PUBLISHER: The Business Research Company | PRODUCT CODE: 1409486
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409486
“Hip Replacement Implants Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on hip replacement implants market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for hip replacement implants? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The hip replacement implants market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Hip replacement implants are medical devices designed to replicate the movements and anatomy of the hip, aiming to restore mobility and alleviate pain typically associated with hip disorders or injuries such as arthritis.
The primary types of hip replacement implants include femoral reconstruction, acetabular reconstruction, hip resurfacing, revision hip implants, bearing and porous metal, and total replacement implants. Femoral reconstruction is a type of arthroplasty utilized as an alternative to lower limb amputation. Hip replacement implants consist of various components, including acetabular cup systems, hip stem systems, revision accessories, and components. The materials employed in these implants include metal-on-metal, metal-on-polyethylene, ceramic-on-metal, ceramic-on-polyethylene, and ceramic-on-ceramic. These implants are utilized by various end-users, such as orthopedic clinics, hospitals, and surgical centers.
The hip replacement implants market research report is one of a series of new reports from The Business Research Company that provides hip replacement implants market statistics, including hip replacement implants industry global market size, regional shares, competitors with a hip replacement implants market share, detailed hip replacement implants market segments, market trends and opportunities, and any further data you may need to thrive in the hip replacement implants industry. This hip replacement implants market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The hip replacement implants market size has grown strongly in recent years. It will grow from $7.58 billion in 2023 to $8.16 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth observed during the historical period can be attributed to factors such as the aging population and the prevalence of osteoarthritis, an increase in hip fractures and trauma cases, a patient preference for enhanced mobility, a global rise in obesity rates, and an increase in sports injuries impacting the hips.
The hip replacement implants market size is expected to see strong growth in the next few years. It will grow to $10.97 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The anticipated growth in the forecast period can be attributed to the increasing demand for outpatient hip replacements, advancements in implant materials, global initiatives to raise awareness about arthritis, regulatory support for innovation, and a growing emphasis on environmental sustainability in healthcare. Key trends expected in the forecast period encompass technological advancements, the development of patient-specific implants, the integration of robot-assisted surgery, the use of outcomes data and value-based care, the availability of customized implant options, and the adoption of telemedicine and remote consultations.
The anticipated growth of the hip replacement implant market is driven by the increasing prevalence of arthritis. Arthritis, characterized by joint swelling and tenderness, causes severe pain in bones and joints. Common types include osteoarthritis and rheumatoid arthritis. Hip replacement implants, utilized in hip arthroplasty for arthritis treatment, replace damaged hip joint parts with artificial implants, addressing pain and restoring functionality. Notably, the Centers for Disease Control and Prevention reported that approximately 58.5 million adults in the US, constituting 24% of all adults, suffer from arthritis, with annual costs totaling $303.5 billion. The UK-based Versus Arthritis reported that 20.3 million people in the UK experience musculoskeletal conditions, such as arthritis. Thus, the increasing prevalence of arthritis propels the growth of the hip replacement implant market.
The growth of the hip replacement implant market is also expected to be fueled by the increase in the number of sports injuries. Sports injuries, resulting from athletic activities, affect various body parts, including muscles, bones, tendons, ligaments, and joints. The rising global engagement in sports elevates the risk of sports-related hip injuries, leading to a focus on injury prevention and management. Hip replacement surgery becomes a consideration for severe cases to restore functionality. The National Safety Council reported a 20% increase in reported sports and recreational injuries in the US in 2021 and a subsequent 12% increase in 2022, with 3.6 million individuals receiving medical treatment for such injuries. Consequently, the growth of sports injuries contributes to the expansion of the hip replacement implant market.
A prominent trend in the hip replacement implant market is technological advancement. Key market players concentrate on research and development to introduce innovative technologies. For example, InssTek Inc., a South Korea-based metal 3D printing company, introduced Metal Porous Coating (MPC) technology to coat and fabricate artificial hip joint components, facilitating faster and more accurate surgeries, especially for titanium materials. This additive manufacturing technique enables 3D printing of porous structures onto the joint's surface, enhancing biocompatibility. Another example is Smith & Nephew plc, which introduced the OR3O Dual Mobility System featuring the advanced OXINIUM DH bearing surface to improve stability, reduce dislocation risk, and enhance range of motion. The introduction of such technologies helps companies sustain their market position.
Major companies in the hip replacement implant market focus on product innovation, introducing advanced solutions such as the Dual Mobility System. This hip arthroplasty implant incorporates the OXINIUM DH bearing surface to enhance stability, minimize dislocation risk, and improve range of motion. For instance, Smith & Nephew plc launched the OR3O Dual Mobility System in India, eliminating wear and corrosion concerns associated with traditional hip implants. The innovative system reduces risks by employing proprietary OXINIUM on XLPE for femoral head and polyethylene inserts. The diffusion hardening process of OXINIUM DH contributes to increased durability. Such product innovations provide a competitive edge and contribute to revenue growth.
In January 2022, Exactech, Inc., a US-based developer of implants and smart technologies for joint replacement surgery, acquired JointMedica Limited, a UK-based orthopedic device and implant manufacturing company. This acquisition positions Exactech Inc. to introduce the next generation of hip resurfacing to the global market.
Major companies operating in the hip replacement implants market report are Zimmer Biomet Holdings Inc., DePuy Synthes, Stryker Corporation, Smith & Nephew PLC, B Braun SE, Corin Group PLC., Waldemar Link GmbH & Co KG, Wright Medical Group NV, Arthrex Inc., Corentec Co Ltd., MicroPort Scientific Corporation, Exactech Inc., DJO Global Inc., OMNI life science Inc., Integra LifeSciences Holdings Corporation, Medacta International SA, PETER BREHM GmbH, Gruppo Bioimpianti srl., Globus Medical Inc., Enovis Medical, Kyocera Corporation, Merete GmbH, Ortho Development Corporation, Shanghai MicroPort Orthopedics Inc., FH Orthopedics Inc., LimaCorporate SPA, Mathys AG Bettlach, ConforMIS Inc., AK Medical Holdings Limited, Beijing Chunlizhengda Medical Instruments Co. Ltd
North America was the largest region in the hip replacement implants market in 2023. Asia-Pacific is expected to be the fastest-growing region in the hip replacement implants market duirng the forecast period. The regions covered in the hip replacement implants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the hip replacement implants market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The hip replacement implants market consists of sales of fixed-bearing hip implants, hybrid total hip implants, mobile-bearing total hip implants, total hip implant cemented fixation, total hip implant cement less fixation, acetabular component (socket), acetabular liner, the femoral head (ball), and femoral stem. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.