Hip Replacement Market By Procedure (Total Hip Replacement, 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): Global Opportunity Analysis and Industry Forecast, 2021-2031
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.
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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