Hip Replacement Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis

Hip Replacement Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis

Hip Replacement Market size is expected to hit around US$ 8.87 Billion by 2030, as per Renub research. Hip arthroplasty or hip replacement surgery is a medical procedure performed by an orthopedic surgeon to replace the damaged or affected parts of the hip joint with artificial components. These components work to mimic the natural function of the hip joint. Typically, this procedure is undertaken to relieve pain and enhance mobility in patients with server hip joint situations including rheumatoid arthritis, osteoarthritis, avascular necrosis, hip fractures, or other related injuries or disorders. The surgical treatment normally takes place under standard anesthesia, and the medical practitioner may additionally use either conventional open surgical treatment or minimally invasive techniques.

The high occurrence of hip joint and bone damage is because of sedentary lifestyles, terrible dietary habits, and a lack of physical activity, leading to a surge in the incidence of orthopedic problems and obesity. Since hip replacement implants are beneficial in patients suffering from total or partial hip damage and accidents, the growth in the prevalence of such conditions across the globe represents the key component driving the hip replacement implants market increase. Moreover, the escalating need for surgical approaches and the growing burden of deadly road accidents and sports-related accidents are others factors which can be contributing to the marketplace growth.

Worldwide hip replacement marketplace is expected to increase at a CAGR of 4.22% From 2024 to 2030

Hip replacement surgery is a scientific method aimed toward relieving arthritis pain and improving hip functioning. The hip replacement market is growing with the advent of recent technology and advanced techniques. The implants used in this surgery are commonly made of plastic, metal, or ceramic materials. More human beings need joint replacement surgery due to situations like osteoarthritis, rheumatoid arthritis, fractures, and ligament injuries. This demand is also fueled by the growing participation of people in sports activities, that can cause injuries. The market surge is pushed with the aid of the development of better navigation system for performing surgical operation, improved use of robotics automation, and improved networking.

Hip replacement is a popular orthopedic technique that has passed through advancements. The demand for this surgical procedure has extended because of the increasing variety of patient suffering from arthritis pain and rheumatoid disorder. Medical professionals are pushing to apply newly evolved technology to enhance the outcomes and reduce arthritis ache. Arthritis pain is becoming more conventional inside the geriatric populace, particularly those aged 55 and above. The extended participation of individuals in sports, specifically specialized ones, is leading to more cases of painful injuries which includes fractures, ligament problems, dislocation, and others, that may bring about multiplied arthritis ache.

Increased numbers of street injuries ensuing in painful accidents, along an increase in arthritis ache problems, have caused a stronger demand for hip replacement surgeries by medical examiners. The hip replacement devices market is experiencing growth due to elevated research and development, continuous innovations, and accelerated surgical operation performance, efficiency, and efficacy during the upcoming years. The introduction of advanced developments in hip replacements, along with advanced efficiency, the combination of 3D printing technology, less time required for surgical treatment, and less radiation exposure, are assisting to enhance the growth rate of the hip replacement marketplace. The government's improved initiatives with growing investments and encouragement for the improvement of more technology in hip alternative also are contributing to the marketplace's growth. Global Hip Replacement Market became at US$ 6.64 Billion in 2023.

The total hip replacement segment will dominate the market

By Product, the Hip Replacement Market is segmented into Total, Partial, Revision, and hip Resurfacing. The total hip replacement segment is poised for sustained growth throughout the forecast period. This projection underscores the enduring demand for hip replacement procedures, driven by factors such as an aging population, increased prevalence of hip-related conditions, and advancements in medical technologies. As healthcare prioritizes patient mobility and quality of life, the steady expansion of the total hip replacement segment reflects its integral role in addressing musculoskeletal issues. With ongoing technological innovations and a focus on improving surgical outcomes, this segment is anticipated to contribute significantly to the evolving landscape of orthopedic interventions in the foreseeable future.

