The global hip replacement implants market size is expected to increase USD 6.01 billion by 2033 from USD 4.86 billion in 2023 with a CAGR of 2.14% between 2024 and 2033.
Key Points
- The North America hip replacement implants market size reached USD 2.28 billion in 2023 and is expected to attain around USD 2.85 billion by 2033, poised to grow at a CAGR of 2.25% between 2024 and 2033.
- North America dominated the hip replacement implants market with the largest revenue share of 47% in 2023.
- Asia Pacific is expected to grow at the highest CAGR in the market during the forecast period.
- By product type, the total hip segment has held the major revenue share of 38% in 2023.
- By product type, the hip resurfacing segment is expected to grow at the highest CAGR in the market during the forecast period.
- By material, the metal-on-polyethylene segment has contributed more than 31% of revenue share in 2023.
- By material, the ceramic-on-polyethylene segment is expected to grow at the highest CAGR in the market during the forecast period.
- By end-use, the hospitals & surgery centers segment has recorded the biggest revenue share of 70% in 2023.
- By end-use, the orthopedic clinics segment is expected to grow at the highest CAGR in the market during the forecast period.
The hip replacement implants market is a critical segment of orthopedic surgery, dedicated to restoring mobility and alleviating pain for patients suffering from hip joint disorders such as osteoarthritis and fractures. These surgical devices are pivotal in total hip arthroplasty procedures, involving the replacement of damaged hip joints with prosthetic implants. The market encompasses various types of implants, including cemented, uncemented, hybrid, and reverse hybrid designs, each tailored to different patient needs and surgical approaches. As the global population ages and incidences of joint disorders rise, the demand for hip replacement implants continues to grow, supported by advancements in materials, surgical techniques, and healthcare infrastructure.
Download the Sample Report ( Including Full TOC, List of Table & Figures, Chart): https://www.precedenceresearch.com/sample/4577
Growth Factors
Several key factors are driving the growth of the hip replacement implants market globally. The aging population demographic, particularly in developed regions like North America and Europe, represents a significant driver as older adults are more susceptible to conditions necessitating hip replacement surgery. Technological advancements in implant materials, such as durable alloys and advanced ceramics, alongside innovations in surgical procedures like minimally invasive surgery (MIS), are enhancing surgical outcomes and expanding the patient pool eligible for hip replacements. Moreover, increasing healthcare expenditure, rising awareness about joint health, and favorable reimbursement policies are further propelling market growth across regions.
Region Insights
Geographically, North America dominates the hip replacement implants market, driven by a high prevalence of joint disorders, robust healthcare infrastructure, and favorable reimbursement schemes. Europe follows closely, characterized by an aging population and widespread adoption of advanced surgical techniques. The Asia-Pacific region is witnessing rapid market expansion, fueled by improving healthcare facilities, rising disposable incomes, and a growing elderly population in countries like China and India. In Latin America, the Middle East, and Africa, market growth is driven by increasing healthcare investments and improving access to surgical interventions, albeit at a slower pace compared to developed regions.
Hip Replacement Implants Market Scope
| Report Coverage | Details |
| Market Size by 2033 | USD 6.01 Billion |
| Market Size in 2023 | USD 4.86 Billion |
| Market Size in 2024 | USD 4.96 Billion |
| Market Growth Rate from 2024 to 2033 | CAGR of 2.14% |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | Product Type, Material, End-use, and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Hip Replacement Implants Market Dynamics
Drivers
Several drivers significantly influence the hip replacement implants market’s expansion. Technological innovations in implant materials, such as titanium alloys and ceramic composites, enhance implant longevity and patient satisfaction, driving adoption rates globally. Rising obesity rates contribute to joint degeneration, increasing the demand for hip replacement surgeries among overweight and obese populations. Moreover, the shift towards maintaining active lifestyles among elderly populations encourages the adoption of reliable hip implants that support mobility and quality of life. The growing acceptance of minimally invasive surgery (MIS) techniques further boosts market growth by reducing recovery times and post-operative complications, thereby enhancing patient outcomes.
