Hip replacement replaces the hip joint completely or partially with a prosthesis. In addition, hip replacement surgery is frequently needed for conditions such as osteoarthritis, rheumatoid arthritis, osteonecrosis, fractures, and bone tumors. In the year 2021, there were 528 million osteoarthritis patients worldwide.

The market for hip replacement in 2021 was USD 6.23 billion, and by 2030 it will be worth USD 9.75 billion, growing at a 5.1% CAGR during the forecast period. 

The hip replacement market is a rapidly growing industry that offers orthopedic implants and devices to help with hip replacement surgery. In hip replacement surgery, diseased or injured hip joints are surgically removed and replaced with artificial joints composed of metal, plastic, or ceramic parts. A number of variables, including an aging population, an increase in the popularity of minimally invasive surgical treatments, and an increase in hip problems and diseases, are driving the need for hip replacement surgery.

Market Dynamics

Drivers

Increased demand for hip arthroplasty/replacement surgical procedures, osteoporosis and hip ailments, high prevalence of lower extremity conditions such as Osteoarthritis (OA), and an aging population are some factors driving the market growth. Furthermore, the availability of high-quality healthcare infrastructure in developed countries and advancements in non-invasive surgery technology makes it easier to drive market growth. According to the Osteoarthritis Research Society International, around 130 million people will have osteoarthritis by 2050.

Revenues in the industry will increase during the forecasted period due to the number of younger people suffering from degenerative diseases. Furthermore, the increasing use of robot-assisted surgeries has accelerated the rate of success of minimally invasive procedures.

Restraints

The popularity of replacement surgery is increasing swiftly, but the difficulties associated with implant use will pose a substantial obstacle to the expansion of the global market in the coming years. Due to the failure of orthopedic replacement devices, numerous individual claims and class actions have been filed against important corporations like Zimmer Biomet and Stryker.

Opportunity

The market will grow as a result of the increasing number of product launches. For instance, in August 2021, DJO, a Colfax Corporation company, introduced EMPOWR Dual Mobility, giving surgeons a way to treat a sizable patient population in need of improved joint stability. Additionally, the creation of hip replacement departments in hospitals reflects the rising demand for hip replacement procedures. These launches will accelerate the market's expansion.

Market Segmentation

By Product

The total replacement segment ruled the market with a significant share on the basis of product. The demand for implants has increased due to rheumatic illnesses, traffic accidents, sports involvement, and a higher market rate for arthroplasty. The market is growing quickly as medical sectors adopt new technology, including robotic systems for orthopedic surgery and better hip replacement outcomes. Increased government reimbursement policies drive this expansion.

By Material

With the greater revision of the complete hip replacement operation, the metal-on-metal joint with the biggest market share has contributed to the expansion of the hip replacement market. Hip replacements have a wide range of uses, and they perform better and cause less arthritis pain.

By End-User

The hospital and surgical segment led the entire market due to increased hip replacement surgery in these clinics and institutions. They also have the best equipment and trained medical staff, contributing to the market's expansion.

Regional Analysis 

North America held most of the market share for hip replacement implants in 2020. The regional market is expanding due to factors such as the rise in osteoporosis and osteoarthritis cases and an increase in sports and auto accidents. Patients are expected to undergo more procedures in the coming years because of the favorable payment policies.

The Asia Pacific regional market will expand rapidly during the forecast period. Hip replacement procedures are increasing, and hip implants are becoming more popular.

Key Players 

· Medacta International

· Waldemar Link GmbH

· Elite Surgical

· Integra Lifesciences Corporation

· Microport Scientific Corporation

· Corentec Co., Ltd.

· Conformis, Inc.

· Gruppo Bioimpianti s.r.l

· DJO Global, Inc.

· Johnson & Johnson Services, Inc. (DePuy Synthes)

· Synergie Ingeniere Medicale

· Athenahealth, Inc.

· Stryker Corporation

· Zimmer Biomet

· DePuy Synthes Companies

· Smith & Nephew

· LimaCorporate S.p.A.

· Exactech, Inc.

· B.Braun Melsungen

· Arthrex, Inc.

The market for hip replacement in 2021 was USD 6.23 billion, and by 2030 it will be worth USD 9.75 billion, growing at a 5.1% CAGR during the forecast period. The rising number of persons with obesity and arthritis is the main factor behind the expansion of the hip replacement industry.

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