Hip Resurfacing Implant Market

Hip Resurfacing Implant Market Outlook (2024 to 2034)

The global hip resurfacing implant market size is projected to be worth US$ 193.2 million in 2024. From 2024 to 2034, the market is likely to register at a CAGR of 2.5% and is projected to reach a valuation of US$ 246.9 million.

Key Market Growth Drivers

The development of the hip resurfacing implant market is tied down to the growth of hip resurfacing. Hip resurfacing is seen as an alternative to whole hip replacement and thus is preferred by many patients. It allows for more of the original hip bone to be preserved, which can be beneficial should another surgery for hip treatment be required later.

Conditions like osteoarthritis and bursitis are becoming more prevalent, leading to more people plagued by hip pain. Hip resurfacing is resorted to to deal with the hip pain, which can severely affect motor functions and become unbearable after a time.

Hip pain is a leading concern among the geriatric population. Incidences of arthritis are high among the aged population, and therefore, they are often the victims of hip pain. As the aging population is growing at a considerable pace, more people are bowing down to hip pain. Thus, the large geriatric population of the world is necessitating hip resurfacing implant use.

Aside from diseases, hip pain is also caused by obesity and hip injuries. With obesity rates increasing worldwide, patients from all age categories are experiencing hip pain and opting for hip resurfacing. As fitness trends grow and more people incorporate sports and strenuous physical activities into their routine, there is an increased risk of strain on hips. Hips are one of the common problematic body parts for the sports-playing section of the population. Thus, increasing focus on fitness inadvertently has a positive impact on the market for hip resurfacing implants.

Report Attributes	Details
Estimated Market Value (2024E)	US$ 193.2 million
Forecasted Market Value (2034F)	US$ 246.9 million
Global Market Growth Rate (2024 to 2034)	2.5% CAGR
Hybrid Alloy Segment Growth Rate (2024 to 2034)	2.3%
Hospital Segment Growth Rate (2024 to 2034)	3.3%
North America Market Share (2024)	52.9%
East Asia Market Share (2024)	8.7%
Key Companies Profiled	Zimmer Biomet Johnson & Johnson Stryker Corporation Smith & Nephew plc MicroPort Scientific Corporation Exactech, Inc. OMNIlife Science, Inc. B. Braun Melsungen AG DJO Global, Inc. Aesculap Implant Systems, LLC ConMed Corporation

Which Factor Has Driven the Global Surge in Hip Resurfacing Implant Demand?

“Rising Positive Outlook Toward Hip Procedures Lay the Way for Hip Resurfacing Implants to Become More Popular”

People with hip pain have contributed to giving hip procedures a positive reputation. As a result, both hip replacement and hip resurfacing surgeries are witnessing an increased profile, with more people aware of the procedures. The rising consciousness about hip resurfacing, and hip procedures in general, is beneficial to the hip resurfacing implant market and is contributing to the growth of the industry.

Which Factors Present Challenges to the Expansion of the Hip Resurfacing Implant Market?

“Hip Replacement Surgery Provides Significant Competition to Hip Resurfacing, Constricting the Growth of the Hip Resurfacing Implant Industry”

For hip pain, hip replacement surgery is still the go-to procedure for many people. The extent of damage to the hip may be so severe in some cases that hip resurfacing is no longer an option, and hip replacement is the only way to go. The success rate of hip implant surgeries is also a factor, as the procedure has won over patients and doctors. Thus, the competition provided by hip replacement limits the opportunities for the hip resurfacing implant market.

“Questions Over the Effectiveness of the Procedure, Failed Products, and Scientific Debate about the Material Used in the Implants are Further Challenges to the Market”

The effectiveness of hip resurfacing as a procedure has been called into question, especially when compared to total hip replacement. Hip resurfacing has faced scrutiny since first gaining popularity in the 20th century, and even though the procedure has become more common, the process of changing people's outlook towards it has been slow.

Hip resurfacing implants are made of metal. This has been the cause of further investigation, as metal ions have been linked with fretting and corrosion. There was even a high-profile product recall by DePuy Synthes in 2010 after the British Orthopaedic Association and the British Hip Society issued a statement outlining the high failure rate of hip implants. There are, thus, various factors that are curtailing the growth of the hip resurfacing implant market.

Country-wise Insights

North America is the dominant region in the market. For 2024, the market value in North America is pegged to be US$ 102.0 million, with a market share of 52.9%. For the 2024 to 2034 period, the market is expected to register a r CAGR of 2.3% in North America. At the end of the forecast period, the market value is expected to have reached as much as US$ 152.0 million, with a market share of 51.9% in North America.

