The latest report by Reports and Data reveals that in 2022, the global Hip Replacement Implants Market was valued at USD 7.76 billion, and it is anticipated to exhibit a 4.9% compound annual growth rate (CAGR) in revenue throughout the projected period.
Hip replacement surgery, also known as hip arthroplasty, involves the surgical intervention of the hip joint, where a prosthetic implant or hip prosthesis is inserted to replace or repair a damaged hip joint. This orthopedic procedure is commonly performed to address conditions such as arthritic pain due to bone fractures or ligament issues. As projected by the United Nations, the worldwide elderly population is expected to reach approximately 1.5 billion by the year 2050. Moreover, the elderly population is more susceptible to conditions like osteoarthritis and hip fractures, which often necessitate hip replacement surgery, thereby driving the growth in market revenue.
Osteoarthritis, a degenerative joint ailment, ranks among the most prevalent causes of hip joint replacement. According to data from the Centers for Disease Control and Prevention, an estimated 32.5 million individuals in the United States currently suffer from osteoarthritis, a number likely to rise in the coming years, thus leading to an increased demand for hip replacement implants.
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The advent of new materials, including ceramic and metal alloys, has significantly improved the durability and lifespan of hip implants. Additionally, the emergence of minimally invasive surgical techniques has resulted in shorter recovery periods and hospital stays, contributing to higher patient satisfaction and adoption rates.
Key players in the Hip Replacement Implants Market:
- Johnson & Johnson Services, Inc.
- Stryker Corporation
- Smith & Nephew plc
- Zimmer Biomet Holdings, Inc.
- Wright Medical Group N.V.
- Exactech, Inc.
- Mathys AG Bettlach
- ConforMIS, Inc.
- MicroPort Scientific Corporation
- DJO Global, Inc.
Some Key Highlights in the Report:
- In 2022, the global market for hip replacement implants saw the total hip replacement segment leading in terms of revenue share. This was primarily a result of the rising occurrence of hip-related ailments like osteoarthritis and rheumatoid arthritis, along with a growing preference for less invasive surgical methods. Total hip replacement involves the replacement of both the femoral head and the acetabulum with surgical implants, providing pain relief and enhancing joint function. It is commonly performed on elderly individuals with severe hip degeneration or arthritis.
- Looking ahead, it is expected that the metal-on-polyethylene segment will dominate the global hip replacement implants market during the projected period. This is due to the widespread availability and proven clinical effectiveness of metal-on-polyethylene implants. These implants are frequently used in primary total hip arthroplasty surgeries and are renowned for their durability and resistance to wear. Concerns about metal toxicity and the potential for implant corrosion and failure have prompted increased scrutiny of metal-on-polyethylene implants in recent years.
- In 2022, North America emerged as the frontrunner in terms of revenue share in the global hip replacement implants market. This can be attributed to several factors, including the increasing prevalence of osteoarthritis, a growing elderly population, and greater awareness regarding hip replacement surgeries. Additionally, the presence of favorable reimbursement policies and advanced healthcare infrastructure is expected to further fuel revenue growth in this region.
- Meanwhile, the European market is projected to experience the highest revenue growth rate in the global hip replacement implants market throughout the forecast period. This growth is primarily driven by the rising adoption of hip replacement procedures and the substantial aging population in Europe. According to the European Hip Society, Europe witnesses over 300,000 hip replacement surgeries annually, with countries like Germany, the UK, and France accounting for the highest number of procedures. Furthermore, the increasing prevalence of osteoarthritis and hip fractures is expected to contribute to the market’s revenue growth in this region.
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For the purpose of this report, Reports and Data has segmented the global hip replacement implants market on the basis of Product Type Outlook, Material Outlook, and Regional Outlook:
Product Type Outlook (Revenue, USD Billion; 2022 – 2032)
- Total Hip Replacement
- Partial Hip Replacement
- Revision Hip Replacement
Material Outlook (Revenue, USD Billion; 2022 – 2032)
Regional Outlook (Revenue, USD Billion; 2022-2032)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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