IMARC Group, a leading market research company, has recently released a report titled “Hip Replacement Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” The study provides a detailed analysis of the industry, including the global hip replacement market size, share, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How Big is the Hip Replacement Market?
The global hip replacement market size reached US$ 7.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 11.6 Billion by 2032, exhibiting a growth rate (CAGR) of 4.52% during 2024-2032.
Factors Affecting the Growth of the Hip Replacement Industry:
- Demographic shifts:
The global population is aging, and this demographic shift is a significant driver of the hip replacement market. As people age, the likelihood of developing joint-related issues, including osteoarthritis, rheumatoid arthritis, and hip fractures, increases. These conditions often lead to severe pain and mobility issues, making hip replacement surgery a viable option to improve quality of life. The rising life expectancy and the baby boomer generation reaching retirement age contribute to a growing elderly population, which, in turn, increases the demand for hip replacement procedures. The World Health Organization estimates that by 2050, the number of people aged 60 years and older will double, reaching around 2 billion globally. This surge in the elderly population is expected to sustain the demand for hip replacement surgeries.
- Advancements in medical technology:
Technological advancements in medical devices and surgical techniques have greatly influenced the hip replacement market. Innovations such as minimally invasive surgical techniques, improved implant materials, and computer-assisted surgeries have made hip replacement procedures safer and more effective. Minimally invasive techniques result in smaller incisions, less tissue damage, and faster recovery times, making the procedure more appealing to patients. Additionally, advancements in implant materials, such as highly cross-linked polyethylene, ceramic, and metal-on-metal bearings, have increased the longevity and performance of hip implants. Computer-assisted surgery and robotic systems have also enhanced precision in implant placement, reducing complications and improving outcomes. These technological innovations not only enhance patient outcomes but also increase the confidence of healthcare providers in recommending hip replacement surgery.
- Increasing prevalence of musculoskeletal disorders:
The prevalence of musculoskeletal disorders, particularly osteoarthritis, is a major factor driving the hip replacement market. Osteoarthritis is the most common joint disorder globally and a leading cause of disability among older adults. It is characterized by the degeneration of joint cartilage and the underlying bone, leading to pain, stiffness, and reduced mobility. The increasing prevalence of obesity, a significant risk factor for osteoarthritis, further exacerbates the incidence of this condition. As the population becomes more sedentary and obesity rates rise, the burden of osteoarthritis and other musculoskeletal disorders is expected to grow, driving the demand for hip replacement surgeries. Additionally, hip fractures, often associated with osteoporosis in the elderly, are another critical factor contributing to the market's growth. The high incidence of hip fractures necessitates surgical intervention, frequently in the form of hip replacement surgery, to restore mobility and reduce pain.
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Hip Replacement Market Report Segmentation:
Breakup by Procedure:
- Total Hip Replacement
- Partial Hip Replacement
- Revision Hip Replacement
- Hip Resurfacing
Total hip replacement represents the largest segment as it is the most common and comprehensive solution for severe hip joint issues, providing complete joint replacement to restore function and relieve pain.
Breakup by Material:
- Metal on Metal
- Metal on Polyethylene
- Ceramic on Polyethylene
- Ceramic on Metal
- Ceramic on Ceram
Metal on polyethylene dominates the market because this combination offers a balance of durability, cost-effectiveness, and reduced wear, making it a popular choice among patients and surgeons.
Breakup by End User:
- Hospitals
- Orthopedic Clinics
- Ambulatory Surgery Centers
Hospitals account for the majority of the market share, providing specialized surgical facilities and comprehensive postoperative care, making them the preferred setting for hip replacement surgeries.
Breakup By Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)
North America leads the market, with its high prevalence of osteoarthritis, advanced healthcare infrastructure, and higher disposable income.
Global Hip Replacement Market Trends:
The growth of the hip replacement market is also driven by increased awareness and education about treatment options, leading to earlier diagnosis and intervention. Additionally, the rise in sports injuries and accidents resulting in hip damage has contributed to the demand for hip replacement procedures, especially among younger patients. Furthermore, expanding healthcare access in emerging economies, where improving medical infrastructure and government healthcare initiatives increase patient affordability and availability, is creating a positive outlook for market expansion.
Leading Companies Operating in the Global Hip Replacement Industry:
- B. Braun SE
- Conformis Inc.
- Corentec Co. Ltd.
- Corin Group
- DJO LLC (Enovis)
- Exactech Inc.
- Globus Medical Inc.
- Integra LifeSciences
- Johnson & Johnson
- Kyocera Corporation
- Medacta International SA
- MicroPort Scientific Corporation
- Smith & Nephew PLC
- Stryker Corporation
- Zimmer Biomet
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