Hip Replacement Market Size Forecast Report 2024-2030

Hip Replacement Market Analysis

The Hip Replacement Market is projected to reach approximately $8.87 billion by 2030, according to Renub Research. Hip arthroplasty, or hip replacement surgery, is a procedure performed by orthopedic surgeons to replace damaged or affected parts of the hip joint with artificial components that mimic the natural function of the hip. This surgery is typically performed to alleviate pain and enhance mobility in patients suffering from severe hip joint conditions, including rheumatoid arthritis, osteoarthritis, avascular necrosis, hip fractures, and other related injuries or disorders. The procedure is usually conducted under general anesthesia and can be approached through traditional open surgery or minimally invasive techniques.

The rising incidence of hip joint and bone damage is linked to sedentary lifestyles, poor dietary habits, and a lack of physical activity, contributing to a surge in orthopedic issues and obesity. The increasing prevalence of conditions that necessitate hip replacement implants drives market growth. Additionally, the growing demand for surgical interventions due to a rise in road accidents and sports-related injuries further contributes to this trend.

Market Growth Projections

The global hip replacement market is expected to grow at a CAGR of 4.22% from 2024 to 2030. Hip replacement surgery aims to relieve arthritis pain and improve hip function. The market is benefiting from advancements in technology and surgical techniques. The implants used in these procedures are typically made from plastic, metal, or ceramic materials. An increasing number of individuals require joint replacement surgery due to conditions like osteoarthritis, rheumatoid arthritis, fractures, and ligament injuries, with the demand further fueled by greater participation in sports.

Recent technological developments, such as improved navigation systems for surgeries, enhanced robotics automation, and advanced networking capabilities, are driving market growth. The rising number of street injuries, coupled with an increase in arthritis-related issues, has led to heightened demand for hip replacement surgeries. The hip replacement devices market is experiencing growth due to increased research and development, continuous innovations, and enhanced operational efficiency and effectiveness in surgical procedures. Innovations like advanced 3D printing technology, reduced surgery time, and lower radiation exposure are also contributing to the market’s growth. Government initiatives and investments aimed at advancing technology in hip replacements are further bolstering market prospects. In 2023, the global hip replacement market was valued at $6.64 billion.

Total Hip Replacement Segment

The total hip replacement segment is expected to dominate the market. This segment is anticipated to see sustained growth throughout the forecast period, driven by an aging population, an increased prevalence of hip-related conditions, and advancements in medical technology. As healthcare systems emphasize patient mobility and quality of life, the continued expansion of total hip replacements reflects its critical role in addressing musculoskeletal issues. Ongoing technological innovations and a focus on improving surgical outcomes are expected to significantly impact this segment in the coming years.

End User Insights

The orthopedic clinic sector within the hip replacement market is projected to experience significant growth, fueled by an increase in hospital establishments and heightened healthcare spending. The rising emphasis on orthopedic care aligns with the growing demand for hip replacement procedures, indicating a broader commitment to enhancing musculoskeletal health. This trend highlights the essential role of orthopedic clinics in addressing evolving healthcare needs and improving patient outcomes in hip replacement interventions.

Geographic Distribution

By region, the hip replacement market is categorized into North America (United States, Canada), Europe (France, Germany, Italy, Spain, United Kingdom, Belgium, Netherlands, Turkey), Asia-Pacific (China, Japan, India, South Korea, Thailand, Malaysia, Indonesia, Australia, New Zealand), Latin America (Brazil, Mexico, Argentina), and Middle East & Africa (Saudi Arabia, UAE, South Africa) among others. The United States is expected to maintain a significant market share in the coming years, reflecting the country’s economic strength and innovative capabilities across various sectors. With a robust and dynamic market landscape, the U.S. is poised to continue influencing global industry trends and dynamics.

China is also set for substantial growth, driven by increased healthcare spending, improvements in healthcare infrastructure, and a large population. These factors create an advantageous environment for the expansion of healthcare services and technology, positioning China as a key player in the evolving global healthcare market.

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Key Players

Major competitors in the hip replacement market include Smith & Nephew PLC, Johnson & Johnson, Integra Life Sciences Corporation, Zimmer Biomet, Stryker, B. Braun Melsungen AG, Globus Medical Inc, MicroPort Scientific Corporation, and Conformis Inc.

 

Product – Market breakup from 3 viewpoints:

1. Total HIP Replacement
2. Partial HIP Replacement
3. Revision HIP Replacement

 

 

End-User – Market breakup from 3 viewpoints:

1. Hospitals & Surgery Centers
2. Orthopaedic clinics
3. Others

 

 

Country – Market breakup from

1. North America

 

1.1    United States

1.2    Canada

 

2. Europe

 

2.1    France

2.2    Germany

2.3    Italy

2.4    Spain

2.5    United Kingdom

2.6    Belgium

2.7    Netherlands

2.8    Turkey

 

3. Asia Pacific

 

3.1    China

3.2    Japan

3.3    India

3.4    South Korea

3.5    Thailand

3.6    Malaysia

3.7    Indonesia

3.8    Australia

3.9    New Zealand

 

4. Latin America

 

4.1    Brazil

4.2    Mexico

4.3    Argentina

 

5. Middle East and Africa

 

5.1    Saudi Arabia

5.2    UAE

5.3    South Africa

 

6. Rest of World

All key players have been covered from 3 viewpoints:

1. Overview
2. Recent Development
3. Sales Analysis

Company Analysis:

1. Smith & Nephew PLC
2. Johnson & Johnson
3. Integra lifesciences Corporation
4. Zimmer Biomet
5. Stryker
6. B. Braun Melsungen AG
7. Globus Medical Inc
8. MicroPort Scientific Corporation
9. Conformis Inc

 

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