The global hip replacement market is projected to be worth $10.51 billion by the end of 2026, up from $7.13 billion in 2018, according to Fortune Business Insights.
Four things to know:
1. The global market's projected compound annual growth rate from 2019-26 is 5 percent. Hospitals and ambulatory centers dominate the market because of a rise in the number of hip arthroplasty implants in hospitals and the rapid adoption of robots for joint replacements.
2. Market drivers include an increasing geriatric population, rising prevalence of osteoarthritis, surging demand for partial replacement surgeries, the advent of robot-assisted hip implants and increasing demand for customized implants.
3. In North America, hip replacement market revenue hit $2.52 billion in 2018. However, Asia Pacific will see "significant" growth in the market from 2019-26, due to the increasing prevalence of hip osteoarthritis.
4. Key industry developments include Stryker's 2018 launch of the Trident II Acetabular System and Conformis' 2019 launch of a hip implant that uses 3D printing to match patients' specifications.