Hip Replacement Market Size

Hip Replacement Market Size

Hip Replacement Market size exceeded USD 7.5 billion in 2022 and is forecast to register around 3.5% CAGR between 2023 and 2032. Increasing number of road accidents and hip injuries across the world is fueling the industry growth. The surge in the number of hip arthroplasty procedures is accelerating the acceptance of hip replacement devices.

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Hip replacement devices or implants are medical devices used to recover mobility and reduce pain associated with arthritis and other hip disorders. Each hip implant system has different device design features such as material, shape, fixation materials, etc. The adoption of hip replacement surgery is increasing due to its high success and low complication rate. Many hip replacements last for about 15 years based on material, manufacturer, and types of joint replacement

However, the hip replacement devices are classified as a Class III medical device that is subject to stringent regulations and compliances. As a result, these devices are regulated by the U.S. FDA. A premarket approval (PMA) is needed for class III devices before their commercial distribution. The manufacturer is required to get approval under section 515 of the act that comprises of FDA's issuance of approving the application for premarket approval (PMA) for the device. Moreover, the European Union Commission has revised the medical device regulation that substitutes the current medical device directive. As per the new regulation, these devices are classified as class 3 devices that refer to a class of high-risk devices that are subject to stringent compliances. Hence, stringent regulations will impede the hip replacement market growth in the future.