The size of the Hip replacement devices Market in the Asia Pacific was worth USD 1.08 billion in 2023 and estimated to be growing at a CAGR of 3.1%, to reach USD 1.26 billion by 2028.
The Asia Pacific hip replacement devices market is expected to accelerate at a healthy growth rate during the forecast period due to factors such as an increase in the number of hip replacement surgeries, an increase in the incidences of hip bone distortion in the elderly, and chronic alcohol drinkers, and an increase in injuries due to increasing road accidents, among others. In addition, the Asia Pacific Hip replacement devices market has also grown due to the increasing success rate of joint replacement treatments due to technological developments.
Furthermore, the growth of medical tourism in the Asia-Pacific region has aided in advancing orthopedic surgeries. The appropriateness of these devices has been enhanced by continuous technological developments in joint repair devices and improvements in design and efficiency. Extensive research and development in the fields of ankle, hip, knee, and shoulder implants have resulted in revolutionary joint reconstruction devices such as personalized, 3D printed, and patient-specific implants. The hip replacement device is likely to be driven by increasing adoption of minimally invasive method operations and rising healthcare expenditure. Furthermore, the emergence of robot-assisted surgery has wholly altered the situation. Hospitals and specialty clinics are rapidly adopting technology.
Strict FDA rules for all-metal hip implant products, high surgical costs, and a lack of knowledge in rural parts of various emerging economies are just a few of the factors hindering the growth of the hip replacement device market. In addition, the market's growth is also being hampered by problems such as a scarcity of competent medical professionals and doctors and a lack of norms and protocols.
This research report on the Asia Pacific hip replacement devices market has been segmented and sub-segmented into the following categories:
By product:
By Material:
By End-user:
By Country:
Significant progress is expected in Asia-Pacific during the forecast period. The boom will last for several years due to many variables, including rising healthcare costs in Asian emerging countries and an aging population that puts them at greater risk of osteoarthritis, osteoporosis, and bone injuries. Manufacturing expansion is driven by resources that allow advanced technologies to be manufactured at reduced costs in countries like China and India. In addition, joint repair devices are constantly improving to provide a wider selection of designs to patients while increasing their efficiency and performance.
Companies in the Asia-Pacific region perform substantial research and development for acceptable ankle, knee, hip, and shoulder implants. It has led to high-quality joint replacements devices that may be customized and provide additional comfort. The frequency of traumatic fractures and joint injury cases in Japan is increasing, increasing the manufacturing of orthopedic equipment in the country. The scope of developing smart devices will significantly expand now that the country has a grasp on its technologies. Players in the hip replacements devices market will benefit from the high growth potential of emerging regions such as India and China.
KEY MARKET PLAYERS:
Companies playing a promising role in the Asia Pacific hip replacement devices market profiled in this report are B. Braun Melsungen AG, Exactech, Inc., DJO Global, Inc., Johnson & Johnson, MicroPort Scientific Corporation, OMNIlife science, Inc., Smith & Nephew, Zimmer Biomet Holdings, Inc., and Stryker Corporation.
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