The global hip replacement implants market size is projected to reach USD 7.8 Billion by the year 2026, advancing at a CAGR of 4.7% during the forecast period, as per a new report by Grand View Research, Inc. The increasing prevalence of osteoarthritis & osteoporosis among the global population are expected to positively affect the market in the coming years. The Osteoarthritis Research Society International has stated that around 130 million people globally will suffer from OA by 2050. Additionally, there has been a continued increase in the geriatric population, with data from WHO stating that the number of people above 60 years of age is expected to cross 2 billion by 2050, causing an exponential increase in demand for hip replacement procedures over the coming years.
The increasing adoption of minimally invasive surgeries coupled with availability of a variety of advanced treatment options is a key factor driving the market. Major market players are striving to introduce innovative products and technologies into the market, which has created a positive growth environment for the market. There has been a substantial increase in the use of non-metal materials such as ceramic and polymer, which has helped patients in avoiding the issues brought on by the use of conventional metallic devices. Along with private organizations, the governments of various countries have also introduced various policies and reimbursement programs, which have provided an impetus to the hip replacement implants market.
The global hip replacement implants market has been broadly classified on the basis of product, application, and end-use. In terms of product, the market is classified into total hip, revision hip, hip resurfacing, and partial femoral head. With regards to application, the market is segmented into Metal-on-Metal, Metal-on-Polyethylene, Ceramic-on-Polyethylene, Ceramic-on-Metal, and Ceramic-on-Ceramic. While orthopedic clinics, and hospitals & surgery centers, among others, are the key end-use segments in the industry. Some of the major companies involved in the designing and manufacturing of hip replacement products include Zimmer Biomet Holdings, Inc.; Stryker Corporation; Johnson & Johnson; MicroPort Scientific Corporation; Smith & Nephew plc; and DJO Global, Inc.
Hip Replacement Implants Market Report Highlights
1 Some of the most common conditions that require hip replacement procedure to be performed include osteoarthritis, rheumatoid arthritis, osteonecrosis, hip fractures, and bone tumors
2 According to the Arthritis Foundation, estimates state that by 2040, there will be around 78.4 million people in the United States with doctor-diagnosed arthritis
3 According to data by CDC, hip fractures are a very common occurrence among older adults, with more than 300,000 people aged 65 or more in the US being hospitalized due to such issues every year; this is a major factor contributing to the growing demand for hip replacement procedures
4 Increasing number of sports injuries & road traffic accidents are driving demand for total replacement surgeries; as per data from the WHO, there are 20 to 50 million non-fatal injuries due to road accidents, which offers a significant growth opportunity to the hip replacement implants industry
5 According to OECD data, hip replacement is one of the most common procedures performed globally, with the OECD countries witnessing an increase of 30% between 2007 and 2017, when it comes to hip replacement procedures
6 Total hip implants accounted for the largest revenue share as of 2018, owing to technological advancements and growing adoption. As per the National Joint Registry for England, 90% of total hip replacement procedures were performed for osteoarthritis in the U.K. in 2016
7 However, with regards to total hip replacement, researchers from Denmark have found that hip dislocations are much higher for people undergoing this procedure, with findings showing that within 2 years, this rate stood at 3.5%, which was 50% higher than earlier estimates; this is expected to impede the segment growth in coming years
8 Metal-on-polyethylene (MOP) held the largest share of material segment due to its minimal surgical risk and negligible post-surgery complications, along with economical costs associated with it
9 Hospitals & surgery centers held the largest revenue share of end-use segment due to maximum number of surgeries performed within these facilities, along with the presence of latest technologies in these institutes
10North America led the market in 2018, due to supportive government initiatives and presence of a large number of industry players, along with the high occurrence rates of sports- and road traffic-related injuries. As per data from the Agency for Healthcare Research and Quality, the US witnesses more than 450,000 total hip replacements each year
11Asia Pacific is anticipated to witness lucrative growth due to increase in the target population on account of the exponential growth in the geriatric population, and the booming medical tourism industry
12Industry players compete for higher market share through strategies such as acquisition and new product launches; for example, in September 2020, Smith+Nephew announced its planned acquisition of the Extremity Orthopedics business of Integra LifeSciences
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Hip Replacement Implants Market Segmentation
Grand View Research has segmented the global hip replacement implants market on the basis of product, application, end use, and region:
Hip Replacement Implants Product Outlook (Revenue, USD Million, 2014 – 2026)
· Total Hip
· Partial Femoral Head
· Hip Resurfacing
· Revision Hip
Hip Replacement Implants Application Outlook (Revenue, USD Million, 2014 – 2026)
Hip Replacement Implants End-use Outlook (Revenue, USD Million, 2014 – 2026)
· Orthopedic Clinics
· Hospitals & Surgery Centers
Hip Replacement Implants Regional Outlook (Revenue, USD Million, 2014 – 2026)
· North America
· Asia Pacific
· Latin America
· Middle East & Africa
o South Africa
o Saudi Arabia
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