- Total Hip Replacement Implants
- Partial Hip Replacement Implants
- Resurfacing Implants
- Revision Hip Replacement Implants
Hip Replacement Market was valued at USD 5,856.3 million in 2022 and is anticipated to grow at a CAGR of 4.7 % over 2023-2029. The hip replacement implants market refers to the medical devices used in hip replacement surgeries, also known as total hip arthroplasty, which is a surgical procedure that involves replacing a damaged or diseased hip joint with prosthetic implants to relieve pain and restore joint function. The market for hip replacement implants includes various components, such as femoral stems, acetabular cups, femoral ball, liners, and other associated materials and instruments. The demand for hip replacement implants is primarily driven by the growing prevalence of conditions like osteoarthritis, rheumatoid arthritis, and hip fractures, which often require surgical intervention. For instance, according to CDC, from 2016 to 2018, approximately 58.5 million US population were diagnosed with arthritis and 25.9% of the total adult population, or 78.4 million adults 18 years of age and older, will have arthritis by 2040. This increasing prevalence of arthritis is the major factor for the rising demand for hip replacement surgeries. Moreover, reasons including an aging population and improvements in surgical methods create significant opportunities for the growth of the hip replacement implants market.
However, concerns associated with expensive implants and surgical procedures negatively impact the growth of these markets. Furthermore, patient-specific implants, robotic and computer-assisted navigation systems for hip replacement procedures, and cementless hip implants are some of the major developments influencing market growth and development. Numerous implant manufacturers are forming collaborations and engaged in research and development to develop innovative implant technologies, which further contribute to the market growth. For instance, in August 2022 Exactech, a prime leader and provider of novel implants, instrumentation, and smart technologies for joint replacement surgery launched the Spartan Stem and Logical Cup System for total hip arthroplasty.
Hip Replacement Market Key Developments:
Fastest Growing Market
The growing baby-boomers and geriatric populations who are at risk of hip or joint fracture expected to drive the market demand hip replacement devices over the forecast period. Moreover, increasing incidence of hip fractures and injuries creating ample growth opportunities for the players operating in the hip replacement market, this is expected to drive the market revenue growth over the forecast period. For Instance, in 2016, according to World Bank population statistics, population ages 65 and above is estimated to be around 8.5% of total population and projected to increases geriatric population over the forecast period, which in turn affect the market growth positively.
The hip replacement market size was valued at USD 5,856.3 million in 2022
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
The hip replacement market key players are Braun Melsungen AG (Germany) Corin (U.K.) DePuy Synthes (U.S.) Exactech Inc. (U.S.) Microport Scientific Corporation (China) Smith & Nephew (U.K.) Stryker (U.K.) Waldemar LINK GmbH & Co. KG (Germany)
7. Global Hip Replacement Market Forecast, By End User Analysis, 2018 - 2022 and Forecast, 2023 - 2029
8. Hip Replacement Market Analysis, By Region, 2018 - 2022 and Forecast, 2023 - 2029