The global hip replacement market size was estimated to be USD 8.37 billion in 2023 and is expected to reach at USD 15.79 billion by 2034 with a CAGR of 5.94% during the forecast period 2024-2034. Increasing prevalence of obesity, hip injuries, & osteoarthritis, growing geriatric population, surge in prevalence of hip fractures, rising awareness regarding hip surgical solutions, increasing number of young people suffering from degenerative diseases, growing favorable reimbursement policies, surge in launch of novel systems, rising regulatory approvals, and increasing adoption of FDA approved advanced hip replacement systems are some of the key factors boosting the market growth.
Increasing adoption of FDA approved advanced hip replacement systems is predicted to boost the market growth during the forecast period. Hip replacement is a surgical intervention that involves the replacement of the hip joint with a prosthetic implant known as a hip prosthesis. These hip implants typically consist of a combination of metal, ceramic, and plastic materials. As a result, the expected increase in the volume of hip replacement surgeries is anticipated to drive the market for advanced hip replacement systems. For instance, in January 2023, Under an Investigational Device Exemption (IDE) study approved by the U.S. Food and Drug Administration (FDA), Hip Innovation Technology LLC has successfully conducted the first implantation of the HIT Reverse Hip Replacement System (Reverse HRS) in the United States.
By product, total hip was the highest revenue-grossing segment in the global hip replacement market in 2023 owing to surge in number of total hip replacement surgeries, growing adoption of robots for total hip arthroplasty (THA) procedures, and increasing launch of new systems. For instance, in August 2022, Exactech, Inc. has introduced the Logical Cup System and Spartan Stem for total hip arthroplasty. Additionally, revision hip is predicted to grow at fastest CAGR during the forecast period owing to the rising favorable reimbursement policies, increasing need for revision procedures after wearing out of previously implanted products, and growing shift towards hip resurfacing.
By material, metal-on-polyethylene was the highest revenue-grossing segment in the global hip replacement market in 2023 owing to the wide accessibility, track record of clinical success, & most affordable implant materials, and increasing developments in materials combining metal and polyethylene. Additionally, ceramic-on-polyethylene is predicted to grow at fastest CAGR during the forecast period owing to its superior wear resistance, & fewer associated complications, presence of major players, and growing mergers & acquisitions within market players. For instance, in March 2022, DePuy Synthes has acquired CUPTIMIZE Hip-Spine Analysis, a technology that assists surgeons in gaining a deeper understanding of pelvic tilt, measuring it accurately, and addressing it effectively. This technology will complement DePuy Synthes hip implants, enhancing the overall approach to procedures with the aim of improving patient outcomes.
By end-user, hospitals & surgery centers was the highest revenue-grossing segment in the global hip replacement market in 2023 owing to the surge in number of hip implant surgeries performed in these facilities, growing adoption of most up-to-date technology, rising number of qualified medical staff, increasing partnerships within hospitals & market players for the development of cutting-edge surgical techniques, and surge in launch of advanced systems. For instance, in July 2022, Enovis has officially released ARVIS (Augmented Reality Visualization and Information System) after successfully completing more than 200 cases in the United States. This FDA-approved system is unique, as it is the only hands-free augmented reality (AR) technology specifically designed for orthopedic surgeons. It enables these surgeons to have precise guidance and visualization assistance during hip and knee surgeries through AR support. Additionally, orthopedic clinics is predicted to grow at fastest CAGR during the forecast period owing to the increasing number of orthopedic surgeons & outpatient replacement surgeries, growing focus on development of an advanced infrastructure, and surge in the number of orthopedic clinics.
North America region is anticipated for the highest revenue share during the forecast period owing to the growing prevalence of osteoarthritis, surge in hip replacement surgeries, increasing need for hip replacement implants, rising prevalence of osteoarthritis, growing research & development activities for advancements in hip replacement surgeries, surge in product approvals by regulatory bodies. For instance, in May 2022, The FDA has expedited the availability of advanced technologies that could improve hip replacement surgeries by granting Breakthrough Device status to JointMedica's Polymotion hip resurfacing system. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the increasing geriatric population, growing prevalence of osteoporosis, osteoarthritis, & bone injuries, expanding medical tourism, and surge in launch of advanced systems. For instance, in August 2023, Smith+Nephew, the worldwide medical technology firm, has introduced its OR3O Dual Mobility System for application in primary and revision hip arthroplasty in India.
Increasing adoption of FDA approved advanced hip replacement systems is predicted to boost the market growth during the forecast period. Hip replacement is a surgical intervention that involves the replacement of the hip joint with a prosthetic implant known as a hip prosthesis. These hip implants typically consist of a combination of metal, ceramic, and plastic materials. As a result, the expected increase in the volume of hip replacement surgeries is anticipated to drive the market for advanced hip replacement systems. For instance, in January 2023, Under an Investigational Device Exemption (IDE) study approved by the U.S. Food and Drug Administration (FDA), Hip Innovation Technology LLC has successfully conducted the first implantation of the HIT Reverse Hip Replacement System (Reverse HRS) in the United States.
