The global hip replacement market size was estimated at USD 7.33 billion in 2022 and is expected to surpass around USD 13.36 billion by 2032 and poised to grow at a compound annual growth rate (CAGR) of 6.19% during the forecast period 2023 to 2032.
Key Pointers:
- By procedures, the total hip replacement segment has contributed 33% revenue share in 2022.
- By material, the metal-on-polyethylene segment has held 36% revenue share in 2022.
- By end user, the hospitals segment has accounted 62% revenue share in 2022.
- The North America hit highest revenue share of around 41.9% in 2022.
Hip replacement Market Report Scope
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 2022, 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 2022, more than 21.8% of the EU population was aged 66 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 2022, 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 11.7% in 2022 to $5.1 trillion or $13,530 per capita. Moreover, rise in the government initiatives to provide advanced surgical facilities and financial support propels the growth of market.
Depending on region, North America garnered a major share in the Hip Replacement Market share in 2022, 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.
Some of the prominent players in the Hip replacement Market include:
B.Braun Melsungen, Microport Scientific Corporation, Conformis, Gruppo Bioimpianti s.r.l, Eaxctech, Inc, Styker, Smith & Nephew, DePuy Synthes Companies, Zimmer Biomet, Athenahealth, Inc, Peter Brehm GmbH, Medacta International, Integra Lifesciences Corporation, Group FH Ortho communication, Synergie Ingeniere Medicale, Elite Surgical, Corentec Co.,Ltd, Arthrex, Inc, Waldemer Link GmbH
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global hip replacement market.
By Product Type
- Primary hip reconstruction devices
- Cemented primary hip reconstruction surgeries
- Cementless primary hip reconstruction surgeries
- Partial hip reconstruction surgeries
- Cemented partial hip
- Cementless partial hip
- Hip resurfacing surgeries
- Revision hip reconstruction
- Total replacement
By Application
- Metal-on-metal
- Metal-on-polyethylene
- Ceramic-on-polyethylene
- Ceramic-on-metal
- Ceramic-on-ceramic
By End User
- Hospitals
- Speciality Clinics
- Ambulatory Surgery Centres
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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