Hip Replacement Devices Market

Global Hip Replacement Devices Market Size (2024 to 2029)

The global hip replacement devices market is predicted to grow to USD 6.96 billion by 2029 from USD 5.94 billion in 2024. It is estimated to be growing at a CAGR of 3.2% during the forecast period.

MARKET DRIVERS:

The growing geriatric population worldwide, rising incidence of accidents and the increasing prevalence of osteoarthritis propel the global hip replacement devices market growth. According to World Health Organization (WHO), the aging population proportion in the worldwide population is anticipated to grow from 12% to 22% between 2015 to 2050. The need for hip replacement can be seen more in the aging population; the growing aging population is anticipated to demand a greater number of hip replacement devices. According to the statistics published by National Safety Council, an estimated 4.8 million people had severe injuries due to accidents in 2020. Technological advancements in artificial hip implants resulting in new and innovative products such as mobile-bearing hip implants and various material combination implants have increased the leg's mobility and flexibility. In addition, these innovations have also reduced the side effects of artificial implants, augmenting their demand.

Technological advancements contribute to the growth of the global hip replacement devices market. Hip replacement devices have experienced several technological upgrades in recent years. The manufacturers of these devices have leveraged the available technologies to improve the capabilities of these devices. The impact of technological advancements has resulted in the growing adoption of these devices and this trend is likely to continue in the coming years and drive the market growth. The growing awareness and increasing demand for personalized hip implants propel the market growth. Personalized hip implants offer better fit, alignment and functionality and due to these benefits, the adoption of these implants has been growing significantly in the last few years.

The rising awareness among people regarding the benefits of hip replacement surgery, the growing number of patient education programs from governmental and non-governmental organizations and supportive reimbursement policies by governments and healthcare systems in many countries in favor of hip replacement surgeries and devices promotes the market growth. The growing adoption of sedentary lifestyles by people has been resulting in the increasing incidence of obesity and hi-related disorders and eventually leading to the increasing number of hip replacement procedures and driving the market growth. Emerging markets are contributing to the growth rate of the global market. Developing countries such as China, India and Brazil have been experiencing an increased demand for hip replacement devices due to the growing awareness about advanced medical treatments, increasing disposable income and continuous improvements in the healthcare infrastructure. The rise in sports activities and recreational pursuits and growing medical tourism further boost the growth rate of the hip replacement devices market.

MARKET RESTRAINTS:

High costs associated with hip replacement surgeries such as implants, hospitalization and post-operative care are one of the key factors hampering the market growth. The surgical risks and potential complications such as infection, blood clots, implant failure, and dislocation associated with hip replacement surgeries, poor reimbursement coverage for hip replacement procedures in some countries, regulatory challenges and stringent approval processes hinder the market growth. Technological limitations and complexities in device design and development, the shortage of skilled healthcare professionals for performing hip replacement surgeries, limited awareness and education about the benefits of hip replacement procedures and patient concerns about the long-term durability and potential complications of hip implants impede the market growth.

REPORT COVERAGE:

This research report on the global hip replacement devices market is segmented and sub-segmented based on the type, production technologies, and region.

Hip Replacement Devices Market - By Product:

• Total Procedure
• Fixed
• Mobile-Bearing
• Partial Hip Replacement
• Hip Resurfacing
• Revision Hip Replacement

Based on the product, the total replacement segment held the major share of the global market in 2022 and is projected to dominate the market during the forecast period. Factors such as the growing aging population, increasing prevalence of hip-related conditions such as osteoarthritis, and advancements in implant materials and surgical techniques primarily drive the growth of the total replacement segment. The rising awareness about the benefits of total hip replacement and improved access to healthcare services further fuel the growth rate of the segment.

The partial hip replacement segment is expected to witness the fastest growth during the forecast period owing to the rising aging population, the rising incidence of hip fractures and advancements in implant designs and surgical techniques.

Hip Replacement Devices Market - By Material:

• Metal
• Metal on Polyethylene
• Ceramic on Metal
• Ceramic on Polyethylene
• Ceramic on Ceramic

Based on material, the metal-on-polythene, also known as the metal-on-plastic segment led the market in 2022 and is predicted to grow at a notable CAGR during the forecast period. The established track record and long-term clinical success of metal-on-polyethylene implants is one of the major factors driving segmental growth. Cost-effectiveness compared to some alternative options and ongoing advancements in polyethylene materials including enhanced wear resistance and longevity further fuel the growth rate of the segment.

The ceramic on polyethylene segment is predicted to witness a healthy CAGR during the forecast period. Favorable wear characteristics and lower risk of polyethylene wear debris compared to metal-on-polyethylene implants propel the segmental growth. Reduced risk of adverse tissue reactions associated with metal implants and growing demand for implants with better long-term durability and improved patient outcomes boost the growth rate of the segment.

