Hip Replacement Market Report

Market Insights

The Hip Replacement market is projected to grow from USD 7.1 billion in 2020 to USD 9.3 billion by 2026 at a CAGR of around 4.6% during the forecast period.

Figure: Hip Replacement Market Size, 2020-2026 (USD Billion)

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What is 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. 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 the 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 is likely to hamper the market growth.

Segments' Analysis

End-User Trends

By end-user, the hip replacement market has been bifurcated into hospitals, orthopedics clinics, and ambulatory surgical centers. Under these, the hospitals' segment accounted for the largest market share in 2020 and is 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.

Regional Trends

By region, the market in North America accounted for the largest market share in 2020 and is projected to grow at a significant CAGR during the assessment period. The regional growth is primarily attributed to 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.

COVID-19 Impact on Hip Replacement Market

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.

Critical Questions Answered in the Report

• What are the key trends in the Hip Replacement market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the Hip Replacement market?
• What are the key strategies adopted by the major vendors to lead in the Hip Replacement market?
• What is the market share of the top vendors?

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Target Audience

Here is the list of the group of customers that the hip replacement market hopes to have the greatest opportunity to convert-

• Hip replacement distributors
• Hip replacement suppliers
• Hip replacement manufacturers
• Logistics organizations
• Government bodies

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