By product, total hip was the highest revenue-grossing segment in the global hip replacement market in 2023 owing to surge in number of total hip replacement surgeries, growing adoption of robots for total hip arthroplasty (THA) procedures, and increasing launch of new systems. For instance, in August 2022, Exactech, Inc. has introduced the Logical Cup System and Spartan Stem for total hip arthroplasty. Additionally, revision hip is predicted to grow at fastest CAGR during the forecast period owing to the rising favorable reimbursement policies, increasing need for revision procedures after wearing out of previously implanted products, and growing shift towards hip resurfacing.
By material, metal-on-polyethylene was the highest revenue-grossing segment in the global hip replacement market in 2023 owing to the wide accessibility, track record of clinical success, & most affordable implant materials, and increasing developments in materials combining metal and polyethylene. Additionally, ceramic-on-polyethylene is predicted to grow at fastest CAGR during the forecast period owing to its superior wear resistance, & fewer associated complications, presence of major players, and growing mergers & acquisitions within market players. For instance, in March 2022, DePuy Synthes has acquired CUPTIMIZE Hip-Spine Analysis, a technology that assists surgeons in gaining a deeper understanding of pelvic tilt, measuring it accurately, and addressing it effectively. This technology will complement DePuy Synthes hip implants, enhancing the overall approach to procedures with the aim of improving patient outcomes.
By end-user, hospitals & surgery centers was the highest revenue-grossing segment in the global hip replacement market in 2023 owing to the surge in number of hip implant surgeries performed in these facilities, growing adoption of most up-to-date technology, rising number of qualified medical staff, increasing partnerships within hospitals & market players for the development of cutting-edge surgical techniques, and surge in launch of advanced systems. For instance, in July 2022, Enovis has officially released ARVIS (Augmented Reality Visualization and Information System) after successfully completing more than 200 cases in the United States. This FDA-approved system is unique, as it is the only hands-free augmented reality (AR) technology specifically designed for orthopedic surgeons. It enables these surgeons to have precise guidance and visualization assistance during hip and knee surgeries through AR support. Additionally, orthopedic clinics is predicted to grow at fastest CAGR during the forecast period owing to the increasing number of orthopedic surgeons & outpatient replacement surgeries, growing focus on development of an advanced infrastructure, and surge in the number of orthopedic clinics.
North America region is anticipated for the highest revenue share during the forecast period owing to the growing prevalence of osteoarthritis, surge in hip replacement surgeries, increasing need for hip replacement implants, rising prevalence of osteoarthritis, growing research & development activities for advancements in hip replacement surgeries, surge in product approvals by regulatory bodies. For instance, in May 2022, The FDA has expedited the availability of advanced technologies that could improve hip replacement surgeries by granting Breakthrough Device status to JointMedica's Polymotion hip resurfacing system. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the increasing geriatric population, growing prevalence of osteoporosis, osteoarthritis, & bone injuries, expanding medical tourism, and surge in launch of advanced systems. For instance, in August 2023, Smith+Nephew, the worldwide medical technology firm, has introduced its OR3O Dual Mobility System for application in primary and revision hip arthroplasty in India.
Segmentation: Hip Replacement Market Report 2023 - 2034
Hip Replacement Market Analysis & Forecast by Product 2023 - 2034 (Revenue USD Bn)
- Partial Femoral Head
- Total Hip
- Revision Hip
- Hip Resurfacing
Hip Replacement Market Analysis & Forecast by Material 2023 - 2034 (Revenue USD Bn)
- Metal-on-Polyethylene
- Metal-on-Metal
- Ceramic-on-Metal
- Ceramic-on-Ceramic
- Ceramic-on-Polyethylene
Hip Replacement Market Analysis & Forecast by End-user 2023 - 2034 (Revenue USD Bn)
- Hospitals & Surgery Centers
- Orthopedic Clinics
- Others
Hip Replacement Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Hip Replacement Market: Product Estimates & Trend Analysis
8. Hip Replacement Market: Material Estimates & Trend Analysis
9. Hip Replacement Market: End-user Estimates & Trend Analysis
10. Regional Market Analysis
11. North America Hip Replacement Market
12. Europe Global Hip Replacement Market
13. Asia Pacific Global Hip Replacement Market
14. Latin America Global Hip Replacement Market
15. MEA Global Hip Replacement Market
16. Competitor Analysis
17. Company Profiles
Companies Mentioned
- Smith & Nephew plc
- B. Braun Melsungen AG
- Zimmer Biomet
- OMNIlife Science Inc.
- DJO Global Inc.
- Johnson & Johnson
- Exactech Inc.
- Aesculap Implant Systems Llc
- ConMed Corporation
- Stryker Corporation
- MicroPort Scientific Corporation
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 200 |
Published | January 2024 |
Forecast Period | 2023 - 2034 |
Estimated Market Value ( USD | $ 8.37 Billion |
Forecasted Market Value ( USD | $ 15.79 Billion |
Compound Annual Growth Rate | 5.9% |
Regions Covered | Global |
No. of Companies Mentioned | 11 |