Hip Replacement Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Hip Replacement Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The world's population is witnessing a significant increase in the percentage of geriatric individuals. According to estimates by the United Nations, the number of people aged over 60 is projected to reach 2.1 billion by 2050, more than doubling from 962 million in 2017. This demographic shift is contributing to the flourishing healthcare industry, particularly in developed countries, with the hip replacement segment gaining strong traction.

Meeting the Needs of the Aging Population

Geriatric individuals are highly susceptible to hip abnormalities, leading to nearly a million hip surgeries being performed each year, as reported by the National Institute of Health (NIH). According to a recent business intelligence publication, the global hip replacement market is set to witness substantial growth, with a notable compound annual growth rate during the forecast period from 2024 to 2031.

In terms of revenue, analysts estimate that the opportunities in the global hip replacement market will translate into US$7.5 billion in 2024, expected to reach US$10.6 billion by 2031.

Technological Advancements and Accessibility

In addition to the aging population, the hip replacement market is benefiting from recent technological advancements. These advancements have not only improved the quality of artificial hips but have also made hip surgeries more affordable for a larger population.

The global hip replacement market also stands to gain from factors such as the prevalence of arthritis and obesity, government initiatives to provide care to aging citizens, and favorable trade regulations. However, challenges such as stringent FDA regulations for all metal hip implant products, high surgery costs, and a lack of awareness in rural areas of emerging economies are hindering the market's growth.

Total Hip Replacement Dominates

Product-wise, the hip replacement market is segmented into total hip implant, partial hip implant, hip resurfacing, and revision hip implant. Among these, the total hip replacement segment is poised to account for a demand share of 58.4% in the global hip replacement market in 2024.

Revenue-wise, the total hip replacement segment is expected to offer opportunities worth US$5,329.4 million in 2024. Total hip arthroplasty involves the removal of damaged bone and cartilage, replaced with artificial prosthetic components such as hip stem systems and acetabular cup systems.

Regional Insights

North America, particularly the United States, is highlighted as a highly profitable region in the global hip replacement market. The United States Census Bureau reports a rising median age, reaching 37.9 years in 2016, and increasing concerns about obesity, both contributing to the demand for hip reconstruction. The North America hip replacement market is estimated to be worth US$4,202.3 million in 2024.

Competitive Analysis:

Some of the prominent players in the global market for hip replacement are,
• Depuy Synthes (J&J)
• Microport Scientific Corporation
• Zimmer Biomet
• Exactech Inc.
• DJO Global Inc.
• Stryker Corporation
• B Braun Melsungen
• Smith & Nephew
• Others

Market Segmentation

By Product Type
• Total Hip Replacement Implant
• Partial Hip Replacement Implant
• Hip Resurfacing Implant
• Revision Hip Replacement Implant

By Component Type
• Hip stems
• Acetabular Cups
• Revision Accessories and Components

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

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