• Blog
  • Hip Replacement Implant Market Forecast | 2023-2028

    Hip Replacement Implant Market Forecast | 2023-2028

    Hip Replacement Implant Market Forecast | 2023-2028
    Report code - SR1791 Delivery - 2 Weeks
    Hip Replacement Implant Market Size, Share & Forecast Analysis: 2023-2028
    See more...

    Market Insights

    The hip replacement implant market is estimated to grow from USD 7.09 billion in 2022 to USD 9.47 billion by 2028 at a healthy CAGR of 4.89% during the forecast period.

    Hip Replacement Implant Market Size

    Wish to get a Free Sample? Register Here.

    What is a hip replacement implant?

    A hip replacement is known as a kind of surgery in which a damaged or injured hip joint is replaced with an artificial implant. It is used when mobility is reduced, and the pain is witnessed even while resting. These are created by plastic, metal, or ceramic. Hip implants are medical devices that are developed to recover mobility and ease pain that is associated with arthritis and other hip diseases or injuries.

    Hip Replacement Implant Market Reports Overview

    Market Size in 2028

    USD 9.47 Billion

    Market Size in 2022

    USD 7.09 Billion

    Market Growth (2023-2028)

    CAGR of 4.89%

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Covid-19 Impact Analysis

    The COVID-19 pandemic has positively influenced the hip replacement implant industry. The rapid spread of COVID-19 has resulted in several thousands of hospital admissions. Amid the pandemic, the response varied across the globe in the timing & severity of public health measures performed to hold the disease spread

    Key Players

    The following are some of the key players operating in the hip replacement implant market-

    • Zimmer Biomet (US)
    • DePuy Synthes (US)
    • Stryker (US)
    • Smith and Nephew (UK)
    • B.Braun Melsungen AG (Germany)
    • Corin (US)
    • Waldemer Link GmbH & Co. KG (Germany)
    • Wright Medical Group N.V. (US)
    • Arthrex, Inc. (US)
    • Conformis (US)

    Merger & Acquisition:

    On 1st May 2023, Zimmer Biomet announced that it had reached a definitive agreement to acquire Ossis, a maker of personalized 3D-printed implants. The company boasts rapid design and production of personalized implants. Combining Ossis’s more than 16 years of clinical experience and engineering expertise with Zimmer Biomet’s extensive network demonstrates ZB’s commitment to providing personalized experiences and bringing transformative med tech advancements to patients in need.

    Market Dynamics

    The hip replacement implant market is driven by a host of factors, some of which are noted below:

    • Technological developments have resulted in the development of customized hip replacement implants and risk-free surgeries.
    • Surgeon experience & implantation technique, device design features, and individual patient characteristics such as age, sex, weight, and activity level.
    • Hip replacements enable millions of people to retrieve mobility as well as find comfort from joint pain.
    • The presence of cheaper and more affordable healthcare facilities in developed countries and technological developments in non-invasive surgeries is one of the factors driving the market.
    • The emerging use of non-metal materials, such as polymer and ceramic, is expected to eliminate the problems with conventional devices, that is increased number of metallic ions in the bloodstream of the patients and decaying implants over time.
    • The hospital stay has been reduced to less than 4 days post-surgery with newer operating techniques for hip replacement surgery.
    • The revenue is expected to have a positive impact over the forecast period by the increasing number of younger individuals suffering from degenerative diseases.
    • Robot-assisted surgeries have been increasing and hence the success rate of minimally invasive surgery has been increasing.

    Hip Replacement Implant Market Snapshot

    To get the full scope of the report, Register Here.

    Opportunities:

    • An increasing prevalence of hip arthritis: Hip arthritis is a chronic disorder that affects the hip joint and results in pain, stiffness, and a loss of function. It is one of the most frequent reasons for hip replacement surgery. Due to the aging population and growing obesity rates, it is anticipated that the prevalence of hip arthritis will rise in the upcoming years.
    • Increasing population age: Hip arthritis is becoming more common as the world's population starts aging. Hip arthritis is more prevalent in people over 65, and the number of people in this age range is anticipated to rise dramatically in the upcoming years.
    • Increasing demand for minimally invasive surgeries: For hip replacement surgery, minimally invasive procedures are becoming more common. Compared to more typical open operations, these procedures are associated with quicker recovery times and less discomfort.

