Hip Replacement Market Analysis | 2022-2028

Market Insights

"The global hip replacement market was valued at USD 7 billion in 2021 and is projected to reach USD 9.39 billion by 2028, registering a CAGR of 4.30% during the forecast period."

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What is a hip replacement?

Hip replacement is defined as a surgical procedure to replace a hip joint with a prosthetic implant. The surgery can be performed either as a total replacement or hemi (half) replacement. The surgery is performed to relieve pain caused due to arthritis or fracture in the hip bone. Based on the product, hip replacement can be categorized as total hip replacement implant, partial hip replacement implant, hip resurfacing implant, and revision hip replacement implant.

Key Players

Key players operating in the hip replacement market are:

• Zimmer Biomet (US)
• Johnson & Johnson (US)
• Stryker Corporation (US)
• Smith & Nephew plc (UK)
• MicroPort (China)
• Exactech, Inc. (US)
• OMNI life science, Inc. (US)
• B. Braun (Germany)
• DJO Global, Inc. (US).

Market Dynamics

The growth of the hip replacement market is primarily driven by the rising number of people suffering from arthritis and obesity. The expanding geriatric population and increasing incidences of accidental injuries are expected to propel the market growth at a significant rate during the review period.

Additionally, increasing spending on R&D activities to advanced hip implant procedures is likely to create lucrative opportunities for market players during the review period. However, the high cost of hip replacement and lack of awareness among consumers regarding hip replacement in rural areas are likely to hamper market growth.

COVID-19 Impact

The outbreak of the COVID-19 virus has affected the growth of the healthcare industry significantly. Stringent lockdown measures and restricted movement of people affected the product supply for a short period and thus, affected the market growth.

Opportunities:

The hip replacement industry has opportunities to grow in many areas, including the rise in the number of people with arthritis worldwide, developed, high-quality surgical procedures and modular implants. Important substitute measures for this should include generating additional hip revisions for the portfolio, getting approval from FDA for more advanced hip replacement systems, personal online education programs and a communication channel between the patients and orthopedic physicians The faster growth is mainly due to tie-ups, mergers/acquisitions, and collaborations with industry leaders and funds spent on research and development. Over the challenges that help the sector to develop as a whole, the rivalry in America and Europe is predicted to be the fiercest.

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Segment Analysis

End-User Trends

"The hospital segment accounted for the largest market share."

The hip replacement market has been bifurcated into hospitals, orthopedic clinics, and ambulatory surgical centers. Under these, the hospitals segment more than 80% of the market share in 2021 and are projected to register significant growth during the review period. The segment growth can be attributed to the presence of required healthcare infrastructure and skilled healthcare staff.

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Regional Insights

"North America accounted for the largest market share."

The market in North America accounted for the largest market share in 2021 and is projected to grow at a significant CAGR during the assessment period. The regional growth is primarily attributed to the high demand for advanced hip replacement procedures, expanding geriatric populace, and the presence of key market players such as Zimmer Biomet (US) and Johnson & Johnson (US). The market growth in the Asia-Pacific region is expected to be driven by rising incidences of arthritis.

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Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

What deliverables will you get in this report?

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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