Hip Replacement Market Is Projected To Grow USD 8.89 Billion With CAGR 2.5% In 2028

Market Overview:
Global Hip Replacement Market was valued at USD 7.48 billion in 2021 and is expected to reach USD 8.89 billion by the year 2028, at a CAGR of 2.5%.

Hip replacement surgery contains the replacement of the worn-out or damaged hip joint by an artificial implant. This can be done by using a partial hip replacement (PHR) or total hip replacement (THR). Hip implants are medical devices that are designed for the purpose of the recover mobility and easing pain normally which are associated with arthritis and other hip diseases or injuries. Each hip implant practice has different designs of the device such as shape, size, dimension, and material. Several people suffer from severe hip pain and inflammation, thereby increasing demand for hip replacement therapy which supports the market growth.

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Market Dynamics:
Driver:
The rising number of people suffering from arthritis pain problems, and a growing number of road accidents with painful injuries increase the demand for hip replacement therapy. The growing geriatric population most of them suffering from arthritis problems, increasing internet penetration rate, rising hospital, and laboratory numbers, continuously growing number of younger people suffering from degenerative diseases, and increasing per capita expenditure on health care provide the growth for the market. In addition to this, the launching of advanced developments in hip replacements with the integration of 3D printing technology developed and improved efficiency, for performing the surgery, minimum time required, and less radiation exposure is also helped to boost the market growth of hip replacement.

Opportunities:
The growing expenditure for research and development activity for the development of new medical instruments creates a big opportunity for the hip replacement market. With the growing funding by the federal government and private organizations, growth, and the market players focusing on the expansion of the healthcare industry, and high return on investments assured by the research activities, the surging number of strategic collaborations will provide a lucrative opportunity for the hip replacement market during the forthcoming years.

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Market Segmentation For Hip Replacement
Depending on implant type, the metal on the polyethylene segment is forecasted to have the highest share of the hip replacement market. This type of implant has been utilized in hip joints since the 1960s. The ball and the socket are made up of metal, and a plastic spacer is placed between them.

Depending on the procedure, the total hip replacement is anticipated to dominate the hip replacement market in the projected period. Total hip replacement or total hip arthroplasty is the final option for individuals having hip pain that interferes with daily chores, and nonsurgical treatments haven't helped or are no longer effective. The major cause of total hip replacement is arthritis damage.

Depending on end-users, the hospitals and surgery centers segment is anticipated to have a lion's share of the hip replacement market over the forecast period. Hospitals offer insurance benefits for several surgical procedures including hip replacement surgery. Hospitals have trained medical staff that can give proper treatment and medication throughout the hospital stay.

By Type
• Total Hip Replacement
• Partial Hip Replacement
• Hip Resurfacing
• Revision Hip Replacement

By Implant Type
• Metal on Metal
• Metal on Polyethylene
• Ceramic on Metal
• Others

By End Users
• Hospitals & Surgery Centers
• Orthopaedic Clinics
• Others

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Regional Analysis of Hip Replacement Market:
The North American region is anticipated to lead the hip replacement market in the forecast period. Hip replacements are one of the most common joint replacement procedures in the United States, with more than 450,000 surgeries performed in the country each year, according to the Agency for Healthcare Research and Quality. The highly advanced healthcare infrastructure and the usage of novel techniques for surgical procedures have attracted many individuals around the globe for hip replacement in the United States. The hip replacement market in the USA was estimated to be US$ 2 billion in the year 2020 and the market in Canada is forecasted to grow at a CAGR of 1.8% over the analysis period.

By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of SA)

Players Covered In Hip Replacement Market Are :
• ConMed Corporation (US)
• DJO LLC (US)
• B. Braun Melsungen AG (Germany)
• OMNIlife Science Inc. (US)
• Exactech Inc. (the US)
• MicroPort Scientific Corporation (China)
• Smith & Nephew plc (UK)
• Stryker Corporation (US)
• Johnson & Johnson (US)
• Zimmer Biomet (US)
• Medacta International (Switzerland) and other major players.

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Recent Industry Developments in Hip Replacement Market:
• In August 2021, DJO, a Colfax Corporation subsidiary and a leading global producer of medical technology to get and keep patients moving, announced its newest offering, EMPOWR Dual Mobility, at the American Academy of Orthopedic Surgeons' 2021 Annual Meeting (AAOS). EMPOWR Dual Mobility is the newest addition to the EMPOWR Hip portfolio, offering surgeons an option for treating a wide patient population in need of improved joint stability.

• In August 2021, Zimmer Biomet Holdings, Inc., a global medical technology leader, announced U.S. Food and Drug Administration (FDA) 510(k) clearance of the ROSA® Hip System for robotically-assisted direct anterior total hip replacement.
• In July 2021, following the CE certification of its AMIS(R)-K Long, Iliac Screw Mpact(R) 3D Metal, and 3D Metal(R) B-Cage, Medacta reported the first operations using the products. Together with the M-Vizion(R) Modular Femoral Revision Stem, these new products expand the Medacta Hip Revision Platform.

Key Benefits for Industry Participants & Stakeholders:
• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Hip Replacement Market

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