Opportunities
The hip replacement implants market presents several opportunities for growth and innovation. Emerging markets in Asia-Pacific, Latin America, and Africa offer untapped potential due to expanding healthcare infrastructures and rising disposable incomes. Customized implants tailored to individual patient anatomy and needs represent a growing trend, driven by advancements in 3D printing and personalized medicine. Additionally, advancements in joint preservation techniques may delay the need for hip replacement surgery, creating opportunities in early intervention technologies and preventative care strategies.
Challenges
Despite its growth prospects, the hip replacement implants market faces several challenges. High costs associated with implants and surgical procedures can limit market access, particularly in lower-income regions where affordability remains a concern. Implant failure and the need for revision surgeries pose significant challenges to patient outcomes and healthcare costs, necessitating ongoing improvements in implant design and durability. Stringent regulatory requirements for the approval of new implants can also delay market entry and innovation, affecting product development timelines and market competitiveness. Ethical considerations regarding the long-term safety and environmental impact of implant materials and manufacturing processes remain paramount, requiring continuous scrutiny and adherence to stringent standards.
Read Also: Flame Retardant Market Size to Worth USD 18.22 Billion by 2033
Hip Replacement Implants Market Companies
- Zimmer Biomet
- Johnson & Johnson
- Stryker Corp.
- Smith & Nephew Plc
- MicroPort Scientific Corp.
- Exactech, Inc.
- OMNIlife Science, Inc.
- B. Braun Melsungen AG
- DJO Global, Inc.
- Aesculap Implant Systems, LLC
- ConMed Corp.
Recent Developments
- In February 2024, the Reverse Hip Replacement System (Reverse HRS), the company’s flagship product, will be on display at the 2024 American Academy of Orthopaedic Surgeons (AAOS) annual meeting, which will be held in San Francisco, California, from February 12–16.
- In August 2023, Smith+Nephew’s OR3O Dual Mobility System will be available in India for hip arthroplasty surgeries, including primary and revision. Unlike traditional techniques, dual mobility implants have a smaller-diameter femoral head that locks into a larger polyethylene insert, increasing stability, enhancing range of motion, and reducing the chance of dislocation.
- In January 2023, with the introduction of Mako, the world’s most widely utilized and FDA-approved robotic arm-aided technology, Gurgaon just reached a major milestone in the field of knee and hip replacement. The Mako SmartRoboticsTM System is now in use at W Pratiksha Hospital.
- In August 2022, GAINESVILLE, Fla.—Exactech, a developer and producer of state-of-the-art implants, equipment, and intelligent technologies for joint replacement surgery, announced the first successful surgeries employing the SpartanTM Stem and LogicalTM Cup System for total hip arthroplasty.
Segment Covered in the Report
By Product Type
- Total Hip
- Partial Femoral Head
- Hip Resurfacing
- Revision Hip
By Material
- Metal-on-metal
- Metal-on-polyethylene
- Ceramic-on-polyethylene
- Ceramic-on-metal
- Ceramic-on-ceramic
By End-use
- Hospitals & Surgery Centers
- Orthopedic Clinics
- Others
By Geography
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East & Africa
By Regional Outlook
- North America: US, and Rest of North America
- Europe: UK, Germany, France, and Rest of Europe
- Asia Pacific: China, Japan, India, and Rest of Asia Pacific
- Latin America: Brazil, and Rest of Latin America
- Middle East & Africa (MEA): GCC, North Africa, South Africa, and Rest of the Middle East & Africa
Immediate Delivery Available | Buy This Premium Research Report@ https://www.precedenceresearch.com/checkout/4577
Contact Us:
Mr. Alex
Sales Manager
Call: +1 9197 992 333
Email: sales@precedenceresearch.com
Web: https://www.precedenceresearch.com
Blog: https://www.expresswebwire.com/
Blog: https://www.uswebwire.com/