The global hip replacement market was valued at $5,855.29 million in 2021, and is projected to reach $8,555.38 million by 2031, registering a CAGR of 4.0% 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. Hip replacement surgery can be performed as a total replacement or a partial replacement.
The increase in number of incidences of road accidents and rise in number of accident surgeries boost the growth of market. The road accidents are responsible for hip pain and hip injury. For instance, according to the U.S. Department of Transportation’s National Highway Traffic Safety Administration (NHTSA), in 2020, estimated 38,680 people died in motor vehicle traffic crashes. Thus, increase in number of accident surgeries and rise in prevalence of chronic bone diseases drive the growth of the market.
In addition, factors such as increase in incidences of sport related injuries, and accidents, drive the growth of the market. For instance, according to the National Safety Council (NSC), a nonprofit safety advocate organization, in 2020, bicycling accounted for about 426,000 injuries, the most of any category of sports and recreation.
Furthermore, increase in prevalence of orthopedic diseases and other chronic bone disease conditions where the surgery is suggested contribute to the growth of market. For instance, according to global RA network, approximately 350 million people have arthritis globally. Arthritis, or joint disease, is inflammation of one or more of the joints, such as the knees, knuckles, wrists, or ankles. Arthritis starts as joint inflammation but can progress into joint pain, swelling, and stiffness. The painful hip joint with arthritis can be replaced with an artificial joint often made from metal and plastic components. It usually is done when all other treatment options have failed to provide adequate pain relief.
Moreover, increase in R&D activities for development of advanced hip replacement such as 3D printing & robotics, rise in the U.S. food and drug administration (U.S. FDA) approvals and novel product launch in the market by key players boost the market growth. For instance, in December 2020, Conformis, Inc., a leader in patient-specific knee and hip instrumentation and implants, announced today the U.S. commercial launch of the Company’s new Cordera Match Hip System. Furthermore, advancements in hip replacements such as robotics and navigation support further contribute in market growth. However, the high cost of hip replacement and product recall may hinder the growth of market.
The hip replacement market is segmented on the basis of procedure, material, end user and region. By procedure market is classified into total hip replacement, partial hip replacement, revision hip replacement and hip resurfacing. The total hip replacement divided into cemented and cementless.
Depending on material, the market 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, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in the report 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.
Hip replacement is a surgical procedure in which the hip joint is replaced by a prosthetic implant, that is, a hip prosthesis. Hip replacement surgery can be performed as a total replacement or a partial replacement.
The increase in number of incidences of road accidents and rise in number of accident surgeries boost the growth of market. The road accidents are responsible for hip pain and hip injury. For instance, according to the U.S. Department of Transportation’s National Highway Traffic Safety Administration (NHTSA), in 2020, estimated 38,680 people died in motor vehicle traffic crashes. Thus, increase in number of accident surgeries and rise in prevalence of chronic bone diseases drive the growth of the market.
In addition, factors such as increase in incidences of sport related injuries, and accidents, drive the growth of the market. For instance, according to the National Safety Council (NSC), a nonprofit safety advocate organization, in 2020, bicycling accounted for about 426,000 injuries, the most of any category of sports and recreation.
Furthermore, increase in prevalence of orthopedic diseases and other chronic bone disease conditions where the surgery is suggested contribute to the growth of market. For instance, according to global RA network, approximately 350 million people have arthritis globally. Arthritis, or joint disease, is inflammation of one or more of the joints, such as the knees, knuckles, wrists, or ankles. Arthritis starts as joint inflammation but can progress into joint pain, swelling, and stiffness. The painful hip joint with arthritis can be replaced with an artificial joint often made from metal and plastic components. It usually is done when all other treatment options have failed to provide adequate pain relief.
Moreover, increase in R&D activities for development of advanced hip replacement such as 3D printing & robotics, rise in the U.S. food and drug administration (U.S. FDA) approvals and novel product launch in the market by key players boost the market growth. For instance, in December 2020, Conformis, Inc., a leader in patient-specific knee and hip instrumentation and implants, announced today the U.S. commercial launch of the Company’s new Cordera Match Hip System. Furthermore, advancements in hip replacements such as robotics and navigation support further contribute in market growth. However, the high cost of hip replacement and product recall may hinder the growth of market.
The hip replacement market is segmented on the basis of procedure, material, end user and region. By procedure market is classified into total hip replacement, partial hip replacement, revision hip replacement and hip resurfacing. The total hip replacement divided into cemented and cementless.
Depending on material, the market 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, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in the report 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 opportunities.
- 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.
Key Market Segments
By Procedure
- Total Hip Replacement
- Type
- Cemented
- Cementless
- Partial Hip Replacement
- Revision Hip Replacement
- Hip Resurfacing
By Material
- Metal-on-Metal
- Metal-on-Polyethylene
- Ceramic-on-Polyethylene
- Ceramic-on-Metal
- Ceramic-on-Ceramic
By End User
- Hospitals
- Orthopedic Clinics
- Ambulatory Surgery Centers
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Spain
- Rest of Europe
- Germany
- France
- UK
- Italy
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- B. Braun Melsungen AG
- Colfax Inc
- Conformis Inc
- Corin Group PLC
- Exactech Inc
- Globus Medical Inc
- Gruppo Bioimpianti s.r.l.
