Hip Replacement Market

Hip Replacement Market Study by Total Hip, Partial Hip, Hip Resurfacing, and Revision Hip from 2024 to 2034

Analysis of Hip Replacement Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Hip Replacement Market Outlook (2024 to 2034)

The global hip replacement market size is estimated to be worth US$ 9,128.5 million in 2024. The market is expected to register a CAGR of 4.2% from 2024 to 2034. The market is set to reach a projected value of US$ 13,722.4 million by 2034.

Manufacturers are showing interest in surgical implants, as replacing the broken part with a new artificial part has become easy. Patients have reported improved outcomes and a higher level of reliability with these types of implants, which has further fueled the demand for them in the market.

Report Attributes Details
Estimated Market Value (2024E) US$ 9,128.5 million
Forecasted Market Value (2034F) US$ 13,722.4 million
Global Market Growth Rate (2024 to 2034) 4.2 % of CAGR
Hospital Segment Growth Rate (2024 to 2034) 4.7% of CAGR
North America Market Share (2024) 49.1%
East Asia Market Share (2024) 9.1%
Key Companies Profiled
  • Zimmer Biomet
  • Johnson and Johnson Services, Inc.
  • Stryker
  • Smith and Nephew plc
  • B.Braun Melsungen AG
  • Corin
  • Waldemer Link GmbH & Co. KG
  • Wright Medical Group N.V.
  • Arthrex, Inc.
  • Conformis
  • Corentec Co., Ltd.

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Which are the Key drivers fueling Hip Replacement Market Growth?

"Advancing Minimally Invasive and Efficient Techniques”

Manufacturers are adopting the direct anterior approach for hip replacement surgery due to its promising benefits for patients, including faster recovery, reduced pain, and quicker achievement of rehabilitation milestones. This technique is a significant advancement in minimally invasive and efficient surgical procedures.

“Robotic-assisted Surgery with Computer Navigation Systems”

Manufacturers are surging the increasing demand for robotic-assisted surgery in hip replacement procedures. Big players recognize the advantages of using robotic arms guided by advanced computer navigation systems, such as precision and accuracy. This innovative technique enhances the surgeon's ability to implant joints more accurately. It reflects the industry's commitment to leveraging advanced technology to improve the standard of care in hip replacement surgeries.

“Advancements in Implant Technology to be a Significant Driver”

Manufacturers are cautious when selecting materials for hip implants since they directly affect the implant's performance and longevity. Metal-on-polyethylene implants are a popular choice as they are highly durable and have excellent wear characteristics. Manufacturers with a new approach to a better choice of materials are proving their dedication to providing reliable orthopedic solutions.

Which Factors Hampers the Hip Replacement Market Growth?

“Economic Uncertainties and Financial Constraints”

In a highly competitive market, numerous companies are offering various products. Big players hinder the growth of new entrants or smaller companies to gain market share and establish a strong presence. Implants and related surgical procedures can be very costly in hip replacement surgery. Healthcare systems and payers face significant cost pressures as the demand increases. To meet the market's demands, manufacturers must balance the development of innovative implants with affordability.

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What Opportunities Await for the Players in the Industry?

“Rising Research and Development Expenditure to Boost Hip Replacement Market”

The global market for medical instruments and devices is expected to grow significantly due to the rising expenditure on research and development. Developed and developing economies invest heavily in integrating advanced technologies into healthcare facilities, thus creating lucrative growth opportunities. These research and development initiatives are expected to result in the development of innovative medical devices that will enhance patient care and improve the overall healthcare industry.

“Healthcare Industry Partnerships”

The healthcare industry is seeing more partnerships and collaborations between public and private players. The collaboration is helping to attract funding and drive the application of new and improved technologies. As a result, plenty of lucrative opportunities are available for investors willing to take advantage of this exciting market.

“Hip Replacement Market to Witness Sales Due to Rise in Accidents”

An expected surge in accidents offers a significant opportunity for hip replacement market expansion. As accidents lead to a rise in demand for such procedures, the market is set to grow by catering to the orthopedic requirements that arise from these unfortunate events.

Which are Some Potential Risks to the Hip Replacement Market Expansion?

The hip replacement market faces surgical and regulatory challenges-the risk of surgical complications, such as infections or implant failures. Complications in surgical failure can hurt patient outcomes and erode trust in the market. Regulatory landscapes and stringent approval processes pose hurdles that can slow the introduction of new technologies or products. Such challenges can affect market innovation and growth.

Know thy Competitors

Competitive landscape highlights only certain players
Complete list available upon request

Country-wise Insights

The hip replacement market finds a considerable portion of its consumer base in North America and East Asia. North America is likely to hold 49.1% of the worldwide market share in 2024. The market is expected to progress at a CAGR of 4.3% from 2024 to 2034. In North America, the United States holds the highest revenue share, 83.2%, in 2024.

East Asia is the other region with a considerable share of the market. In 2024, the share for East Asia is estimated to be 9.1%. The market is expected to register a promising CAGR of 4.8% in East Asia over the forecast period.

What is Propelling the Hip Replacement Market in the United States?

Rise in demand for Minimally Invasive Surgery and Robotic-Assisted Approaches

Attribute Details
Market Value (2024) US$ 3,730 million
CAGR (2024 to 2034) 4.2%

The value of the United States hip replacement industry is estimated to be US$ 3,730 million in 2024. The market is expected to register a CAGR of 4.2% over the forecast period, reaching a value of US$ 5,631 million in 2034.