The hip replacement marketplace's orthopedic clinic sector expects full-size growth fueled with the aid of rising health center numbers and increased healthcare expenditure

By End User, the Hip Replacement Market is divided into Hospitals and surgery centers, Orthopedic clinics, and Others. The Hip Replacement Market anticipates great growth in orthopedic clinics, pushed by an upsurge in health facility institutions and heightened healthcare expenditures all through the forecasted period. The increased attention on orthopedic care aligns with the growing demand for hip replacement techniques, reflecting a broader commitment to improving musculoskeletal health. This increase trend underscores the pivotal role of orthopedic clinics in meeting evolving healthcare needs, emphasizing accessibility, and contributing to improvements in hip replacement interventions for improved pateints outcomes inside the foreseeable years.

The United States is predicted to keep a large market share within the coming years

By Country, Hip Replacement Market is split into North America (United States, Canada), Europe (France, Germany, Italy, Spain, United Kingdom, Belgium, Netherlands, Turkey), Asia-Pacific (China, Japan, India, South Korea, Thailand, Malaysia, Indonesia, Australia, New Zealand), Latin America (Brazil, Mexico, Argentina), & Middle East & Africa (Saudi Arabia, UAE, South Africa) and Rest of World. The United States is poised to maintain a noteworthy market share within the foreseeable future. This expectation underscores the country's enduring economic power, innovation, and influence across diverse industries. With a sturdy and dynamic market panorama, the U.S. is anticipated to continue playing a pivotal role in shaping global companies’ trends and market dynamics. This sustained importance displays the resilience and competitiveness of the U.S. economic system, solidifying its role within the worldwide arena over the upcoming years.

China is poised for enormous growth, driven by multiplied healthcare spending, improvements in healthcare infrastructure, and a giant populace. These factors create a conducive environment for expanding healthcare services and technology, positioning China as a key country within the evolving panorama of the worldwide healthcare market.

Key Player

Smith & Nephew PLC, Johnson & Johnson, Integra Life Sciences Corporation, Zimmer Biomet, Stryker, B. Braun Melsungen AG, Globus Medical Inc, MicroPort Scientific Corporation, and Conformis Inc. are the main competitors inside the Hip Replacement Market.

Renub Research report titled “Hip Replacement Market Global Forecast by Products (Total, Partial, Revision, and hip Resurfacing), End-user (Hospitals & Surgery centers, Orthopedic clinics and Others), Country (North America (United States, Canada), Europe (France, Germany, Italy, Spain, United Kingdom, Belgium, Netherlands, Turkey), Asia-Pacific (China, Japan, India, South Korea, Thailand, Malaysia, Indonesia, Australia, New Zealand), Latin America (Brazil, Mexico, Argentina), & Middle East & Africa (Saudi Arabia, UAE,South Africa, ) and Rest of World), Companies (Smith & Nephew PLC, Johnson & Johnson, ConformisInc, Integra lifesciences Corporation, MicroPort Scientific Corporation, Zimmer Biomet, Stryker, Braun Melsungen AG)” Global Analysis” studies the global Hip Replacement Industry.

Product – Market breakup from 3 viewpoints:

1. Total HIP Replacement
2. Partial HIP Replacement
3. Revision HIP Replacement

End-User – Market breakup from 3 viewpoints:

1. Hospitals & Surgery Centers
2. Orthopaedic clinics
3. Others

Country – Market breakup from

1. North America

1.1 United States
1.2 Canada

2. Europe

2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherlands
2.8 Turkey

3. Asia Pacific

3.1 China
3.2 Japan
3.3 India
3.4 South Korea
3.5 Thailand
3.6 Malaysia
3.7 Indonesia
3.8 Australia
3.9 New Zealand

4. Latin America

4.1 Brazil
4.2 Mexico
4.3 Argentina

5. Middle East and Africa

5.1 Saudi Arabia
5.2 UAE
5.3 South Africa

6. Rest of World

All key players have been covered from 3 viewpoints:

1. Overview
2. Recent Development
3. Sales Analysis

Company Analysis:

1. Smith & Nephew PLC
2. Johnson & Johnson
3. Integra lifesciences Corporation
4. Zimmer Biomet
5. Stryker
6. B. Braun Melsungen AG
7. Globus Medical Inc
8. MicroPort Scientific Corporation
9. Conformis Inc