Hip replacement surgery replaces the hip joint with an artificial implant. A full replacement or hemi (half) replacement can be done during the procedure. The operation is carried out to treat discomfort brought on by arthritis or a hip bone fracture. Total hip replacement implants, partial hip replacement implants, hip resurfacing implants, and revision hip replacement implants are different types of hip replacements based on the product.
The market for hip replacements will grow at a strong CAGR of 5.1%, from $6.23 billion in 2021 to $9.75 billion by 2030.
Some important factors boosting market expansion are the rising prevalence of chronic diseases, technical and scientific advancements in hip replacement, and a rise in the world’s senior population. Due to the increasing number of hip arthroplasty surgeries, the usage of hip replacement devices is also rising. The development of these gadgets’ technologies is also accelerating the market’s growth.
Due to the availability of cheap healthcare facilities in developed nations and technical improvements in minimally invasive surgeries, the market is anticipated to continue to expand. The development of non-metal materials like polymer and ceramic is anticipated to assist solve issues with conventional devices such increasing levels of metallic ions in patients’ bloodstreams and implant deterioration over time. Less than 4 days are needed in the hospital after a full hip replacement thanks to modern operating methods.
Market Drivers
The market for hip replacements has grown as a result of an increase in the frequency of arthritis disorders in both younger and older age groups, as well as rising pain and rheumatoid disease rates in the general population, as well as rising demand for newly developed surgical techniques. Growing market demands from medical experts for new technology for performing surgery with enhanced benefits include the reduced time required for performing surgery, increased efficiency, and enhanced performance with improved results.
Road accidents occurring more frequently in the area, along with a growing number of arthritis patients and hip replacement surgeries, all contribute to the market growth for hip replacement market expansion for hip replacements is driven by the widespread acceptance of 3D printing technology, demand from medical orthopedics professionals, and ease of surgery with developed insertion technologies.
Restraints
The difficulties related to implant use are a substantial barrier to the expansion of the global market in the ensuing years, as replacement surgery acceptance is rising quickly.
Opportunities
In industrialized nations, access to affordable healthcare is expanding, and minimally invasive surgery is advancing in terms of technology. Healthcare facilities are anticipated to benefit from the development of non-metal materials like polymer and ceramic in the coming years by assisting them in overcoming issues with conventional devices, like the buildup of metallic ions in patients’ bloodstreams and the deterioration of implants over time.
Market segmentation
Product Insights
According to product type, the total replacement subsegment drives the market for hip replacements. It is because there are more people with rheumatic illnesses, more people participate in sports, more injuries due to greater participation, and more road accidents.
Application Insights
According to the application, metal-on-metal has the biggest market share, which contributes to the expansion of the hip replacement market through greater modification of the total hip replacement procedure. Hip replacements have a wide range of uses; they perform better and cause less arthritis pain.
End User Insights
According to the end user, the ambulatory surgery center had the highest market revenue due to the increased value of hip replacements on the market, increased demand from medical professionals, an increase in patients with rheumatoid disorders, and an increase in arthritis pain, an increase in the number of people participating in sports, which led to an increase in fractures and ligament problems, and an increase in the number of surgeries and operations performed in a shorter amount of time.
Regional Insights
North America held the majority of the market share for hip replacement implants in 2020. The prevalence of osteoporosis and osteoarthritis and an increase in sports and auto accidents are the main factors fueling the regional market’s expansion. Because of the patient-friendly reimbursement rules, more procedures are anticipated to be performed, leading to growth over the next few years. It stems from quick technology development, high geriatric mortality rates, and pricing policies.
The Asia Pacific marketplace will expand at the quickest rate. Hip replacement procedures are on the rise, hip implants are being utilized more frequently, and during the projected period, economies like China, India, Singapore, Malaysia, Indonesia, and South Korea are likely to propel Asian growth.
Key Players
- United Orthopedics Corporation
- Zimmer, Inc
- Stryker
- Tornier, Inc.
- Johnson & Johnson
- B. Braun Melsungen AG
- ConMed Corporation
- MicroPort Scientific Corporation
- OMNIlife Science, Inc.
- Aesculap Implant Systems, LLC
The market for hip replacements will grow at a strong CAGR of 5.1%, from $6.23 billion in 2021 to $9.75 billion by 2030. The increasing elderly population, rise in hip arthroplasty/replacement surgery demand, and greater prevalence of hip and lower extremity disorders such as osteoarthritis (OA), osteoporosis, and hip pain are key growth drivers for the market.