Hip Replacement Implants Market To Reach $8.7 Billion By 2030

Hip Replacement Implants Market Growth & Trends

The global hip replacement implants market size is projected to reach USD 8.7 billion by 2030, growing at a CAGR of 6.2% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growing prevalence of osteoarthritis and hip fractures and the growing geriatric population are the major factors contributing to market growth. For example, according to the American Academy of Orthopedic Surgeons, in the U.S., hip fractures affect over 300,000 individuals annually. Most of these fractures occurred in people 65 or older who suffered from injuries in the home or outdoor falls. Therefore, more hip replacement surgeries were performed due to the aging population and rising rates of diseases affecting the lower extremities. Additionally, this leads to a rise in demand for hip replacement implants.

The rapid advancement of surgical procedures has spurred the demand for hip replacement implants. Furthermore, introducing novel implant types and combining materials for enhanced stability and longevity further boosts the expansion of the hip replacement implants market globally. Additionally, the market is growing due to shifting consumer preferences brought on by advancements in the materials utilized in hip replacement implants. Advanced materials, such as cross-linked polyethylene sockets with ceramics or metallic femoral heads, are becoming more accessible and creating opportunities for companies.

Growing research agreements between key developers and R&D companies to develop innovative implant solutions further contribute to market growth. For instance, in September 2022, Zimmer Biomet Holdings, Inc. and Surgical Planning Associates, Inc. signed an exclusive, multi-year partnership arrangement to promote the first FDA-approved mixed reality navigation system, HipInsight, used in total hip arthroplasty. With HipInsight, developed specifically for Zimmer Biomet's hip implant line, surgeons may employ the second generation of Microsoft HoloLens glasses to observe a projected hologram of the individual's pelvic anatomy during surgery to aid in positioning the implant and alignment.

 Request a free sample copy or view report summary: Hip Replacement Implants Market Report

 Hip Replacement Implants Market Report Highlights

• Based on product, the total hip segment dominated the market in 2022 with a revenue share of 37.5% due to the growing number of total hip replacement surgeries globally. Since total hip replacement is the most common type of hip replacement surgery, the demand for total hip replacement implants is also higher

• Metal-on-polyethylene held the largest share of 30.8% among material types in 2022 since it is among the most affordable implant, and its extra advantages include fewer complications and fewer wear particles

• By end-use, the hospitals and surgery centers segment held the largest share of 69.3% in 2022. The high share of the segment is attributable to the rise in hip implant surgeries performed in these facilities

• North America dominated the market in 2022 with a share of 45.6% owing to the rising prevalence of osteoarthritis and the increase in hip replacement surgeries in North America. Key players are also undertaking various strategic initiatives that have led to high revenue growth in the U.S.

Hip Replacement Implants Market Segmentation

Grand View Research has segmented the global hip replacement implants market based on product, material, end-use, and region:

Hip Replacement Implants Product Outlook (Revenue, USD Billion, 2018 - 2030)

• Total Hip

• Partial Femoral Head

• Hip Resurfacing

• Revision Hip

Hip Replacement Implants Material Outlook (Revenue, USD Billion, 2018 - 2030)

• Metal-on-Metal

• Metal-on-Polyethylene

• Ceramic-on-Polyethylene

• Ceramic-on-Metal

• Ceramic-on-Ceramic

Hip Replacement Implants End-use Outlook (Revenue, USD Billion, 2018 - 2030)

• Orthopedic Clinics

• Hospitals & Surgery Centers

• Others

Hip Replacement Implants Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Sweden

  • Denmark

  • Norway

• Asia Pacific

  • China

  • Japan

  • India

  • Australia

  • South Korea

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East and Africa (MEA)

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players in the Hip Replacement Implants Market

• 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