East Asia is set to be a region of promise for the market. For 2024, the value of the market in the region is US$ 17.0 million, with a share of 8.7%. However, with a CAGR of 3.5% over the forecast period, the market share of East Asia is expected to rise to 9.6% by 2034. The value of the market is also expected to have grown to US$ 24.0 million.

What Makes South Korea Such a Promising Country for the Hip Resurfacing Implant Market?

“Rapidly Aging Population in South Korea Undergoing Hip Pain and Seeking Hip Resurfacing”

The hip resurfacing implant market’s value in South Korea for 2024 is anticipated to be US$ 3.0 million. The market is expected to register a normal CAGR of 3.8% in South Korea from 2024 to 2034, and by the end of the forecast period, the market value is projected to have crossed US$ 5.0 million.

According to research conducted in 2023, the birth rate in South Korea is declining, whereas the elderly population is rising, accounting for 18% in 2022. Thus, a significant chunk of its population is geriatric and approaching old age. As hip problems are common in older people, hip procedures are being sought in the country on an increasing basis. Thus, the market for hip resurfacing implants has potential in South Korea.

Why is the Hip Resurfacing Implant Market Being Propelled in China?

“Reduction in Costs for Hip Implants Show Promise for the Market in China”

The market value of hip resurfacing implants in China for 2024 is marked at US$ 8.0 million. The market is expected to register a modest CAGR of 3.6% in China over the forecast period, reaching a valuation of US$ 12.0 million by 2034.

Public health institutions in China have concentrated on slashing the prices for medical procedures. Hip implants are also one of their areas of focus, and the products are being priced at reduced rates in the country. Thus, the market outlook in China is bright.

Category-wise Insights

The material that is often used in hip resurfacing implants is a hybrid alloy, with an expected market share of 49.0% in 2024. Cobalt chromium alloy comes up second, with an anticipated 31.2% of the market share in 2024. Hospitals are the top end users, with an anticipated market share of 55.6% in 2024. Orthopedic clinics take the runner-up place, projected to contribute to 32.9% of the market share in 2024.

Why is Hybrid Alloy Material Widely Found in Hip Resurfacing Implants?

“Toughness of the Hybrid Alloys Makes Them the Preferred Material in Hip Resurfacing Implants”

Hybrid alloys are expected to account for 49.0% of the market share by material type in 2024. For the forecast period, hybrid alloy use is expected to progress at a CAGR of 2.3%, and by 2034, the market share of hybrid alloys is expected to be 48.4%.

Hybrid alloys have a proven track record in implants, their toughness earning them a positive reputation. Thus, manufacturers are predominantly using the material to make hip resurfacing implants. However, the use of cobalt-chromium alloy as a material is rising, with a CAGR of 3.0% over the forecast period.

Competitive Landscape

Acquisitions and mergers are common strategies in the market. Companies in the market are looking to acquire technology-based brands. By doing so, companies are looking to improve their product line with advanced technology.

Companies are also extensively investing in research and development to come up with innovations in products on their own. Some key companies in the market are Zimmer Biomet, Johnson & Johnson, Stryker Corporation, Smith & Nephew plc, MicroPort Scientific Corporation, Exactech, Inc., OMNIlife Science, Inc., B. Braun Melsungen AG, DJO Global, Inc., Aesculap Implant Systems, LLC, and ConMed Corporation.

Some recent developments in the market are :

• In June 2023, the Asian Orthopaedic Institute (AOI) at SIMS Hospital, Chennai, India, announced the launch of a hip surgery unit. The unit aims to bring innovativeness to the treatment of hip problems, introducing many new hip resurfacing techniques to India for the first time.
• In January 2023, Exatech announced the first surgery with its JointMedica Polymotion hip implant, which was completed successfully. The implant is a metal-on-polyethylene hip resurfacing implant.
• In March 2022, DePuy Synthes acquired the CUPTIMIZE Hip-Spine Analysis technology. The technology helps surgeons to better map out solutions to abnormal hip movement.

Segmentation of Hip Resurfacing Implant Market Research

• By Material Type :

  • Cobalt-Chromium Alloy
  • Tin Coated
  • Hybrid Alloy

• By End User :

  • Hospitals
  • Orthopedic Clinics
  • Ambulatory Surgical Centers

• By Region :

  • North America
  • Europe
  • Latin America
  • East Asia
  • South Asia & Oceania
  • The Middle East & Africa