 

• LAMEA 

Regional Analysis:

North America is expected to dominate the Hip And Knee Replacement Market throughout the forecast period. This area is anticipated to be the largest revenue-generating region, across the globe. The major factors driving the expansion of the North American market are the increase in knee and hip replacement surgery and the increase in strategic collaborations between major players.

The Asia Pacific market is growing faster. This is due to factors such as new product launches and efforts by manufacturers to establish a presence in the APAC region through direct and indirect distribution channels.

In Europe, the hip implant market is expected to expand due to favorable health insurance benefits, increased demand for customized implants, and an increase in the number of surgeries.

Scope of the report:

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