    Challenges:

    • Cost of hip replacement surgery: The expense of hip replacement surgery may be a deterrent for some patients. Depending on the nation, the implant type, and the surgeon, operation costs might change.
    • Longer recovery time: Recovery from hip replacement surgery is frequently prolonged. After surgery, patients might need to spend a few days in the hospital and may need crutches or a walker for a few weeks.
    • Complications: There is always a chance of problems with major surgeries like hip replacements. Infections, blood clots, and nerve injuries are a few examples of these consequences.

    Segment Analysis

    Product Trends

    The market has been classified into total hip, partial femoral head, hip resurfacing, and revision hip. Under these total hip replacement accounted for the largest market share in 2022 & is estimated to remain dominant during the forecast period. 

    Owing to the growing demand for minimally invasive surgeries and various continuing technological advancements, total hip implants held the largest market share as of 2021. Moreover, increasing cases of osteoarthritis are another major driver for the market.

    End-Use Trends

    The market has been classified into orthopedic clinics, hospitals & surgery centers, and others. The hospitals & surgery centers segment accounted for the largest market share in 2022 & is expected to remain the largest market for hip replacement implants during the forecast period

    A growing number of hip implant companies are within these facilities. These centers are equipped with the latest technologies as well as skilled healthcare professionals, thus bolstering segment growth.

    Regional Insight

    The North American market accounted for the highest share in 2022 and is expected to grow at a robust CAGR during the review period. The market growth is mainly attributed to favorable healthcare infrastructure as well as the presence of key industry participants. Moreover, favorable reimbursement policies for patients are likely to increase the number of surgeries, thus augmenting the market growth.

    hip replacement implant market By Region

    Want to know which region offers the best growth opportunities, Register Here.

    The Asia Pacific is expected to grow at a healthy CAGR during the review period due to increasing healthcare expenditure in emerging countries and the rising elderly population, which have a strong risk of developing osteoporosis, osteoarthritis, bone injuries, and growing incidence of obesity, further bolsters the regional market growth.

    Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The hip replacement implant market is segmented into the following categories. 

    By Product

    • Total Hip
    • Partial Femoral Head
    • Hip Resurfacing
    • Revision Hip

    By End-Use

    • Orthopedic Clinics
    • Hospitals & Surgery Centers
    • Others

    By Region

    • North America (Country Analysis: The USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
    • Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and Rest the of Asia-Pacific
    • Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

    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 the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the hip replacement implant market

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Target Audience

    The target audience of the market includes-

    • Hip Replacement Implant Vendors
    • Hip Replacement Implant Manufacturers
    • Hip Replacement Implant Distributors
    • Organizations
    • Government Bodies.

    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 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Customization Options

    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

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Recent Development

    On 10th January 2023, Exactech, with the novel JointMedica Polymotion®,  announced their first hip resurfacing surgery was successfully completed, which is based on a metal-on-polyethylene articulation. The patient's hip had a specific pathology that the historical metal-on-metal hip resurfacing implants were unable to treat. The Polymotion hip implant solved this but has yet to receive clearance from the U.S. Food and Drug Administration. The implant system will become available in targeted markets on a country-by-country basis following regulatory clearances.

    Frequently Asked Questions (FAQs)

    A hip replacement is known as a kind of surgery in which damaged or injured or hip joint is replaced with an artificial implant. It is used when the mobility is reduced, and the pain is witnessed even while resting. These are created by plastic, metal, or ceramic. Hip implants are medical devices which are developed to recover mobility and ease pain that is associated with arthritis and other hip diseases or injuries.

    The market is estimated to grow from USD 7.09 billion in 2022 to USD 9.47 billion by 2028.

    The market is estimated to grow at a healthy CAGR of 4.89% during the forecast period.

    The study period of this market report is 2017-2028.

    Key players operating in the Market are- Zimmer Biomet (US), DePuy Synthes (US), Stryker (US), Smith and Nephew (UK), B.Braun Melsungen AG (Germany), Corin (US), Waldemer Link GmbH & Co. KG (Germany), Wright Medical Group N.V. (US), Arthrex, Inc. (US), Conformis (US).

    The market is majorly propelled by technological developments have resulted in the development of customized hip replacement implants and risk-free surgeries. Also, surgeon experience & implantation technique, device design features, and individual patient characteristics such as age, sex, weight, activity level, and the overall health further boosts the market growth.

    The North American market accounted for the highest share in 2022 and is expected to grow at a robust CAGR during the review period.

    The target audience of the Market includes-Hip Replacement Implant Vendors, Hip Replacement Implant Manufacturers, Hip Replacement Implant Distributors, Organizations, Government Bodies.