Hip Replacement Implants Market Size, Share & Trends Analysis Report By Procedure (Total Hip, Partial Femoral Head, Hip Resurfacing, Revision Hip), By Material (Metal-on-metal, Metal-on-polyethylene, Ceramic-on-metal, Ceramic-on-polyethylene, Ceramic-on-ceramic), By End-User (Hospitals, Ambulatory Surgery Centers, Orthopedic Clinics, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Market Overview

The global hip replacement implants market size was valued at USD 5.89 billion in 2022 and is projected to reach USD 9.39 billion by 2031, registering a CAGR of 5.32% during the forecast period (2023-2031). The aging population and increasing prevalence of osteoarthritis are key drivers of the global hip replacement implant market.

The term "hip replacement implants market" refers to the global business of creating, distributing, and selling medical devices and artificial components specifically designed to replace a damaged or deteriorating hip joint. These implants are utilized in surgical procedures to alleviate pain, restore mobility, and enhance the overall quality of life for individuals grappling with hip joint conditions, such as arthritis, fractures, or other wear-and-tear ailments. This market encompasses a broad spectrum of implant materials, designs, and technologies, all geared toward providing effective and long-lasting solutions for patients with hip joint issues. It plays a vital role in healthcare, particularly as the world's population ages and more people seek ways to improve hip joint functionality.

Market Dynamics

Global hip replacement implants market drivers:

Rising prevalence of diseases

The hip replacement implant market is experiencing remarkable growth, primarily due to the growing prevalence of diseases like osteoarthritis worldwide. This growth surge is attributed to several factors. Firstly, increasing awareness of the advantages of robotically assisted medical procedures drives a rising demand for surgical treatments.

Secondly, the uptick in road accidents has contributed to the expansion of this market as more people require hip replacement surgeries. Lastly, the aging population and a desire for enhanced mobility and improved quality of life fuel the demand for hip replacement procedures and implants, ensuring sustained market growth.

Global hip replacement implants market restraints:

High cost associated with hip replacement implants

The hip replacement implants industry faces a significant hurdle in the form of the high costs associated with these implants, which encompass the actual implant and the surgical procedures involved. This financial burden places increasing pressure on healthcare systems and payers, driving a growing demand for more budget-friendly solutions. In response, manufacturers must navigate the delicate balance between pushing forward with innovative implant technologies and ensuring their affordability, all while meeting evolving market expectations and financial constraints. This challenge underscores the urgent need for the industry to develop cost-effective alternatives while upholding the highest standards of quality and performance.

Global hip replacement implants market opportunities:

Government investments in healthcare infrastructure

The hip replacement implants market is on the brink of a substantial growth phase, thanks to the federal government's significant boost in healthcare infrastructure investments. This infusion of funding is expected to greatly accelerate the market's growth rate. The healthcare industry is experiencing significant growth, which may be attributed to the joint endeavors of public and private entities, particularly in emerging economies. This creates a promising landscape filled with opportunities for market growth. Moreover, the market stands to benefit from attractive investment returns, a testament to the promising outcomes of ongoing research efforts.

Regional Analysis

Based on region, the global hip replacement implants market analysis is conducted across North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.

North america dominates the global market

North America is the most significant global market shareholder and is anticipated to grow significantly during the forecast period. In 2022, the hip replacement implants market saw a significant boom in North America, securing a 45.6% revenue share. This remarkable growth can be attributed to two key factors, i.e., the increasing prevalence of osteoarthritis and a concurrent uptick in hip replacement surgeries across the region. In January 2022, the SingleCare team released an arthritis study that shed light on the prevalence of osteoarthritis in the United States in 2020. Notably, 62% of those affected were female. This rising number of osteoarthritis cases is expected to stoke the demand for hip replacement procedures and the necessary implants in the foreseeable future.

Furthermore, the market also received a boost from intensified research and development efforts to enhance hip replacement surgeries and secure regulatory approvals. A prime example is the FDA's decision in May 2022 to designate JointMedica's Polymotion hip resurfacing system as a Breakthrough Device, underscoring the industry's commitment to innovation and expansion.

Europe is predicted to expand substantially over the forecast period. The European market for hip replacement implants is experiencing significant expansion due to many factors. There's a growing demand for minimally invasive and personalized hip replacement surgeries, with the help of cutting-edge technologies like robot-assisted surgery, 3D printing, and artificial intelligence, improving patient outcomes and efficiency. Europe's market is further strengthened by the presence of major industry players like Zimmer Biomet, Stryker, Smith & Nephew, DePuy Synthes, and B. Braun Melsungen, who are actively investing in research and development, product innovation, and expanding their distribution networks.

Additionally, favorable reimbursement policies and government initiatives, such as the European Union's Digital Single Market strategy, promote digital health and enhance access to orthopedic care. The market's segmentation by type, surgical approach, fixation approach, end-user, and country reveals Germany as the largest market, driven by a high incidence of hip disorders, a sizable elderly population, a well-developed healthcare system, and major industry players. In addition, the UK and France are also experiencing significant growth due to their adoption of innovative technologies, government support, and favorable reimbursement policies. Meanwhile, Spain, Italy, and the rest of Europe are poised for growth, thanks to healthcare infrastructure development and expanding distribution networks.

