Hip Replacement Market Research, 2031
The global hip replacement market was valued at $5.9 billion in 2021, and is projected to reach $8.6 billion by 2031, growing at a CAGR of 4% from 2022 to 2031.Hip replacement is a surgical procedure in which the hip joint is replaced by a prosthetic implant, that is, a hip prosthesis. These hip implants are made up of metal, ceramic and plastic. The growth of the global hip replacement market is majorly driven by the increase in incidences of hip injuries owing to road accidents & sport related injuries and rise in number of surgical procedures. For instance, according to U.S. Department of Transportation’s National Highway Traffic Safety Administration (NHTSA), in 2020, estimated 38,680 people died in motor vehicle traffic crashes. In addition, increase in awareness about hip replacement procedures and rise in healthcare expenditures of people contribute to the growth of market.
Furthermore, increase in geriatric population drives the Hip Replacement Market growth. For instance, as per the report by Eurostat, the statistical office of the European Union, in 2021, more than 20.8% of the EU population was aged 65 and over. The elderly people are more prone to orthopedic diseases and injuries due to wear & tear and degeration of bones. In addition, geriatric people can get bone fracture easily owing to low bone density and weak ability to regenerate bones.
Moreover, increase in R&D activity for advancements in hip replacement surgeries, product launch and product approvals contributes in the growth of Hip Replacement Market size. For instance, in June 2021, Suzhou Minimally Invasive Orthopedics (Group) Co., Ltd. also known as MicroPort Orthopedics, the market leader in orthopedic prosthetics, received Green Path, the special approval procedure for innovative medical devices for its MicroPort Orthopedics zirconium-niobium alloy femoral head from National Medical Products Administration (NMPA) of China.
In addition, integration of advanced navigation system and robotics with surgical operations further contribute to the growth of Hip Replacement Industry. For instance, Zimmer Biomet Holdings, Inc., a global medical technology leader, received U.S. Food and Drug Administration (FDA) 510(k) clearance of its ROSA Hip System for robotically-assisted direct anterior total hip replacement.
Furthermore, the introduction of 3D printing technology in the manufacturing of orthopedic implants boosts the growth of hip replacement market. The 3D-printing technology can improve surgical efficiency, shorten operation times and reduce exposure to radiation. For instance, in July 2021, a team of orthopedics led by Dr. Subhash Jangid, Director and Unit Head of Bone and Joint institute at Fortis Memorial Research Institute, Gurugram, India, have successfully implanted a custom-made 3D printed hip implant, on 60 year old Tanzanian patient who had a damaged pelvic bone.
Furthermore, growth in number of surgical procedures, increase in access to health care facilities globally and increased health care expenditure drives the growth of Hip Replacement Market size. For instance, according to American Medical Association (AMA), health spending in the U.S. increased by 9.7% in 2020 to $4.1 trillion or $12,530 per capita. Moreover, rise in the government initiatives to provide advanced surgical facilities and financial support propels the growth of market.
Hip Replacement Market Segmentation
The hip replacement market is segmented into Procedure, Material and End User. By procedure, the market is classified into total hip replacement, partial hip replacement, revision hip replacement and hip resurfacing. The total hip replacement is divided into cemented and cementless. Depending on material, it is classified into metal-on-metal, metal-on-polyethylene, ceramic-on-polyethylene, ceramic-on-metal and ceramic-on-ceramic. Based on end user, the market is categorized into hospitals, orthopedic clinics, and ambulatory surgical centers.
By region, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Brazil, South Arabia, South Africa, and LAMEA).
Procedure Segment Review
Depending on procedure, the total hip replacement segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to advancements in hip replacement and increase in prevalence of orthopedic diseases. However, the revision hip replacement segment is expected to witness considerable growth during the forecast period, due to increase in adoption of hip implants and product launch in the market.
Material Segment Review
By material, the metal-on-polyethylene segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to increase in prevalence of bone disorders and rise in incidence of road accidents. However, the ceramic-on-polyethylene segment is expected to witness considerable growth during the forecast period, due to advantage of ceramic & plastic over metals and advancements in hip implants.
