The Hip Replacement Market, valued at USD 7.7 billion in 2023, is anticipated to reach USD 11.20 billion by 2031, exhibiting a CAGR of 4.8% throughout the forecast period.
Growing Diagnosis Rates and Increasing Awareness Fueling Demand
This growth is primarily driven by the rising prevalence of hip osteoarthritis, an age-related degenerative disease affecting the flexible tissues in bone joints. The growing geriatric population and increasing awareness of available treatment options, particularly in emerging economies, are fueling the demand for hip replacement surgeries. Additionally, adequate health coverage and reforms in health reimbursement policies for joint replacement procedures are further propelling market growth.
List of Hip Replacement Companies Profiled in Report:
- Zimmer Biomet
- DePuy Synthes Companies
- Smith & Nephew
- Stryker
- Exactech
- Conformis
- MicroPort Scientific Corporation
- Braun Melsungen AG
- Gruppo Bioimpianti
- Medical Device Business Services, Inc. (Johnson & Johnson Services, Inc.)
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Growing Geriatric Population and Innovation Drive Hip Replacement Market
According to the World Health Organization, by 2030, an estimated one in six people globally will be aged 60 or above. This expanding geriatric population is a prime target group for hip replacement surgeries due to the increased prevalence of osteoarthritis, a degenerative joint disease.
Further propelling the market is the growing volume of hip replacement procedures. Data from the American Joint Replacement Registry indicates that between 2012 and 2021, over 2.55 million primary and revision hip and knee arthroplasty procedures were performed in the U.S. alone, with primary hip replacements accounting for a substantial 37.3% of these procedures.
Innovation within the market is also playing a crucial role. Companies are actively launching new products to address evolving patient needs. For instance, “DJO, a subsidiary of Colfax Corporation, introduced the EMPOWR Dual Mobility system in August 2021”. This product provides surgeons with a solution to treat a wider range of patients requiring enhanced joint stability.
The market is witnessing another interesting trend: hospitals establishing dedicated hip replacement divisions. This signifies a growing demand for these procedures. “In January 2021, Sunshine Orthobiotics exemplified this trend by launching a dedicated hip replacement division in Hyderabad, India”.
Additionally, strategic collaborations like mergers and acquisitions are taking place within the market. For example, DePuy Synthes in Australia partnered with Navbit in June 2021 to introduce the Navbit Sprint navigation system, which aids surgeons in achieving precise acetabular cup alignment during surgery.
Hip Replacement Industry Segmentation as Follows:
By Procedure
- Total Replacement
- Partial Replacement
- Revision & Hip Resurfacing
By End-User
- Hospitals & Ambulatory Surgery Centers
- Orthopedic Clinics
- Others
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Total Hip Replacement Takes the Lead
The total hip replacement segment dominated the market in 2023, accounting for a 75% share. This dominance is attributed to the rising prevalence of osteoarthritis and hip injuries caused by factors like an aging population and obesity. The increasing number of total hip replacement procedures performed for treating these conditions is expected to propel this segment’s growth. Additionally, new product launches specifically designed for total hip replacement procedures are further boosting the segment.
For instance, OrthoGrid Systems launched OrthoGrid Hip in February 2021, an intraoperative-alignment technology for total hip arthroplasty.
North America Dominates The Market
North America is anticipated to hold a significant market share throughout the forecast period. The primary driving factors for growth include the rising burden of osteoarthritis, increasing injury cases, growing prevalence of obesity, increasing product approvals, and key initiatives undertaken by major market players in the region.
The United States is poised to be a leader in the hip replacement market due to its high volume of procedures. Data from the AJRR shows a staggering 71,079 primary total hip arthroplasty procedures performed in the US alone in 2021. Furthermore, North America’s growing geriatric population, with Statistics Canada estimating 18.8% of Canadians being 65 or older in July 2022, further fuels market expansion. This demand is met with continuous innovation.
For example, Smith+Nephew broadened the applications of their robotic surgical system, CORI, for total hip arthroplasty in January 2022.
Similarly, Zimmer Biomet Holdings received FDA approval for their ROSA Hip System in August 2021, enabling robotic assistance in these procedures. These advancements by key players position North America for significant growth in the hip replacement market.
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Key Takeaways from the Hip Replacement Market Study
- Comprehensive market sizing and growth projections for the global hip replacement market over the forecast period.
- In-depth analysis of the key market drivers and challenges impacting the growth of the market.
- Detailed segmentation of the market by product type, material, procedure type, and end-user.
- Identification of the most lucrative regional markets and the factors contributing to their growth.
- Competitive landscape analysis with information on key players, their market shares, and recent developments.
Table of Content
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Hip Replacement Market Dynamics
Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)
Chapter 5 Value Chain Analysis
Chapter 6 Porter’s 5 forces model
Chapter 7 PEST Analysis
Chapter 8 Hip Replacement Market Segmentation, By Procedure
Chapter 9 Hip Replacement Market Segmentation, By End-User
Chapter 10 Regional Analysis
Chapter 11 Company profile
Chapter 12 Competitive Landscape
Chapter 13 Use Case and Best Practices
Chapter 14 Conclusion
Continued…
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