Hip Replacement Market Size & Share, by Product (Total, Partial, Revision, Hip Resurfacing); Material (Metal-On-Metal, Metal-On-Polyethylene, Ceramic-On-Polyethylene, Ceramic-On-Metal, Ceramic-On-Ceramic); End-user (Hospitals, Orthopedic Clinics, Ambulatory Surgery Centers) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 4440
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Hip Replacement Market size is estimated to cross USD 10 Billion by the end of 2033, growing at a CAGR of 6% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of hip replacement was over USD 7 Billion. The growth can be attributed to rising prevalence of osteoarthritis in the population owing to any kind of accident, mishap or injury. Despite the existence of more than 100 different kinds of arthritis, osteoarthritis (OA), which affects approximate 30 million US adults, is the most widespread variety.

Also there has been growing incidence of hip injuries owing to the number of accidents taking place including road accidents and sport injuries. As a result, the hip replacement surgeries is expected to considerably grow in the forecast period. Approximate, 1200 road crashes take place every day in India. Also the Journal of the American Academy of Orthopaedic Surgeons reports that athletic hip injuries make up around 6% of all sports injuries and are becoming more common.


Hip-Replacement-Market
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Hip Replacement System Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Geriatric Population - With ageing, the body might alter, which can also affect the health. One part of the body where changes can occur over time and cause chronic pain and even disability is the hips. Hence owing to this factor the hip replacement market is expected to grow over the forecast period. According to the National Institutes of Health, Over the next three decades, the number of Americans aged 65 and older is expected to nearly double, rising from 48 million to 88 million by 2050.
  • Growth in Spending over Healthcare - The study demonstrated by World Health Organization shows that between 2000 and 2018, global health spending increased steadily, reaching USD 8.3 trillion, or 10% of global GDP.
  • Growing Prevalence of Rheumatoid Arthritis - The most prevalent type of autoimmune arthritis is RA. More than 1 million Americans are impacted by it.
  • Increase in Number of Hip Fracture - Each year, approximately 76,000 hip fractures occur in the United Kingdom.
  • Rise in Number of Individuals Suffering from Degenerative Diseases - According to the World Health Organization, almost 10 million new cases of dementia are diagnosed each year, and there are already over 55 million people living with the condition worldwide.

 Challenges

  • Side Effects of Replacement Surgeries - Owing to the device defects people are expected to suffer various side effects including allergic reactions, metal poisoning, infection, bone lose, and more. Hence owing to this factor the market is expected to be retrained during the forecast period.
  • High Price of the Procedure
  • Stringent Government Regulation

Hip Replacement Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

6%

Base Year Market Size (2022)

USD 7 Billion

Forecast Year Market Size (2033)

 USD 10 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa
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Hip Replacement Devices System Segmentation

End-user (Hospitals, Orthopedic Clinics, Ambulatory Surgery Centers)

The global hip replacement market is segmented and analyzed for demand and supply by end user into hospitals, orthopedic clinics, and ambulatory surgery centers. Out of which, the orthopedic clinics segment is estimated to garner the largest revenue by the end of 2033, backed by increasing orthopedic surgeons, rising number of hospitals, people suffering from leg problems and other factors. According to the National Library of Medicine, the number of distinct orthopedic surgeons increased from 21,216 in 2012 to 21,553 in 2020, a 1.6% rise, over those years.

Our in-depth analysis of the global market includes the following segments:

        By Product

  • Total Hip Replacement
  • Partial Hip Replacement
  • Revision Hip Replacement
  • Hip Resurfacing

        By Material

  • Metal-On-Metal
  • Metal-On-Polyethylene
  • Ceramic-On-Polyethylene
  • Ceramic-On-Metal
  • Ceramic-On-Ceramic

        By End - User

  • Hospitals
  • Orthopedic Clinics
  • Ambulatory Surgery Center

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Hip Replacement Devices System Industry - Regional Synopsis

North America Market Forecast

The North America hip replacement market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033, owing to rising number of hip arthroplasty, high expenditure on health expenditure, growth in healthcare sector, increasing disposable income and other factors. A total of almost 2.4 million hip and knee surgeries—representing an 18.3% increase in total procedural volume compared to that in 2020—were reported in the yearly report from more than 1150 facilities. This equates to a 40% capture rate of the entire annual volume of total joint arthroplasty (TJA) performed in the United States.

Research Nester
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Companies Dominating the Hip Replacement Devices System Landscape

top-features-companies
    • Zimmer Biomet
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Johnson & Johnson Private Limited
    • Stryker Corporation
    • Smith & Nephew
    • B. Braun SE
    • Wright Medical Group N.V.
    • Corin Group
    • Exactech, Inc.
    • DJO LLC
    • Waldemar Link GmbH & Co. KG

In-the-news

In The News

  • Navbit, an Australian startup, and Johnson & Johnson Private Limited have announced a strategic partnership to advance smartphone-inspired technology in hip replacement surgery.

  • At the American Academy of Orthopedic Surgeons (AAOS) 2022 Annual Meeting in Chicago, Stryker Corporation’s Joint Replacement Division introduced the Insignia Hip Stem, which was designed to optimize patient fit and surgeon ease of implantation in muscle-sparing approaches for total hip and hemiarthroplasty procedures.

Author Credits:  Radhika Gupta, Shivam Bhutani


  • Report ID: 4440
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving the growth of the market are growing geriatric population, growth in spending over healthcare, growing prevalence of rheumatoid arthritis, and others.

The market is anticipated to attain a CAGR of 6% over the forecast period, i.e., 2023-2033.

Side effects of replacement surgeries, high price of the procedures, and stringent government regulation are some of the major factors expected to hinder the growth of the market.

The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are Zimmer Biomet, Johnson & Johnson Private Limited, Stryker Corporation, Smith & Nephew, and more.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by product, material, end user, and by region.

The orthopaedic clinics segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Hip Replacement Market Report Scope
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