According to Renub Research latest report “Hip Replacement Market, Global Forecast 2023-2028, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis” Global Hip Replacement Market is estimated to reach US$ 9 Billion by 2028. About 130 million people are estimated to suffer from osteoarthritis, globally, and the disease will leave 40 million people disabled, by 2050. In 2021, the number of people suffering from osteoarthritis, globally, was 528 million, according to World Health Organization (WHO).
Hip Replacement surgery is performed to change the hip joint partially or wholly, with a man-made joint. According 2018 report, by the American Association of Orthopaedic Surgeons (AAOS), by 2030, hip replacements are expected to show a 117% increase. The rapid advancements made in the field of medicine and technology have made hip replacement surgeries more secure and much fruitful, leading to more and more people opting for it.
The rise in R&D activities for surgical process, increase in the prevalence of obesity, rise in geriatric population across the globe, active government help in funding and development, and growth in the number of patients undergoing hip replacement surgery are the drivers for the growth of the hip replacement market globally.In addition to that, the frequency of osteoarthritis is increasing at a constant rate, and rise in number of accidents are also responsible for the growth of the market.
The hip replacement market is segmented by type. It includes total hip replacement, partial hip replacement, and revision and hip resurfacing. The total hip replacement has dominated the market, due to rise in total hip arthroplasty. However,the revision and hip surfacing market are forecasted to grow at a significant rate, due to rise in the number of people opting for hip implants, and new product launches in the market. According to the Rheumatology advisor article, researchers said that the total annual counts of total hip arthroplasty increased to 498k replacements in 2020, 652k replacements by 2025, 850k replacements by 2030, and 1,429k replacements by 2040.
Orthopaedic Clinic segment is forecasted to grow at a significant rate during the forecast period:
The significant rise in the growth rate of the orthopaedic clinic segment, during the forecast period, can be attributed to the well-developed infrastructure, availability of skilled medical professionals, and surge in the number of orthopaedic clinics. Nevertheless, the hospital and surgery centres dominated the market share, owing to the rise in healthcare expenditure, increase in number of hospitals, and increase in the insistence of people to get advanced treatment.
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Global Hip Replacement Market was at US$ 6.54 Billion in 2022:
Relying on geographic regions, the hip replacement market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa. North America is expected to dominate the market share, owing to rise in the patients of arthritis, and government’s favourable reimbursement policies.
However, Asia-Pacific region is anticipated to grow at an increasing rate over the forecast period, due to the rise in government expenditure for the healthcare sector, and increase in the number of arthritis patients. Moreover, rise in the elderly population of the region also propels the growth of the market. In 2016, around 12.4% of the region’s population was aged 60 years and older, and this number is forecasted to increase at a significant rate and reach to 1.3 billion by 2050, as per the United Nations Report.
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Competitive Landscape:
The market for the hip replacement is divided into; Smith & Nephew PLC, Johnson & Johnson, ConformisInc, Integra Lifesciences Corporation, MicroPort Scientific Corporation, Zimmer Biomet, Stryker, and Braun Melsungen AG. The companies are continuously involved in product innovation and development, technological advancements, and mergers and acquisitions to have a higher market share.
Market Summary:
- Product – The Report covers Global Hip Replacement Market,by product in 3 viewpoints (total hip replacement, partial hip replacement, and revision and hip resurfacing).
- End-User – Global Hip Replacement Market breakup in 3 viewpoints (hospitals and surgery centres, orthopaedic clinics, and others).
- Region – Renub Research report covers by region in 5 viewpoints (North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa).
- Key Players – All the major players have been covered from 4 Viewpoints (Overview, Strategy, Merger/Acquisition, and Financial Insight) Smith & Nephew PLC, Johnson & Johnson, ConformisInc, Integra Lifesciences Corporation, MicroPort Scientific Corporation, Zimmer Biomet, Stryker, and Braun Melsungen AG.
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