Hip Replacement Market To Grow At a 5.1% CAGR During 2021-2030

Artificial implants, known as hip replacements, are used during surgical procedures to replace a hip that has been broken or damaged. Ceramics, metal, or plastic are used to make hip replacement implants. The market for hip replacements was $6.23 billion in 2021 and will reach $9.75 billion by 2023 at a strong CAGR of 5.1%.

The ongoing COVID-19 pandemic is a historic public health threat. This pandemic has reduced the number of hip arthroplasty procedures performed. One of the primary factors resulting in declining surgical procedures is the high risk of COVID-19 infection involved during the surgical procedure, as well as rising COVID-19 patient admissions in hospitals. For example, approximately 100,000 joint replacement surgeries were canceled in the United Kingdom during the first wave of COVID-19 in early 2020. Despite this, the industry is expected to grow significantly due to a decrease in the number of COVID-19 patients in some regions and the implementation of standard operating protocols in healthcare facilities. The government's initiatives to provide clinical emergency care to osteoarthritis patients have kept revenue growing.

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Market drivers

Increased demand for hip arthroplasty/replacement surgical procedures, osteoporosis and hip ailments, high prevalence of lower extremity conditions such as Osteoarthritis (OA), and an aging population are some factors driving the market growth. Furthermore, the availability of high-quality healthcare infrastructure in developed countries and advancements in non-invasive surgery technology makes it easier to drive market growth. According to the Osteoarthritis Research Society International, around 130 million people will have osteoarthritis by 2050.

Revenues in the industry are expected to increase during the forecasted period due to the number of younger people suffering from degenerative diseases. Furthermore, the increasing use of robot-assisted surgeries has accelerated the rate of success of minimally invasive procedures, which is encouraging.

Restraints

The complications related to implant use are a significant barrier to the growth of the global market in the ensuing years, as replacement surgery adoption is rising quickly. According to the lawsuits, the defective product gave patients serious side effects. Numerous individual cases and class actions have been brought against significant companies like Zimmer Biomet and Stryker due to the failure of orthopedic replacement devices.

Opportunities

The growing geriatric population is anticipated to provide players in the global hip replacement market with lucrative growth opportunities. 

Additionally, an increase in accidents is anticipated to support market expansion. For instance, in 2018, 10,511 fatalities were recorded in the United States, according to the 2018 Fatal Motor Vehicle Crashes: Overview by the National Highway Traffic Safety Administration, a U.S. federal agency.

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Segmentation analysis

• In 2020, the primary hip replacement devices segment was worth USD 4.98 billion. Primary hip replacement procedures provide benefits such as improved function, pain relief, and advanced quality of life, which will increase segment revenue in the coming years.
• The metal-on-plastic segment is expected to exceed USD 3.81 billion in 2020, owing to the benefits metal-on-plastic devices provide, such as durability, dependability, and an affordable alternative. Other advantages, such as technological advancements, fewer complications, and fewer wear particles, are increasing its popularity.
• In 2020, hospitals held more than 84% of the hip replacement market share. The high use of advanced hip replacement devices that provide better outcomes will drive patient preference for hospitals. Growing hospital admissions for various hip disorders and the availability of trained healthcare professionals will drive hospital demand for hip reconstruction devices.
• The United States dominated the North American hip replacement market, accounting for more than USD 3.23 billion in 2020, owing to several factors such as favorable reimbursement scenarios, increasing adoption of orthopedic surgeries, and the country's rising burden of hip-related ailments. Over 450,000 primary hip replacement procedures are performed in the United States each year, as per the Agency for Healthcare Research and Quality. Hip injuries from car accidents and falls are common causes of hip dislocation and necessitate hip reconstruction.

Market Analysis Of Different Segments Covered in the Report

• We have segmented the industry into:
• By Product type
• By Material type
• By End-User
• By Geography.

Product Type Analysis & Insights

• Total hip replacement implants
• Partial hip replacement implants
• Hip resurfacing implants
• Revision hip replacement implants

Material Type Analysis & Insights

• Metal-on-Metal(MoM)
• Metal-on-Polyethylene(MoP)
• Ceramic-on-Metal(CoM)
• Ceramic-on-Polyethylene(CoP)
• Ceramic-on-Ceramic(CoC)

End-User Analysis & Insights

• Hospitals & surgical centers,
• Orthopedic clinics
• Others
•  

Regional Analysis & Insights

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa.

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Major Players

Key global players manufacture the majority of hip replacement implants. Market leaders with more research funds and a better distribution system have established their market position. B. Braun Melsungen AG, Stryker Corporation, Johnson and Johnson, Smith & Nephew plc, MicroPort Scientific Corporation, and others are major market players.

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