Hip Replacement Devices Market - By End-user:

• Ambulatory Surgical Centers
• Hospitals
• Orthopedic Clinics

Based on end-user, the hospital segment led the market in 2022 and is expected to grow at a healthy CAGR during the forecast period. The comprehensive care capabilities and access to specialized resources in the hospitals primarily drive the growth of the hospital segment.

The ambulatory surgical centers segment accounted held the second-largest share of the global market in 2022 and is anticipated to grow at a healthy CAGR during the forecast period. The cost-effectiveness, convenience and efficiency of ambulatory surgical centers is one of the major factors propelling the segmental growth. Technological advancements and the shifting healthcare landscape further fuel the growth rate of the segment.

The orthopedic clinic segment is also expected to have prominent growth during the forecast period due to the growing number of skilled orthopedic surgeons and the growing establishment of clinics worldwide. 

Hip Replacement Devices Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Geographically, the North American region had the largest share of the global market in 2022 and the domination of the North American region is anticipated to continue during the forecast period. The growing prevalence of hip-related conditions such as osteoarthritis, the growing aging population, technological advancements and rapid adoption of minimally invasive surgical techniques propel the growth of the North American hip replacement devices market. The availability of well-established healthcare infrastructure and reimbursement systems, the growing demand for better quality of life and increased patient awareness, favorable government initiatives supporting orthopedic procedures and the rising trend towards outpatient surgeries in ambulatory surgical centers further promote the growth rate of the North American market. The U.S. captured the leading share of the North American market in 2022, followed by Canada. The U.S. is predicted to grow at a healthy CAGR during the forecast period owing to the growing number of hip replacement surgeries and rising awareness among people.

Europe held the second-largest share of the global market in 2022 and is expected to grow at a prominent CAGR during the forecast period. The growing geriatric population, rising prevalence of hip-related conditions, and increasing number of advancements in implant materials and surgical techniques propel the growth of the hip replacement devices market in Europe. The presence of favorable reimbursement policies and well-developed healthcare infrastructure, growing demand for minimally invasive procedures and faster recovery times, rising emphasis on patient-centric care and improved post-operative rehabilitation, strong presence of key market players and increasing number of research collaborations further promote the market growth in the European region. Germany, the UK and France accounted for the leading share of the European market in 2022.

APAC is the most lucrative regional market for hip replacement devices and is anticipated to register the highest CAGR in the global market during the forecast period. The rapidly growing aging population, increasing incidence of hip disorders, a growing number of improvements in the healthcare infrastructure and rising healthcare expenditure majorly drive the growth of the APAC hip replacement devices market. The rapid adoption of advanced technologies, increased accessibility to hip replacement surgeries, the surge in medical tourism for cost-effective orthopedic procedures, growing disposable income, increasing middle-class population and government initiatives to enhance healthcare facilities and address unmet medical needs further boost the growth rate of the APAC market. China led the market in 2022 in the APAC region, followed by Japan and India.

The Latin American hip replacement devices market is anticipated to grow at a healthy CAGR during the forecast period. The growing healthcare expenditure, increasing awareness about hip replacement procedures and benefits among patients, rising prevalence of hip-related conditions, medical tourism opportunities and growing number of collaborations between international medical organizations and local healthcare providers drive the Latin American market growth. Brazil held the leading share of the Latin American market in 2022.

The hip replacement devices market in MEA is expected to showcase a moderate CAGR in the coming days.

KEY MARKET PARTICIPANTS:

Bayer HealthCare AG, Bioniche Animal Health Canada, Sanofi Animal Health, Inc., Biogenesis Bago SA, Heska Corporation, Indian Immunologicals Ltd., Boehringer Ingelheim GmbH, Zoetis, Novartis Animal Health, Inc., Merck & Co. Inc. and Protein Sciences are some of the notable players in the hip replacement devices market.

RECENT MARKET HAPPENINGS:

• Johnson & Johnson's medical device unit, DePuy Synthes Inc., has developed the Actis Total Hip system for hip replacement surgery in the United States. The Actis Total Hip System is compatible with traditional hip replacement surgery and tissue-saving approaches such as the anterior approach, a minimally invasive procedure where the artificial joint is inserted from the forehead without cutting muscle or nerves. In addition, the system was designed to help improve the stability of the joints immediately after surgery. DePuy Synthes has presented the Actis Total Hip System at the 2018 annual American Academy of Orthopedic Surgeons meeting in New Orleans.
• In Nov 2019, Smith + Nephew, the global medical technology company, announced the launch of the OR3O dual mobility system for use in arthrosis replacement surgery, primary and revised hip. Compared to conventional solutions, double mobility implants have a minor diameter femoral head, which secures a more massive polyethylene insertion leading to enhanced stability and improved range of motion.
• In November 2018, United Orthopedic Corporation launched the United Tri-tapered Short Stem (UTS) in the United States, applied in hip replacement procedures.
• In November 2017, Medacta International announced the MiniMAX Hip release, a cementless strain, providing American surgeons with cementless coating. Minimally invasive hip replacement surgery.