The global hip replacement implants market was estimated at USD $5.50 billion in 2022 and it is expected to surpass around USD $10.13 billion by 2032, poised to grow at a CAGR of 6.30% from 2023 to 2032.
Key Pointers
- The total hip replacement implants segment continued to hold the highest market share of 37.5% in 2022 due to the growing number of total hip replacement surgeries across the globe.
- The metal-on-polyethylene segment accounted for the largest market share of 30.8% since metal-on-polyethylene is among the most affordable implant materials.
- The ceramic-on-polyethylene segment is anticipated to experience the highest CAGR of 6.9% during the forecast period.
- The hospitals and surgery centers segment held the highest market share of 69.3% in 2022.
- The orthopedic clinics segment is expected to experience the highest CAGR of 6.9% over the forecast period.
- North America dominated the market in 2022 with a revenue share of 45.6%, owing to the rising prevalence of osteoarthritis and the increase in hip replacement surgeries in North America.
- Asia Pacific is expected to witness lucrative growth with a CAGR of 9.9% over the forecast period.
Report Scope of The Hip Replacement Implants Market:
| Report Coverage | Details |
| Market Size In 2022 | USD $5.50 Billion |
| Revenue Forecast By 2032 | USD $10.13 Billion |
| Growth Rate From 2023 to 2032 | 6.30% |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Segments Covered | Product, Material, End-Use |
| Market Analysis (Terms Used) | Revenue In USD Million/Billion And CAGR From 2023 To 2032 |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Key Companies Profiled | Zimmer Biomet; Johnson & Johnson; Stryker Corporation; Smith & Nephew plc; MicroPort Scientific Corporation; Exactech, Inc.; OMNIlife Science, Inc.; B. Braun Melsungen AG; DJO Global, Inc.; Aesculap Implant Systems, LLC; ConMed Corporation |
The rising incidence of obesity, hip injuries, and osteoarthritis drive the market growth. For instance, according to a World Health Organization (WHO) study in 2021, there were 528 million osteoarthritis patients worldwide. WHO estimates that by the year 2050, there will be 130 million osteoarthritis patients worldwide and 40 million people disabled due to the disease. Since cases of osteoarthritis have increased, there is likely to be an increased demand for hip replacement surgeries and the need for hip replacement implants, which will contribute to the market growth further.
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Other factors, such as a growing geriatric population and an increasing prevalence of hip fractures, are expected to drive the hip replacement implants market’s growth over the forecast period. For instance, according to a report from the UN’s Department of Economic and Social Affairs titled “World Population Ageing 2020 Highlights,” in 2020, there were 727 million people worldwide who were 65 or older. That number is expected to rise to over 1.5 billion in 2050. Additionally, the number of people over 65 is expected to rise globally from 9.3% in 2020 to around 16.0% in 2050. The growing incidence of osteoarthritis in elderly people is also anticipated to positively impact the growth of the market.
Growing awareness and increasing accessibility of hip surgical solutions are boosting the procedural volume. The average age of Americans undergoing hip replacements is also increasing, thereby, recording a surge in procedural volumes. As per a national study by the American Academy of Orthopedic Surgeons, the average age of patients undergoing hip replacements has decreased to just under 65, owing to new joint replacement techniques & technologies such as direct anterior approach for hip replacement, image-guided surgery, and cement-less technology for hip replacement. With an increasing prevalence of diabetes and obesity in the U.S., there is also an increased need for surgery at younger ages. Furthermore, the increased number of young people suffering from degenerative diseases will continue to increase the demand for hip replacement implants over the forecast period.
Favorable reimbursement policies also contribute to market growth. For example, as per the Patient Protection and Affordable Care Act (PPACA), the range of coverage provided by insurance companies in orthopedic devices is growing, thus enabling more patient access. In recent years, both the public sector (such as the CMS) and commercial insurance providers have adequately covered orthotics and prosthetics.
The COVID-19 pandemic negatively impacted the market to a great extent due to the decline in these surgeries across the globe. A study titled “The effect of the COVID-19 pandemic on revision total hip and knee arthroplasty at a large academic hospital network” reported in November 2021, discovered that there was a 6.80% reduction in revision total hip arthroplasty due to the uncertainty of COVID-19 infections, which significantly affected the market. Additionally, fewer surgeries were performed for hip replacements as a result of COVID-19 infections, which negatively impacted the market. However, due to the regained stability post-pandemic, the market is anticipated to witness growth during the research period.
Global Hip Replacements Implants Market Report Segmentation:
Product
- Total Hip
- Partial Femoral Head
- Hip Resurfacing
- Revision Hip
Material
- Metal-on-Metal
- Metal-on-Polyethylene
- Ceramic-on-Polyethylene
- Ceramic-on-Metal
- Ceramic-on-Ceramic
End-use
- Orthopedic Clinics
- Hospitals & Surgery Centers
- Others
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