According to a new report published by Allied Market Research, titled, “Hip Replacement Market," The hip replacement market was valued at $5.9 billion in 2021, and is estimated to reach $8.6 billion by 2031, growing at a CAGR of 4% from 2022 to 2031.
Hip replacement is the removal and replacement of portions of the pelvis and femur (thighbone) that form the hip joint. It is performed primarily to relieve pain. Hip replacement surgery is usually necessary when the hip joint is worn or damaged so that patient’s mobility is reduced and patient are in pain even while resting. The most common reason for hip replacement surgery is osteoarthritis.
The increase in prevalence of orthopedic diseases and rise in incidence of hip injuries drives the Hip Replacement Market growth. The bone diseases such as osteoarthritis, rheumatoid arthritis, osteonecrosis, fractures, and bone tumors are the conditions that commonly require surgical intervention. While a number of conditions can cause hip pain, hip replacement is reserved for individuals with extensive hip damage. Furthermore, rise in number of geriatric populations boosts the growth of hip replacement market. The elderly people are more prone to dental problems and orthopedic diseases. Thus, geriatric population signifies increase in patients of chronic diseases. For instance, according to the World Health organization (WHO), by 2050, the world’s population of people aged 60 years and older is expected to reach 2.1 billion.
The partial hip replacement is commonly done for hip fractures. The prevalence of road accidents and acquired hip injuries drives the growth of market. For instance, as per the U.S. Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) report published in February 2022, an estimated 31,720 people died in motor vehicle traffic crashes from January through September 2021, an increase of approximately 12% from the 28,325 fatalities projected for January to September of 2020.
Furthermore, Hip Replacement Market trends that drive the growth of the hip replacement market include R&D for development of hip replacement, increase in procedure approvals, and new product launches in the market. In addition, integration of software-based navigation system with hip replacements further contributes to the growth of Hip Replacement Market size. For instance, in February 2021, Medacta, an international company specializing in the design, production, and distribution of innovative orthopedic products, received clearance from the U.S. Food and Drug Administration (FDA) for its MyHip Planner and MyHip Verifier. The MyHip Planner and MyHip Verifier are two personalized solutions that are intended to be used in primary total hip replacement for 3D pre-operative planning and intra-operative verification. Furthermore, rise in healthcare expenditure and improvements in healthcare facilities in developing nations contribute toward growth of the Hip Replacement Industry.
The hip replacement market is segmented into by procedure, material, end user and region.
On the basis of procedure, the market is divided into total hip replacement, partial hip replacement, revision hip replacement and hip resurfacing. The total hip replacement segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to increase in prevalence of osteoarthritis and rise in number of geriatric populations.
Based on material, the market is categorized into metal-on-metal, metal-on-polyethylene, ceramic-on-polyethylene, ceramic-on-metal and ceramic-on-ceramic. The metal-on-polyethylene segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to advantage of metal-on-polyethylene and advancements in hip replacement surgeries.
Depending on end user, the market is classified into hospitals, orthopedic clinics, and ambulatory surgical centers. The hospitals segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to increase in healthcare expenditure and rise in number of hospitals.
North America accounted for a majority of the global hip replacement market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of orthopedic diseases, well established healthcare infrastructure and presence of key players in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to increase in incidences of hip injury, growth in geriatric population and high population base.
KEY FINDINGS OF STUDY
- On the basis of procedures, the total hip replacement segment was the highest contributor to the market in 2021.
- Based on material, the metal-on-polyethylene segment was the highest contributor to the market in 2021.
- Depending on end user, the hospitals segment was the highest contributor to the market in 2021.
- Region wise, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.