Hip Replacement Market - By Product (Partial Hip Replacement, Revision Hip Replacement, Hip Resurfacing), By Material (Metal-on-plastic, Ceramic-on-ceramic, Ceramic-on-metal), By Fixation Material (Cemented, Cementless, Hybrid), By Inserts, End-use - Global Forecast to 2032
Published Date: August - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationHip Replacement Market - By Product (Partial Hip Replacement, Revision Hip Replacement, Hip Resurfacing), By Material (Metal-on-plastic, Ceramic-on-ceramic, Ceramic-on-metal), By Fixation Material (Cemented, Cementless, Hybrid), By Inserts, End-use - Global Forecast to 2032
Hip Replacement Market Size
Hip Replacement Market size exceeded USD 7.5 billion in 2022 and is forecast to register around 3.5% CAGR between 2023 and 2032. Increasing number of road accidents and hip injuries across the world is fueling the industry growth. The surge in the number of hip arthroplasty procedures is accelerating the acceptance of hip replacement devices.
Hip replacement devices or implants are medical devices used to recover mobility and reduce pain associated with arthritis and other hip disorders. Each hip implant system has different device design features such as material, shape, fixation materials, etc. The adoption of hip replacement surgery is increasing due to its high success and low complication rate. Many hip replacements last for about 15 years based on material, manufacturer, and types of joint replacement.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Hip Replacement Market Size in 2022 | USD 7 billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 3.5% |
| 2032 Value Projection | USD 10 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 280 |
| Tables, Charts & Figures | 592 |
| Segments covered | Product, Material, Fixation Material, Inserts, End-use and Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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Hip replacement devices are like high-tech gadgets in the medical world, and they need special attention. The U.S. Food and Drug Administration (FDA) has strict rules for these devices, just like how you might need a special permit to fly a drone. The FDA says these devices need a "premarket approval" (PMA) before they can be sold to the public. It's like asking permission before you can launch your new toy. Not just the U.S., even the European Union has beefed up its rules for these devices. They're classified as "class 3," which means they're taken very seriously. All this tough regulation means it's not going to be a cakewalk for companies to sell hip replacement devices in the future. They'll have to meet all sorts of standards and jump through hoops to get approval.
Hip Replacement Market Trends
The world of surgery is seeing some amazing new tech that's making it possible to perform hip replacements through smaller cuts. This means patients can recover faster and get back to doing the things they love. One of these cool new tools is the Hana Table, which helps keep patients safe and secure during surgery while making it easier for surgeons to see and work on the hip joint. Another breakthrough is custom-made implants. These implants are designed to fit each patient perfectly, giving them a better range of motion and making them more satisfied with their new hip. Companies that make these new tools are working hard to develop even more advanced products that will make hip replacements even better.
Hip Replacement Market Analysis
Hip replacement surgeries are a major deal, and in 2022, the industry was worth a whopping $5.49 billion. That's because hip replacements can make a huge difference in people's lives. They can move better, feel less pain, and generally live happier. Plus, there are now fancy new hip products that can be tailored to each person's needs. Another reason for the growth in hip replacements is that the surgery itself has gotten better over time. Doctors have figured out ways to make it safer and reduce the risk of complications. And the surgery often involves removing damaged bone and cartilage, which can help prevent future health problems. Overall, hip replacement surgery is a popular choice because it's usually a successful way to improve quality of life.
When it comes to hip replacements, there are different types based on the materials used, like metal-on-plastic, ceramic-on-plastic, and ceramic-on-ceramic. Out of all these, metal-on-plastic has been the most popular choice, with over 4 billion dollars in revenue in 2022. Why is metal-on-plastic so popular? Well, it's known for being strong and reliable, and it also gives precise results. Plus, it's a cost-effective option. That's why it's a good choice for patients who aren't very active and need a hip replacement. Another reason for its popularity is that it has fewer complications and less wear than other options. And with all the advancements in technology, it's only getting better. The most common materials used in metal-on-plastic hip replacements are stainless steel or titanium for the metal part and polyethylene for the plastic part. Surgeons often prefer this combination because it works well. In fact, studies have shown that metal-on-plastic hip implants can give good long-term results for older patients. They've even been used to improve the results of hip resurfacing surgery.
