Hip replacement surgery replaces a hip joint with an artificial joint. Ceramic, plastic, and metal are the main components of hip implants. There are four types of hip replacements: partial hip reconstruction, revision hip implants, primary hip reconstruction, and hip resurfacing.
In 2022, the market for hip replacement was worth USD 7.1 billion, and by 2030, it will reach USD 10.65 billion, growing at a 5.2% CAGR during the forecast period.
The rising number of persons with obesity and arthritis is the main factor behind the expansion of the hip replacement market. The market will expand significantly because of the rising prevalence of accidental accidents and the aging population.
Market Dynamics
Drivers
The increase in hip injuries as a result of sports-related injuries & road accidents is propelling the worldwide hip replacement market. Additionally, a growing elderly population spurs the expansion of the hip replacement market. The demand for the hip replacement market will be boosted by widespread health coverage, changes in health reimbursement standards, and new guidelines for joint replacement procedures. Furthermore, the promotion of the hip replacement sector will be helped by the incorporation of robotics and cutting-edge navigation systems with surgical operations. The global hip replacement market will expand due to the use of 3D printing technology in the production of orthopedic implants.
Restraints
The high cost of hip replacement and the general lack of consumer knowledge about hip replacement in rural areas will restrain market expansion.
Additionally, the expansion of the hip replacement market may be hampered by the availability of more surgeries with more features and more affordable hip replacement operations.
Opportunityย
The market will grow as a result of the increasing number of product launches. For instance, in August 2021, DJO, a Colfax Corporation company, introduced EMPOWR Dual Mobility, allowing surgeons to treat a sizable patient population needing improved joint stability. Additionally, the creation of hip replacement departments in hospitals reflects the rising demand for hip replacements treatments.
Market Segmentation
By product
The total hip replacement segment ruled the market with a significant share in 2020. This is due to the rising rate of rheumatic illnesses among the general population, rising participation in sports, and a rising rate of road accidents. Rapid technological adoption from the medical sectors with increased integration and reimbursement policies imposed by the government are additional factors boosting market growth.
By Application
Due to the greater revision of the complete hip replacement operation, the metal-on-metal held the largest market segment. The market rate can decline during the projection period due to complications and risks associated with post-operative care. Hip replacements have various applications, perform better and cause less arthritis pain.
By End-User
Hospitals and surgical centers contributed to the biggest market share due to the large number of hip implant surgeries they conducted. A medical center’s expansion is driven by its access to cutting-edge technology and qualified medical staff. Collaboration between hospitals and businesses also helps to develop cutting-edge surgical techniques.
Regional Overview
North America held the majority of the market in 2020. The rising prevalence of osteoporosis & osteoarthritis and an increase in sports and auto accidents are the main factors fueling the regional market’s expansion. The number of surgeries conducted is rising due to the patient-friendly reimbursement rules augmenting market growth.
The Asia Pacific market will grow due to the rising instances of Hip replacements procedures and increased adoption of hip implants. Emerging nations like China, India, Indonesia, Singapore, Malaysia, and South Korea will boost the growth of the Asia Pacific region. The region’s market for hip replacements implants will expand as healthcare infrastructure improves, private and public investment increases, and technological advances occur in countries.
Key Playersย
- Corentec Co., Ltd.
- DJO Global, Inc.
- Medacta International
- Waldemer Link GmbH
- Stryker Corporation
- Microport Scientific Corporation
- Elite Surgical
- Integra Lifesciences Corporation
- Conformis, Inc.
- Gruppo Bioimpianti s.r.l
- Johnson & Johnson Services, Inc. (DePuy Synthes)
- Synergie Ingeniere Medicale
- Athenahealth, Inc.
- DePuy Synthes Companies
- Zimmer Biomet
- LimaCorporate S.p.A.
- Braun Melsungen
- Exactech, Inc.
- Smith & Nephew
- Arthrex, Inc.
In 2021, the hip replacement market was worth USD 6.23 billion, and by 2030 it will be worth USD 9.75 billion, at a 5.1% CAGR during the forecast period. The market is expanding due to an increase in hip injuries caused by car accidents and sports-related injuries, as well as an increase in surgical procedures. Furthermore, the market is expanding due to rising healthcare costs and increased awareness of hip replacements surgeries.
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