Hip Replacement Market Size By Product (Primary Hip Replacement Devices, Partial Hip Replacement Devices, Revision Hip Replacement Devices, Hip Resurfacing Devices), By Material (Metal-on-plastic, Ceramic-on-plastic, Ceramic-on-ceramic, Ceramic-on-metal),

Hip Replacement Market Size By Product (Primary Hip Replacement Devices, Partial Hip Replacement Devices, Revision Hip Replacement Devices, Hip Resurfacing Devices), By Material (Metal-on-plastic, Ceramic-on-plastic, Ceramic-on-ceramic, Ceramic-on-metal), By Fixation Material (Cemented Fixation, Cementless Fixation, Hybrid Fixation), By Inserts (Cross-linked Polyethylene Inserts, Antioxidant Polyethylene Inserts, Non-antioxidant Polyethylene Inserts), By End-use (Hospitals, Ambulatory Surgical Centers), Industry Analysis Report, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032

Global Hip Replacement Market is expected to expand positively through 2032 owing to the rising number of patients with hip arthritis and osteoporosis.

Growing rates of chronic diseases, technical and scientific developments in hip replacement, and an increase in the global geriatric population are some of the key elements predicted to accelerate the market growth. The adoption of hip replacement devices is also increasing due to the rise in hip arthroplasty surgeries. Additionally, technological advancements in these devices is further propelling the market expansion.

Rising disposable incomes in developing nations and higher healthcare spending is anticipated to improve the outlook for international trade. Moreover, launch of novel devices would further escalate the market demand. For instance, in August 2020, DJO Global launched two new EMPOWR systems, EMPOWR Acetabular as well as EMPOWR Partial Knee. By permitting implantation with a single tray, these devices are designed to restore healthy kinematics and improve surgical process efficiency. The launch helped the business flourish by enabling it to offer superior products in the market.

The hip replacement market has been divided in terms of product, fixation material, material, end-use, inserts, and region.

Based on product, the primary hip replacement devices segment is slated to expand profitably, amassing more than $7 billion by 2032 end. Some of the important advantages provided by primary hip replacement devices are enhanced functionality, pain reduction, and increased quality of life. Additionally, factors including improvements in hip replacement surgical methods and equipment that reduce the risk of long-term health issues and enable the removal of damaged bone and cartilage would further impel the market expansion.

With respect to material, the ceramic-on-ceramic segment is poised to garner steady growth over the review timeline. The significant market share can be credited to its high resistivity and low complication rate. Ceramic-on-ceramic material reduces the risks associated with wear-induced osteolysis. Due to their hardness and improved scratch resistance, demand for ceramic implants is massively growing.

On the basis of inserts, antioxidant polyethylene inserts segment is gaining notable traction over the years. In 2022, the segment held more than USD 1.4 billion market share driven by the inserts’ potential benefits including reduced oxidative degradation, increased durability, and minimal wear rate.

From the regional perspective, the Asia Pacific hip replacement market is speculated to grow at more than 5% CAGR from 2023 to 2032. The regional market expansion is anticipated to be driven by the rising number of hip replacement surgeries, penetration of healthcare services, rising healthcare expenditures, and numerous government programs to improve awareness about surgical procedures. A growing geriatric population susceptible to various chronic illnesses, an increased focus on attracting qualified health care practitioners, and surging health insurance penetration have also created favorable industry expansion conditions in the Asia Pacific countries.