Hip Replacement Market Size, Share, Industry Trends and Forecast to 2030

Hip Replacement Market Size & CAGR in 2021

The global hip replacement market was valued at USD 5.8 billion in 2021, with a Compound Annual Growth Rate (CAGR) of 4.2%. The market is projected to reach USD 7.2 billion by 2028. The increasing prevalence of hip-related disorders and the growing elderly population are key factors driving the market growth.

COVID-19 Impact on the Hip Replacement Market

The COVID-19 pandemic had a significant impact on the hip replacement market. Many elective surgeries, including hip replacements, were postponed or canceled to prioritize COVID-19 patients and reduce the burden on healthcare systems. This led to a temporary decline in the demand for hip replacement procedures. However, as healthcare services gradually resumed, the market began to recover, with a pent-up demand for hip replacement surgeries.

Hip Replacement Dynamics

The hip replacement market is driven by factors such as the increasing prevalence of osteoarthritis and other hip-related disorders, technological advancements in hip replacement surgeries, and the growing acceptance of minimally invasive procedures. Additionally, the rise in the geriatric population, who are more prone to hip problems, is fueling market growth. However, high costs associated with hip replacement surgeries and potential complications are challenges that the market faces.

Segments and Related Analysis

By Type:

The hip replacement market can be segmented into total hip replacement, partial hip replacement, and revision hip replacement. Total hip replacement procedures account for the largest market share due to their effectiveness in treating severe hip conditions.

By Material:

The materials used in hip replacement procedures include metal-on-metal, metal-on-polyethylene, ceramic-on-metal, and ceramic-on-polyethylene. Each material has its unique benefits and is used based on the patient's needs and hip condition.

By End-User:

The hip replacement market is segmented based on end-users such as hospitals, orthopedic clinics, and ambulatory surgery centers. Hospitals dominate the market share due to the availability of advanced infrastructure and skilled healthcare professionals.

By Region Analysis

North America:

North America leads the global hip replacement market, primarily driven by the presence of advanced healthcare facilities, high healthcare expenditure, and a large geriatric population. The United States and Canada are major contributors to the region's market growth.

Europe:

Europe is another significant market for hip replacements, with countries like Germany, the UK, and France playing a key role. The region's well-established healthcare infrastructure and growing awareness about hip replacement procedures contribute to market growth.

Asia Pacific:

The Asia Pacific region is witnessing rapid growth in the hip replacement market due to the increasing prevalence of hip-related disorders, improving healthcare infrastructure, and rising disposable incomes. Countries like China, India, and Japan are driving market expansion in the region.

Latin America:

Latin America is also showing growth potential in the hip replacement market, with countries like Brazil and Mexico leading the way. The region's expanding healthcare sector and growing investment in orthopedic surgeries are key factors driving market growth.

Middle East and Africa:

The Middle East and Africa region are witnessing increasing demand for hip replacement procedures due to the rising elderly population and the prevalence of hip disorders. Countries like Saudi Arabia, South Africa, and the UAE are key markets in the region.

Key Market Players and Competitive Landscape

Major players in the hip replacement market include Johnson & Johnson, Stryker Corporation, Zimmer Biomet Holdings, Inc., Smith & Nephew PLC, and others. These companies are focusing on strategic collaborations, product innovations, and geographical expansions to strengthen their market position and gain a competitive edge.

Recent Happenings in the Hip Replacement Market

In recent developments, Johnson & Johnson announced the launch of a new line of advanced hip replacement implants, designed to provide better durability and improved patient outcomes. Stryker Corporation acquired a leading orthopedic technology company to expand its product portfolio in the hip replacement market. These developments indicate the ongoing efforts of key players to enhance their offerings and meet the evolving needs of patients undergoing hip replacement surgeries.