Hip replacement is a minimally invasive surgical procedure to replace a hip joint with a prosthetic implant. It is a general surgery that helps to minimize pain and rigidity in the hip joint. Each hip replacement system has different device design features such as material, shape, fixations materials. As per the World Health Organization (WHO), by 2050, nearly 130 million people will have arthritis, of which this disease will severely disable 40 Million people. Other factors, including rheumatoid arthritis, hip fracture, septic arthritis, and ankylosing spondylitis, have also helped this market grow. Thereafter, in the coming years, as per our estimate, the Global Hip Replacement Market will increase with the advent of robot-assisted surgical procedures across the world to reach US$ 7.48 Billion by 2027.
COVID-19 Impact on Hip Replacement Market
The ongoing COVID-19 pandemic is an unprecedented public health concern. This pandemic has adversely impacted the number of hip arthroplasty procedures. The high risk of COVID-19 infection involved during the surgical procedure and rising COVID-19 patient admissions in the hospitals are some of the prime factors resulting in decline of surgical procedures in the year 2020. According to Renub Research, the Hip Replacement Market Size was US$ 4.73 Billion in 2020.
For instance, about 100,000 joint replacement surgeries were cancelled during the first wave of COVID-19 in early 2020s in the U.K. Although the industry is poised to behold significant growth due to the decreasing number of COVID-19 patients in some regions as standard operating protocols in healthcare facilities are being implemented. The government initiatives for rendering clinical emergency care to patients suffering from Osteoarthritis have sustained the revenue growth in the COVID era.
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