End User Segment Review
By end user, the hospitals segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to rise in number of hospitals and increase in demand for advanced treatment. However, the orthopedic clinics segment is expected to witness considerable growth during the Hip Replacement Market forecast period, due to increase in number of orthopedic clinics and rise in healthcare expenditure.
Regional Segment Review
Depending on region, North America garnered a major share in the Hip Replacement Market share in 2021, and is expected to dominate the global market during the forecast period, due to increase in product launch in region, well established healthcare infrastructure and presence of key players. However, Asia-Pacific is expected to register significant growth, owing to rise in healthcare expenditures, development in healthcare infrastructure, and high population base.
By Region
North America region holds a dominant position in 2021 and would continue to maintain the lead over the forecast period.
Competitive Analysis
The key players operating in the global hip replacement market include B. Braun Melsungen AG, Johnson & Johnson, Smith & Nephew PLC, Stryker Corporation, Zimmer Biomet Holdings Inc, Enovis, Kyocera Corporation, Corin Group PLC, Gruppo Bioimpianti s.r.l., Exactech Inc, Globus Medical Inc, Integra LifeSciences, Medacta International, Conformis Inc, MicroPort Scientific Corporation, Merete GmbH, and Waldemar Link GmbH & Co. KG.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the hip replacement market analysis from 2021 to 2031 to identify the prevailing Hip Replacement Market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the hip replacement market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global hip replacement market trends, key players, market segments, application areas, and market growth strategies.
Hip Replacement Market Report Highlights
| Aspects | Details |
 By Procedure |
|
 By Material |
|
 By End User |
|
 By Region |
|
 Key Market Players | B. Braun Melsungen AG, Integra LifeSciences, Conformis Inc, Johnson & Johnson, Kyocera Corporation, Zimmer Biomet Holdings Inc, Smith & Nephew PLC, Globus Medical Inc, Colfax Inc, Stryker Corporation, Merete, Gruppo Bioimpianti s.r.l., Medacta International, MicroPort Scientific Corporation, Exactech Inc, Corin Group PLC |
Analyst Review
This section provides the opinions of the top level CXOs in the hip replacement market. According to the CXOs, hip replacements is a surgical procedure involving the reconstruction or replacement of a hip joint.
The hip replacement procedure type includes total hip replacement, partial hip replacement and revision hip replacement. The hip replacement prosthetics are mainly made up from combination of metal, ceramic and polyethylene.
The factors such as increase in prevalence of orthopedic diseases, advancements in hip replacement tools, and increase in adoption of navigated & robotics in hip replacement procedures drive the growth of the hip replacement market. In addition, increase in geriatric population and rise in healthcare expenditures of patients are expected to contribute the growth of the hip replacement market.
North America is expected to witness the highest growth, in terms of revenue, owing to rise in the incidences of road accidents, the presence of key players for manufacturing & developing of advanced hip replacements, and well-established healthcare infrastructure in the region.
However, the high cost of hip replacement and product recall can hamper market growth.
Asia-Pacific is expected to register the highest CAGR of 5.8% from 2022 to 2031, owing to increase in number of orthopedic hospitals, a rise in incidences of hip injury, and high population base.
The key trends in the hip replacement market are by an increase in the prevalence of bone sarcoma; increase in geriatric population and advancements in hip replacements.
North America has the largest regional market for Hip Replacement.
The market value of hip replacement market in 2022 was $6019.24 million.
The key players operating in the global hip replacement market include B. Braun Melsungen AG, Johnson & Johnson, Smith & Nephew PLC, Stryker Corporation, Zimmer Biomet Holdings Inc, Enovis, Kyocera Corporation, Corin Group PLC, Gruppo Bioimpianti s.r.l., Exactech Inc, Globus Medical Inc, Integra LifeSciences, Medacta International, Conformis Inc, MicroPort Scientific Corporation, Merete GmbH, and Waldemar Link GmbH & Co. KG
The base year for the report is 2021.
The total market value of hip replacement market is $5855.29 million in 2021.
The forecast period in the report is from 2022 to 2031
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