Hip Replacement Market Size, Share, Growth Analysis, By Procedure (Total Hip Replacement, Partial Hip Replacement), By Material (Metal-On-Metal, Metal-On-Polyethylene), By End User, By Region - Industry Forecast 2024-2031

Global Hip Replacement Market size was valued at USD 6.3 billion in 2022 and is poised to grow from USD 6.66 billion in 2023 to USD 10.38 billion by 2031, growing at a CAGR of 5.7% during the forecast period (2024-2031).

The increasing prevalence of osteoarthritis is creating a significant economic burden across the globe, particularly due to hip osteoarthritis, which leads to joint degradation. Hip arthroplasty serves as an effective intervention, replacing damaged cartilage and bone and thus driving market growth. This trend is fueled by an ageing population, enhanced governmental support, and a rise in patient awareness regarding replacement surgeries. Notably, the growth of the hip replacement market is also being propelled by the proliferation of online resources aimed at patients undergoing hip surgery. Healthcare companies are expanding their digital offerings, leading to greater awareness and utilization of web-based tools. These platforms empower patients with crucial information and foster communication with orthopedic specialists, presenting a robust opportunity for market expansion.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Hip Replacement market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Hip Replacement Market Segmental Analysis

Global Hip Replacement Market is segmented by procedure, material, end user and region. Based on procedure, the market is segmented into total hip replacement, partial hip replacement, revision hip replacement and hip resurfacing. Based on material, the market is segmented into metal-on-metal, metal-on-polyethylene, ceramic-on-polyethylene, ceramic-on-metal and ceramic-on-ceramic. Based on end user, the market is segmented into hospitals, orthopedic clinics and ambulatory surgery centers. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Driver of the Global Hip Replacement Market

A pivotal driver of growth in the global hip replacement market is the favorable health insurance reimbursement policies that are emerging worldwide. These policies, designed to cover joint replacement surgeries, are crucial in making hip implants more accessible to a broader population. Governments across various countries have implemented numerous health reimbursement programs aimed at offering affordable and high-quality treatment options to their citizens. Consequently, this enhanced financial support has significantly increased the number of individuals opting for hip arthroplasty, ultimately propelling the overall market forward and fostering a greater demand for hip replacement procedures.

Restraints in the Global Hip Replacement Market

The Global Hip Replacement market faces significant challenges that could hinder its growth. Despite the rising number of hip replacement surgeries, concerns regarding implant-related issues pose a critical threat to market advancement. Reported device malfunctions have resulted in severe complications for patients, including allergic reactions, metal toxicity, infections, and bone degeneration. In addition, numerous product recalls from leading companies in the industry are likely to further impede market progress in the coming years. As these lawsuits and safety concerns gain prominence, they are expected to create a more cautious environment, ultimately restraining the overall expansion of the hip replacement market globally.

Market Trends of the Global Hip Replacement Market

The Global Hip Replacement Market is experiencing significant growth, driven primarily by the increasing elderly population. As demographic shifts reveal that over 20.8% of the European Union's populace was aged 65 or older as of 2021, the demand for hip replacement surgeries continues to rise. This age group is particularly susceptible to orthopedic disorders due to wear and tear, bone degeneration, and decreased bone density, leading to a higher incidence of fractures and mobility issues. Additionally, advancements in surgical techniques and implant technologies, alongside heightened awareness about joint health, are further propelling market expansion, making it a vital healthcare sector.