Global Hip Replacement Implants Market - 2024-2031

Global Hip Replacement Implants Market - 2024-2031

Global Hip Replacement Implants Market reached US$ XX billion in 2023 and is expected to reach US$ XX million by 2031 growing at a CAGR of XX% during the forecast period 2024-2031.

Hip replacement which is also known as hip arthroplasty is a surgical procedure in which an orthopaedic surgeon removes the diseased parts of the hip joint and replaces them with new, artificial parts. The purpose of a hip replacement treatment is to reduce discomfort so that a person can exercise and perform daily tasks.

A total hip replacement consists of replacing both the acetabulum and the femoral head while hemiarthroplasty generally only replaces the femoral head. Hip replacement can address hip pain and stiffness for people with arthritis, avascular necrosis, or other forms of hip joint damage.

Market Dynamics

Increasing device launches

The increasing number of device launches for hip replacement implants acts as a significant driver for market growth. Also, many key players play a major role in the advancements of the market by launching new treatment devices.

For instance, in August 2023, Smith+Nephew launched its OR3O Dual Mobility System for use in primary and revision hip arthroplasty. The femoral head and polyethylene inserts of OR3O are made with proprietary OXINIUM on XLPE for the liner.

Additionally, in August 2022, Exactech launched Spartan Stem and Logical Cup System for total hip arthroplasty, a new solution for new solution for physicians and ambulatory surgical centers.

Furthermore, significant growth drivers such as the rising prevalence and incidence of hip replacement surgeries, and the growing geriatric population are expected to drive the market in the forecast period.

High cost associated with hip replacement surgery

High costs related to hip replacement surgery can hamper the market growth. In the United States, the average cost of a hip replacement is $12, 815, which includes $1043 for the surgeon and $11,772 for the hospital.

Segment Analysis

The global hip replacement implants market is segmented based on product type, material type, end users, and region.

Total hip replacement implants accounted for approximately 42.5% of the market share

Hip replacement is a surgical procedure in which the hip joint is replaced by a prosthetic implant. Total hip replacement implants are expected to hold the largest market share over the period forecast owing to increasing hip replacement procedures and product launches.

For instance, an estimated 6,806 revision hip arthroplasty or hip replacement surgeries were performed in the United States, according to data from the American Joint Replacement Registry that was published in 2022. Hence, the usage of hip replacement implants has increased due to the above factors.

Additionally, in March 2022, Stryker launched the Insignia hip stem for total hip and hemiarthroplasty procedures. It is a 3D CT-based implant design through SOMA (Stryker Orthopedics Modeling and Analytics) technology.

Geographical Analysis

North America is expected to hold a significant position in the global hip replacement implant market share

The global hip replacement implant market is segmented into North America, Europe, Asia Pacific, South America, Middle East, and Africa.

North America has maintained a significant market proportion due to factors such as the rising incidence of hip arthroplasty, and increasing product approvals, this trend is anticipated to continue throughout the forecast period.

For instance, The American Joint Replacement Registry (AJRR), published its 2022 Annual Report on hip and knee arthroplasty procedural trends and patient outcomes. The annual report demonstrates an overall cumulative procedural growth of 14% compared to the previous year and includes over 2.8 million hip and knee procedures since 2012 from over 1,250 hospitals, ambulatory surgery centers, and private practice groups. The number of procedures submitted by ASCs has grown exponentially increased by 57%.

Additionally, in August 2021, Zimmer Biomet Holdings, Inc. U.S. FDA 510(k) clearance of the ROSA Hip System for robotically-assisted direct anterior total hip replacement. The ROSA Hip is made to work with a variety of implant systems, such as the Avenir Complete Hip System.

COVID-19 Impact Analysis

The COVID-19 pandemic has had a significant impact on the global hip replacement implant market. The onset of the pandemic in early 2020 led to widespread lockdowns and restrictions, impacting regular diagnoses, treatments, device launches, and consultations worldwide. Many hospitals were focused on COVID-19 cases, and this reduced the use of hip replacement implants in many patients suffering from hip injuries.

Market Segmentation

By Product Type
• Total Hip Replacement Implants
Fixed Bearing Hip Implants
Mobile Bearing Hip Implants
• Partial Hip Replacement Implants
Hip Resurfacing Implants
Revision Hip Replacement Implants

By Material Type
• Metal-on-polyethylene
• Metal-on-metal
• Ceramic-on-metal
• Ceramic-on-polyethylene
• Ceramic-on-ceramic

By End Users
• Hospitals
• Orthopedic Clinics
• Ambulatory Surgical Centers

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
U.K.
France
Spain
Italy
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Competitive Landscape

The major global players in the market include Zimmer Biomet Holdings Inc., Stryker Corporation, Wright Medical N.V., DJO Global, Integra LifeSciences, B.Braun Melsungen AG, Depuy Synthes, FH Orthopedics, Advin Health Care, Lima Corporate among others.

Key Developments
• In January 2023, Exactech, reported that the first successful hip resurfacing procedure utilizing the innovative JointMedica Polymotion hip implant, which is based on a metal-on-polyethylene articulation, was carried out.

Why Purchase the Report??
• To visualize the global hip replacement implants market segmentation based on product type, material type, end users and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of global hip replacement implants market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global hip replacement implants market report would provide approximately 61 tables, 59 figures, and 185 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies