Number of pages: 100 | Report Format: PDF | Published date: 01 September, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global hip replacement market was pegged at ~US$ 6.7 billion in 2021 and is expected to witness a CAGR of ~5.5% during the forecast period.
Hip replacement is a surgical procedure in which a prosthetic implant, or hip prosthesis, is used to replace the hip joint. An entire hip replacement or a partial hip replacement can be performed during hip replacement surgery. Such orthopedic joint replacement surgery is typically performed to treat hip fractures or arthritic symptoms. In contrast to a hemiarthroplasty, which often just replaces the femoral head, a total hip replacement also involves replacing the acetabulum. It is one of the most popular orthopedic procedures. Rheumatoid arthritis, avascular necrosis, traumatic arthritis, specific hip fractures, benign and malignant bone tumors, Paget's disease-related arthritis, ankylosing spondylitis, and juvenile rheumatoid arthritis are the indications where this technique is required.
The global hip replacement market is anticipated to develop because of factors such as the rising prevalence of obesity, hip injuries, and growing degenerative diseases in young adults. Additionally, the market is influenced by the increasing number of product launches. Furthermore, the concept of hip replacement departments in hospitals reflects the rising demand for hip replacement treatments. The rising consumer buying power and increased health awareness among the population are also fueling market expansion. The hefty operation cost, however, can put patients through financial hardship and limit the market expansion.
The global hip replacement market has been analyzed from three perspectives: procedure, end-user, and region.
Hip Replacement Market by Procedure
The global hip replacement market has been subdivided into, total replacement, partial replacement, and hip revision & resurfacing. The total hip replacement segment dominates the market. The two main factors leading to total hip replacement are high prevalence of osteoarthritis and hip trauma. The aging population and other related variables like obesity are contributing to an increase in osteoarthritis and hip injuries. Over the projected period, the total hip replacement category is anticipated to hold a significant share. As a result, the global market is being driven by the increased demand for complete hip replacement surgeries due to the increasing occurrence of hip injuries. Additionally, expanding R&D studies that assess the effectiveness of items in total hip replacement surgeries are anticipated to fuel market expansion.
Hip Replacement Market by End-User
Based on end-user, the global hip replacement market has been divided into, orthopedic clinics, hospitals, and ambulatory service centers. The hospitals segment holds most of the hip replacement market share. The preference of patients for hospitals is influenced by the widespread use of advanced hip replacement devices that offer better results. Hospitals observe an increase in demand for hip reconstruction devices because of rising hospital admissions for a variety of hip illnesses and the availability of qualified healthcare professionals. In addition, hospitals offer physical treatments, devise exercise programs to help patients recover from surgery, and work closely with patients. Patient preference for an emergency orthopedic surgery center with modern equipment will therefore drive segment demand. The rate of product uptake has increased because of the growing patient intake, resulting in the global hip replacement market growth.
Hip Replacement Market by Region
The global hip replacement market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World, based on region. North America dominates the global hip replacement market owing to the increased prevalence of obesity, especially among young adults, increased injury cases, the burden of osteoarthritis on the economy, investments by key players in research & development, and the launching of new products. The U.S. within the North American region is mostly expected to capture a huge share of the market during the forecast period. This is attributed to the rising cases of osteoarthritis.
Due to the rise in government initiatives to raise awareness, the rise in medical tourism, the expansion of regional research efforts, the rising prevalence of osteoarthritis, and the region's expanding demand for high-quality healthcare, Asia Pacific is predicted to experience significant growth during the forecast period.
Some of the prominent players operating in the global hip replacement market are,