Manufacturers keenly align with FDA approvals in the United States robotics and surgical navigation market, strategically updating devices and software modules to stay abreast of market trends. Recognizing the soaring demand for minimally invasive surgery (MIS), manufacturers, including industry leader Intuitive Surgical, invest in robotic-assisted techniques, reflecting a proactive approach to meeting evolving healthcare preferences and driving advancements in surgical precision.

Manufacturers are adopting computer-assisted and robotic-assisted approaches, supported by long-term impact studies, innovative product launches, and comprehensive training programs. This effort instills confidence among patients and surgeons and aligns with the growing preference for guided surgical techniques. The increasing procedure volume has resulted in higher disposable surgical costs, making the manufacturers strategically positioned to drive the overall growth of the robotics and surgical navigation market in the United States.

Why is China a Profitable Country in the Hip Replacement Market?

“Prostheses Tailored to Unique Population Characteristics Drives China Hip Replacement Industry”

Attribute Details
Market Value (2024) US$ 534 million
CAGR (2024 to 2034) 4.3%

The value of the Chinese hip replacement market is estimated to be US$ 534 million in 2024. The market is expected to register a CAGR of 4.3% over the forecast period, reaching a value of US$ 813 million in 2034.

Manufacturers in China are making significant progress in developing techniques for hip replacements using cement and cementless fixtures with pearl-surfaced artificial joints. This approach has led to collaboration among major hospitals and enabled the production of prostheses specifically tailored to the Chinese population's anatomical, kinematic, and biomechanical characteristics.

Manufacturers recognize the need for prostheses that match the unique properties of Chinese anatomy to improve surgical outcomes for those suffering from joint diseases.

Category-wise Insights

Why is Hospital Segment dominating the Hip Replacement Market?

“Rise in Number of Hospitals and Increase in Demand for Advanced Treatment”

Attributes Details
Market Share (2024) 70.9%
CAGR (2024 to 2034) 4.7%

The hospital segment is expected to contribute 70.9% of global hip replacement market share by end-user type in 2024. Over the forecast period, the CAGR for the market is marked to be 4.7%. The rise in hospitals and the increasing demand for advanced treatment is growing awareness of healthcare needs, population growth, and a desire for improved medical care and outcomes.

Manufacturers are strategically opting for this burgeoning segment as the surge in hospitals and demand for advanced treatment reflects a broader market trend. By aligning with the expanding healthcare landscape, manufacturers position themselves to meet the rising demand for medical devices, equipment, and technologies, showcasing a proactive response to the evolving needs of the healthcare industry.

Competitive Landscape

The analysis here highlights the dynamic and competitive nature of the hip replacement market, where manufacturers constantly strive to improve through technological advancements and diversified product offerings to meet the evolving needs of healthcare professionals and patients.

The major players operating in the global hip replacement market are:

  • Zimmer Biomet
  • Johnson and Johnson Services, Inc.
  • Stryker
  • Smith and Nephew plc
  • B.Braun Melsungen AG (Germany)
  • Corin
  • Waldemer Link GmbH & Co. KG
  • Wright Medical Group N.V.
  • Arthrex, Inc.
  • Conformis
  • Corentec Co., Ltd.
  • Elite Surgical
  • Surgival
  • Synergie Ingenierie Medicale

Companies can use mergers and acquisitions to expand their product line, enter new markets, and gain access to valuable resources and expertise to stay ahead of competitors.

A navigation system that utilizes smart sensor technology to assist surgeons in aligning the acetabular cup can help to improve surgical outcomes and patient satisfaction. By investing in such cutting-edge technologies, companies can differentiate themselves from their competitors and gain a competitive advantage in the market.

Recent advancements

  • Exactech and JointMedica celebrated the successful completion of the first hip replacement surgery with the innovative Polymotion® hip implant. The milestone marked a significant achievement in joint replacement surgery.
  • Orthofix Medical and LimaCorporate partnered to address chronic high hip dislocation in the US, introducing a tailored solution using Orthofix's Fitbone™ intramedullary nail system and LimaCorporate's 3D-printed pelvic fixation device.
  • On July 18, 2023, Corentec successfully entered the Japanese artificial joint market as its BENCOX received regulatory approval from the Japanese Ministry of Health, Labor, and Welfare.
  • The innovative pinless navigation system, revolutionizing hip replacement procedures by enhancing acetabular cup positioning accuracy, commenced its journey into the United States market after a 1-minute calibration.

Segmentation of the Hip Replacement Market

  • By Product Type:

    • Total Hip
    • Partial Hip
    • Hip Resurfacing
    • Revision Hip
  • By Components:

    • Hip Stem Systems
    • Acetabular Cup
    • Revision
  • By End Users:

    • Hospitals
    • Orthopedic
    • Ambulatory
  • By Region:

    • North America
    • Latin America
    • East Asia
    • South Asia & Pacific
    • Western Europe
    • Eastern Europe
    • Middle East & Africa

- FAQs -

What is the sales outlook for the Hip Replacement Market?

The hip replacement market is likely to be valued at US$ 9,128.5 million in 2024.

Which is the leading End-User in the Hip Replacement Market?

The hospital segment is the leading end-user in the hip replacement segment, with an expected market share of 70.9% in 2024.

What is fueling the growth of the Hip Replacement Market?

Osteoarthritis and hip injuries are the key factors in the growth of the hip replacement market.

At what rate is the market in North America estimated to grow?

The North America market for hip replacement is forecasted to grow at a CAGR of 4.3% through 2034.

Which region is leading the Hip Replacement Market?

The United States is the leading country in the Hip Replacement Market.

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