- Integra LifeSciences
- Johnson & Johnson
- Kyocera Corporation
- Medacta International
- Merete
- MicroPort Scientific Corporation
- Smith & Nephew PLC
- Stryker Corporation
- Zimmer Biomet Holdings Inc
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: HIP REPLACEMENT MARKET, BY PROCEDURE
CHAPTER 5: HIP REPLACEMENT MARKET, BY MATERIAL
CHAPTER 6: HIP REPLACEMENT MARKET, BY END USER
CHAPTER 7: HIP REPLACEMENT MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Hip Replacement Market," the hip replacement market was valued at $5.9 billion in 2021, and is estimated to reach $8.6 billion by 2031, growing at a CAGR of 4% from 2022 to 2031.Hip replacement is the removal and replacement of portions of the pelvis and femur (thighbone) that form the hip joint. It is performed primarily to relieve pain. Hip replacement surgery is usually necessary when the hip joint is worn or damaged so that patient’s mobility is reduced and patient are in pain even while resting. The most common reason for hip replacement surgery is osteoarthritis.
The increase in prevalence of orthopedic diseases and rise in incidence of hip injuries drives the Hip Replacement Market growth. The bone diseases such as osteoarthritis, rheumatoid arthritis, osteonecrosis, fractures, and bone tumors are the conditions that commonly require surgical intervention. While a number of conditions can cause hip pain, hip replacement is reserved for individuals with extensive hip damage. Furthermore, rise in number of geriatric populations boosts the growth of hip replacement market. The elderly people are more prone to dental problems and orthopedic diseases. Thus, geriatric population signifies increase in patients of chronic diseases. For instance, according to the World Health organization (WHO), by 2050, the world’s population of people aged 60 years and older is expected to reach 2.1 billion.
The partial hip replacement is commonly done for hip fractures. The prevalence of road accidents and acquired hip injuries drives the growth of market. For instance, as per the U.S. Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) report published in February 2022, an estimated 31,720 people died in motor vehicle traffic crashes from January through September 2021, an increase of approximately 12% from the 28,325 fatalities projected for January to September of 2020.
Furthermore, Hip Replacement Market trends that drive the growth of the hip replacement market include R&D for development of hip replacement, increase in procedure approvals, and new product launches in the market. In addition, integration of software-based navigation system with hip replacements further contributes to the growth of Hip Replacement Market size. For instance, in February 2021, Medacta, an international company specializing in the design, production, and distribution of innovative orthopedic products, received clearance from the U.S. Food and Drug Administration (FDA) for its MyHip Planner and MyHip Verifier. The MyHip Planner and MyHip Verifier are two personalized solutions that are intended to be used in primary total hip replacement for 3D pre-operative planning and intra-operative verification. Furthermore, rise in healthcare expenditure and improvements in healthcare facilities in developing nations contribute toward growth of the Hip Replacement Industry.
The hip replacement market is segmented into by procedure, material, end user and region.
On the basis of procedure, the market is divided into total hip replacement, partial hip replacement, revision hip replacement and hip resurfacing. The total hip replacement segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to increase in prevalence of osteoarthritis and rise in number of geriatric populations.
Based on material, the market is categorized into metal-on-metal, metal-on-polyethylene, ceramic-on-polyethylene, ceramic-on-metal and ceramic-on-ceramic. The metal-on-polyethylene segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to advantage of metal-on-polyethylene and advancements in hip replacement surgeries.
Depending on end user, the market is classified into hospitals, orthopedic clinics, and ambulatory surgical centers. The hospitals segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to increase in healthcare expenditure and rise in number of hospitals.
North America accounted for a majority of the global hip replacement market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of orthopedic diseases, well established healthcare infrastructure and presence of key players in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to increase in incidences of hip injury, growth in geriatric population and high population base.
Key Findings of the Study
- On the basis of procedures, the total hip replacement segment was the highest contributor to the market in 2021.
- Based on material, the metal-on-polyethylene segment was the highest contributor to the market in 2021.
- Depending on end user, the hospitals segment was the highest contributor to the market in 2021.
- Region wise, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
Companies Mentioned
- B. Braun Melsungen AG
- Colfax Inc
- Conformis Inc
- Corin Group plc
- Exactech Inc
- Globus Medical Inc
- Gruppo Bioimpianti S.R.L.
- Integra Lifesciences
- Johnson & Johnson
- Kyocera Corporation
- Medacta International
- Merete
- Microport Scientific Corporation
- Smith & Nephew plc
- Stryker Corporation
- Zimmer Biomet Holdings Inc
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 220 |
| Published | July 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 5855.29 million |
| Forecasted Market Value ( USD | $ 8555.38 million |
| Compound Annual Growth Rate | 3.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 16 |