The Asia-Pacific hip replacement implants market is experiencing robust growth, primarily driven by several significant factors. First and foremost, there's a notable increase in the prevalence of hip-related disorders like osteoarthritis, rheumatoid arthritis, and osteoporosis, largely due to the aging population in the region. The World Health Organization's projection of substantial growth in individuals aged 60 and above in Asia-Pacific underscores the growing demand for hip replacement surgeries. Additionally, there's a clear trend towards minimally invasive and personalized hip replacement procedures facilitated by cutting-edge technologies such as robot-assisted surgery, 3D printing, and artificial intelligence, all of which promise better patient outcomes and quicker recovery times.

Furthermore, the expanding awareness and accessibility of orthopedic care, particularly in developing countries like China, India, and Indonesia, further propels market growth. Government initiatives promoting digital health and upgrading healthcare infrastructure significantly contribute to this expansion. Lastly, the presence of major market players like Zimmer Biomet, Stryker, Smith & Nephew, DePuy Synthes, and B. Braun Melsungen, who are actively investing in research and development, product innovation, mergers and acquisitions, and the expansion of distribution networks, further solidifies Asia-Pacific's position as a thriving hub for hip replacement implants.

The Middle East Africa and Latin America region is expected to expand significantly during the forecast period. Due to several key factors, the hip replacement implants market has seen steady growth in the Middle East and Africa. The region's aging population and the increasing prevalence of conditions like osteoarthritis have driven the demand for hip replacement surgeries. Alongside this, improvements in healthcare infrastructure and rising awareness of the benefits of hip replacements have further fueled market expansion. Similarly, a comparable trend in Latin America has been witnessed, with a growing elderly population and a rise in musculoskeletal disorders contributing to increased demand.

Both regions have also benefited from advancements in implant materials and surgical techniques, improving the success rates of these procedures. However, it's worth noting that economic disparities, limited access to advanced healthcare in some areas, and regulatory hurdles may challenge growth in certain regions. Nevertheless, the Hip Replacement Implants industry in the Middle East, Africa, and Latin America appears poised for continued expansion as it addresses the growing need for enhanced mobility and improved quality of life among their populations.

Segmental Analysis

The global hip replacement implants market is segmented based on procedure, material, and end-users.

Based on procedure, the global hip replacement implants market is segmented into total hip, partial femoral head, hip resurfacing, and revision hip.

The total hip segment dominates the global market and is expected to expand significantly during the forecast period. The total hip replacement segment primarily led the hip replacement market, which is projected to continue throughout the forecast period. This enduring dominance can be attributed to ongoing advancements in hip replacement techniques and the increasing prevalence of orthopedic ailments necessitating such procedures.

Additionally, promising growth is on the horizon for the revision hip replacement segment, driven by a growing acceptance of hip implants and a wave of new product launches within the market. As patients and healthcare providers increasingly seek innovative solutions, the hip replacement market is set to undergo significant transformation, offering fresh opportunities for progress and enhanced patient care.

Based on material, the global hip replacement implants market is divided into metal-on-metal, metal-on-polyethylene, ceramic-on-metal, ceramic-on-polyethylene, and ceramic-on-ceramic.

The metal-on-polyethylene devices segment owns the largest market share and is anticipated to expand substantially over the forecast period. The metal-on-polyethylene segment is firmly establishing its foothold, and this prevailing trend is projected to persist throughout the forecast period. The driving forces behind this dominance are the growing prevalence of bone disorders and the unfortunate increase in road accidents, leading to a heightened demand for these implants. However, a noteworthy contender on the horizon is the ceramic-on-polyethylene segment. Due to the benefits of ceramics and plastics over metals, the industry is predicted to expand rapidly in the near future. Moreover, continuous advancements in hip implant technology contribute to the increasing appeal of ceramic-on-polyethylene implants. A major movement in the market's favor toward these implants is expected as patients and healthcare professionals learn about their longevity and better patient outcomes.

Based on end-users, the global hip replacement implants industry is fragmented into orthopedic clinics, hospitals, and surgery centers.

The hospital segment is the highest contributor to the market and is anticipated to expand substantially over the forecast period. The hospital segment took the lead in the hip replacement implant market, and this trend is predicted to remain strong in the coming years. This is mainly due to the increasing number of hospitals and a growing demand for advanced treatment options.

Nevertheless, the projected timeframe has substantial potential for expansion within the orthopedic clinics sector. The observed expansion can be attributed to the proliferation of orthopedic clinics and the augmented allocation of resources towards healthcare expenditures.

Recent Developments

• January 2023- The first hip resurfacing procedure utilizing the groundbreaking JointMedica Polymotion® hip implant which is based on a metal-on-polyethylene articulation was successfully finished, according to Exactech, a developer and manufacturer of cutting-edge implants, instrumentation, and smart technologies for joint replacement surgery.