Hip Replacement Market Size to Grow USD 8.6 Billion, Globally, by 2031 at 4.0% CAGR

Hip replacement is a surgical procedure in which the hip joint is replaced by a prosthetic implant, that is, a hip prosthesis. These hip implants are made up of metal, ceramic and plastic. The growth of the global hip replacement market is majorly driven by the increase in incidences of hip injuries owing to road accidents & sport related injuries and rise in number of surgical procedures. For instance, according to U.S. Department of Transportation’s National Highway Traffic Safety Administration (NHTSA), in 2020, estimated 38,680 people died in motor vehicle traffic crashes. In addition, increase in awareness about hip replacement procedures and rise in healthcare expenditures of people contribute to the growth of market.

The global hip replacement industry was estimated at $5.9 billion in 2021, and is anticipated to hit $8.6 billion by 2031, registering a CAGR of 4.0% from 2022 to 2031.

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Determinants of growth-

Rise in R&D activities for advancements in hip replacement surgeries and increase in product launches & product approvals drive the growth of the global hip replacement market. Moreover, integration of advanced navigation system and robotics with surgical operations has supplemented the growth even more. Simultaneously, surge in number of surgical procedures and spike in access to health care facilities have created lucrative opportunities in the industry.

The total hip replacement segment to dominate by 2031-

By procedure, the total hip replacement segment contributed to nearly one-third of the global hip replacement market share in 2021, and is expected to lead the trail by 2031.  Rise in the prevalence of osteoarthritis and increase in number of the geriatric population drive the segment growth. The revision hip replacement segment, on the other hand, is expected to exhibit the fastest CAGR of 4.7% from 2022 to 2031, owing to rise in adoption of hip implants and product launches in the market.

The metal-on-polyethylene segment to maintain the lion's share-

Based on material, the metal-on-polyethylene segment generated around one-third of the global hip replacement market revenue in 2021, and is expected to lead the trail by 2031. Increasing prevalence of bone disorders and surge in incidence of road accidents fuel the segment growth. The ceramic-on-polyethylene segment, however, would manifest the fastest CAGR of 4.5% from 2022 to 2031, due to advantage of ceramic & plastic over metals and advancements in hip implants.

The hospitals segment to lead the trail-

Based on end-user, the hospitals segment held more than half of the global hip replacement market revenue in 2021. The same segment would also garner the fastest CAGR of 4.3% during the forecast period. Increase in healthcare expenditure and rise in number of hospitals across the world fuel the segment growth.

Key players in the industry-

• Colfax Inc
• Conformis Inc
• B. Braun Melsungen AG
• Gruppo Bioimpianti s.r.l.
• Stryker Corporation
• Johnson & Johnson
• Zimmer Biomet Holdings Inc
• Kyocera Corporation
• Corin Group PLC
• Exactech Inc
• Globus Medical Inc
• Integra LifeSciences
• Medacta International
• Merete
• MicroPort Scientific Corporation
• Smith & Nephew PLC

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the hip replacement market analysis from 2021 to 2031 to identify the prevailing Hip Replacement Market opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the hip replacement market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global hip replacement market trends, key players, market segments, application areas, and market growth strategies.