The global hip replacement implants market size is expected to reach USD 7.8 Billion by 2026, according to a new report by Grand View Research, Inc. It is anticipated to expand at exhibiting a CAGR of 4.7% over the forecast period. Growing prevalence of osteoarthritis & osteoporosis are expected to drive growth over the forecast period. In addition, a paradigm shift toward minimally invasive procedures is fueling the market globally. Moreover, a favorable reimbursement policy is further propelling growth.
Hip Replacement Implants Market Report Highlights
- Increasing demand for minimally invasive surgeries is anticipated to create growth opportunities in the hip replacement implants market.
- Increasing number of sports injuries & road traffic accidents are driving demand for total replacement surgeries.
- Total hip implants accounted for the largest revenue share as of 2018, owing to technological advancements and growing adoption.
- Metal-on-polyethylene (MOP) held the largest share of material segment due to its minimal surgical risk and negligible post-surgery complications.
- Hospitals & surgery centers held the largest revenue share of end-use segment due to maximum number of surgeries performed within these facilities.
- North America held the dominant share as of 2018, due to supportive government initiatives and the presence of large number of industry players.
- Asia Pacific is anticipated to witness lucrative growth due to an increase in the target population and booming medical tourism.
- Some key companies are Zimmer Biomet, Johnson & Johnson, Smith & Nephew Plc., Stryker, and Aesculap Implant Systems LLC.
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Hip replacement implants are medical devices used to replace damaged or worn-out hip joints. They are commonly made from a combination of metals, such as titanium or cobalt-chromium, and polyethylene, a type of plastic. The implant consists of a socket that is placed in the pelvis and a stem that is inserted into the thigh bone. Hip replacement surgery is typically performed on patients who suffer from severe joint pain or have limited mobility due to conditions such as osteoarthritis or rheumatoid arthritis. Although hip replacement surgery is generally safe and effective, complications such as implant failure or infection can occur. Therefore, patients must be carefully screened and monitored before, during, and after the procedure to minimize the risk of complications and ensure the best possible outcomes.
The global market has been experiencing significant growth in recent years, driven by an aging population and an increasing prevalence of osteoarthritis and other musculoskeletal disorders. In terms of the latest developments, there has been a growing demand for minimally invasive surgery and customized implants. Technological advancements such as 3D printing and robotic-assisted surgery have enabled the production of personalized hip implants that better fit the individual patient’s anatomy, potentially leading to better outcomes and shorter recovery times. Additionally, companies are investing in research and development to improve the durability and longevity of hip replacement implants, with the aim of reducing the need for revision surgeries. There has also been a trend towards the use of alternative materials in hip replacement implants, such as ceramic or ceramic-coated components, which have shown promising results in terms of reducing wear and tear and improving the lifespan of the implant. However, more long-term studies are needed to assess the safety and efficacy of these newer materials. The market is expected to continue to grow in the coming years, driven by increasing demand for joint replacement surgeries and ongoing technological advancements in the field.
Moreover, individuals aged 60 years and above accounted for 12.3% of the global population in 2015 and this population is expected to reach 21.5% in 2050. Thus, increasing population of those aged 60 years and above is expected to impel growth. Moreover, increasing adoption of minimally invasive surgeries coupled with availability of variety of advanced treatment options is a key factor driving the market.
Hip Replacement Implants Market Insights By Region
North America accounted for the largest share, owing to favorable healthcare infrastructure and the presence of key industry players. The growing incidence of osteoporosis & osteoarthritis and rising number of sports & road injuries are some major factors aiding the growth of the regional market. Asia Pacific is expected to witness lucrative growth over the forecast period. Factors such as growing healthcare spending in emerging Asian marketplaces and growing elderly population, which have a higher risk of developing osteoarthritis, osteoporosis, & bone injuries, and rising incidence of obesity will contribute to the growth over several years. The availability of resources that enable the development of advanced technology at a cheaper cost is resulting in manufacturing growth in countries such as China and India. In addition, rapidly developing healthcare infrastructure due to the booming medical tourism industry is impelling market demand in the region.
Competitive Analysis By Major Players
The market is competitive in nature with the presence of many large and small industry players. The aforementioned players are constantly involved in strategic initiatives such as new product launch, technological advancements, and mergers & acquisitions in order to gain a higher market share. Some of the key companies are: ConMed Corporation; Aesculap Implant Systems, LLC; DJO Global, Inc.; B. Braun Melsungen AG; OMNIlife Science, Inc.; Exactech, Inc.; MicroPort Scientific Corporation; Smith & Nephew plc; Stryker Corporation; Johnson & Johnson; Zimmer Biomet
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Grand View Research has segmented the global hip replacement implants market on the basis of product, application, end use, and region.
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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