Get ready, because the market for hip replacements that use cement to hold everything in place is expected to reach a whopping $762 million by 2032! Why the growth spurt? Well, it's all thanks to the perks that come with cementing your new hip in place. First off, cemented hip replacements tend to last longer. In fact, for folks over 75, the odds of a cemented hip staying strong for a decade are around 96%. That's pretty darn good! Here's how it worksthe cement acts like a superglue, locking the implant into your bone. Over time, your bone actually starts to grow around the implant, making it even more secure. Another bonus is that antibiotics can be added to the cement, which helps keep infections away after surgery. It's like a built-in shield to protect your new hip from nasty germs.
Based on inserts, the hip replacement market is segmented as cross-linked polyethylene inserts, antioxidant polyethylene inserts, and non-antioxidant polyethylene inserts. The cross-linked polyethylene inserts segment is anticipated to reach over USD 3.43 billion by 2032. The advantages of cross-linked polyethylene include reduced osteolysis, offers excellent clinical outcomes, and implant survivorship among others resulting in augmenting the segment revenue in foreseeable future. These inserts are developed precisely to decrease polyethylene wear and subsequent wear debris-induced osteolysis. For instance, clinical studies have demonstrated that cross-linked polyethylene inserts have a high success rate in primary hip arthroplasty.
Moreover, in hip replacement procedures, this insert is comparatively insensitive to femoral head size, allows the surgeon to use large femoral heads to strengthen hip stability and decrease post-operative complications. According to the article published by the National Center for Biotechnology Information (NCBI), cross-linked polyethylene inserts have been widely adopted and are highly effective 15 years after the surgery in a young & active individual. Hence, owing to these attributes the industry is anticipated to witness a lucrative growth in the coming years.
In 2022, hospitals dominated the hip replacement market, raking in over 83% of the revenue. And this trend is expected to continue in the years to come. Hospitals are seeing more patients opting for hip replacements due to the advanced devices and improved outcomes they offer. Plus, hospitals have a steady flow of patients with various hip conditions and a team of skilled healthcare professionals ready to help. These hospitals also provide around-the-clock monitoring after surgery, personalized exercise plans to restore mobility, and physical therapies to aid in recovery. So, patients are naturally drawn to hospitals with well-equipped emergency orthopedic surgery departments, which will continue to drive revenue for this segment. It's no surprise that well-equipped hospitals are a top choice for patients seeking hip replacement surgery.
Get ready for a surge in hip replacement surgeries in North America! The market is expected to grow by a steady 2.8% each year, and this trend is predicted to continue. Why the big boost? It's all about the money, honey! Favorable reimbursements and the increasing popularity of orthopedic surgeries have people flocking to fix their hips. But that's not all. Hip problems are on the rise, and they're not just affecting the elderly. Road accidents and falls are sending more and more people to the hospital with dislocated hips that need replacing. The result? A huge demand for hip replacements, which is going to drive the market into the stratosphere. So, if you're in the hip replacement business, get ready to ride the wave of success!
Hip Replacement Market Share
Some of the major market players operating in the hip replacement industry are
- Zimmer Biomet
- Stryker Corporation
- Depuy Synthes (Johnson & Johnson)
- Smith & Nephew
- B Braun Melsungen AG (Aesculap)
- Medacta International
- Microport Orthopedics
The major market players focus on strategic collaborations, mergers, and partnerships to expand their market and launch of new products to strengthen the product portfolio. Furthermore, these players are investing in research and development activities that allow these players to garner maximum market share.
Impact of COVID-19 Pandemic
The COVID-19 pandemic threw a wrench into hip replacement surgeries. Doctors worried about the high risk of patients getting infected during surgery, and hospitals were already overwhelmed with COVID-19 patients. But as the number of COVID-19 cases started to drop in some areas and hospitals put new safety measures in place, the hip replacement industry started to bounce back. Governments also stepped in to help patients with osteoarthritis get the care they needed. Even though the pandemic did put a damper on the hip replacement industry for a while, experts believe it's on track for major growth in the future.
The hip replacement market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD (million) and volume (units) from 2018 to 2032 for the following segments
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By Product
- Primary Hip Replacement Devices
- Partial Hip Replacement Devices
- Revision Hip Replacement Devices
- Hip Resurfacing Devices
By Material
- Metal-on-plastic
- Ceramic-on-plastic
- Ceramic-on-ceramic
- Others
By Fixation Material
- Cemented Fixation
- Cementless Fixation
- Hybrid Fixation
By Inserts
- Cross-linked Polyethylene Inserts
- Antioxidant Polyethylene Inserts
- Non-antioxidant Polyethylene Inserts
By End-use
- Hospitals
- Ambulatory Surgical Centers
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
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