Global Hip Replacement Market Insights Forecasts to 2033

• The Global Hip Replacement Market Size was Valued at USD 7.68 Billion in 2023
• The Market Size is Growing at a CAGR of 4.00% from 2023 to 2033
• The Worldwide Hip Replacement Market Size is Expected to Reach USD 11.37 Billion by 2033
• Europe is Expected to Grow the fastest during the forecast period.

The Global Hip Replacement Market Size is Anticipated to Exceed USD 11.37 Billion by 2033, Growing at a CAGR of 4.00% from 2023 to 2033. 

Market Overview

Hip replacement, also known as hip arthroplasty, is a surgical procedure that replaces a broken or diseased hip joint with an artificial joint, or prosthesis. This operation is generally recommended for patients suffering from severe hip joint diseases such as osteoarthritis, rheumatoid arthritis, avascular necrosis, hip fractures, or other similar traumas. The operation is normally conducted under general anaesthesia and can be carried out using either classic open surgery or minimally invasive approaches aimed at pain relief and increased mobility. Furthermore, hip replacement surgery improves function and mobility, allowing patients to resume regular activities while also enhancing their overall quality of life. Increasing awareness of these treatments and their benefits is likely to fuel market expansion over the forecast period. The rising occurrence of whole or partial hip injuries, combined with an increase in road accidents and sports-related injuries, are important drivers of the hip replacement industry. Furthermore, the rising need for surgical procedures boosts global hip replacement market expansion.

Report Coverage

This research report categorizes the market for the global hip replacement market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global Hip Replacement market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global hip replacement market.

Driving Factors

The global upsurge in osteoarthritis prevalence is a significant driver of market expansion. An increase in surgical operations, greater knowledge of robot-assisted surgeries, and an increase in traffic accidents are all contributing reasons. Furthermore, higher expenditure in medical device research and development, attempts to improve healthcare infrastructure, and public-private sector strategic collaborations are creating considerable market potential.   Apart from this, the federal government's increase in funding is expected to drive market growth rates. Furthermore, the rise and expansion of the healthcare business, driven by both public and private stakeholders, particularly in developing nations, will open up substantial market potential.

Restraining Factors

People are predicted to experience a variety of adverse effects as a consequence of device failures, including allergic responses, metal poisoning, infection, bone loss, and other issues. As an outcome of this factor, the market is likely to undergo retraining over the forecast period. Furthermore, the procedure is expensive and subject to strict government regulations, which also hampers the growth of the hip replacement market.

Market Segmentation

The global hip replacement market share is classified into procedure, material, and end user.

• The total hip replacement segment is expected to hold the largest share of the global hip replacement market during the forecast period.       

Based on procedure, the global hip replacement market is categorized into total hip replacement, partial hip replacement, revision hip replacement, and hip resurfacing. Among these, the total hip replacement segment is expected to hold the largest share of the global hip replacement market during the forecast period. The complete hip replacement market is growing due to the increased prevalence of osteoarthritis and hip fractures caused by ageing, obesity, and trauma. The use of modern robots and navigation systems is increasing surgical precision, while the introduction of minimally invasive (MI) implants improves patient comfort and time to recover. These variables combine to propel growth in the complete hip replacement market.

• The metal-on-polyethylene segment is expected to grow at the fastest CAGR during the forecast period.   

Based on the material, the global hip replacement market is categorized into metal-on-metal, metal-on-polyethene, ceramic-on-polyethene, and others. Among these, the metal-on-polyethylene segment is expected to grow at the fastest CAGR during the forecast period.  Metal-on-polyethylene implants are chosen for hip replacements due to their low cost and numerous advantages, including fewer problems and fewer wear particles. This leads to better patient outcomes and fewer revision surgeries. The increased desire for economical treatment choices, and also the widespread availability of these products, are driving the market segment's growth.

• The hospital segment is expected to hold the largest share of the global hip replacement market during the forecast period.       

Based on end user, the global hip replacement market is categorized into hospitals and ambulatory surgery centres. Among these, the hospital segment is expected to hold the largest share of the global hip replacement market during the forecast period. Due to their interdisciplinary teams of highly qualified professionals, such as orthopaedic surgeons and physical therapists, who offer comprehensive treatment, hospitals are the preferred option for hip replacement surgery. Growth in this market is also driven by the availability of cutting-edge technologies and an increase in the number of surgeries performed at these facilities. Furthermore, by making treatments more affordable and accessible, increased government spending for healthcare infrastructure upgrades in both developed and developing countries has boosted hospital segment growth.

Regional Segment Analysis of the Global Hip Replacement Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is projected to hold the largest share of the global hip replacement market over the forecast period.

North America is projected to hold the largest share of the global hip replacement market over the forecast period. A growing population, increasing healthcare costs, and an established medical infrastructure are all contributing factors to the growth of the North American hip replacement industry. Improved insurance coverage, continuous technology breakthroughs, and the growing number of orthopaedic clinics are important motivators. Traditional procedures are facing issues that have been solved by the development of novel healthcare technologies. Additionally, the region's industry is growing because of increased investments, faster regulatory approvals, and encouraging government initiatives.

Europe is expected to grow at the fastest CAGR growth of the global hip replacement market during the forecast period. Since the population is ageing quickly, hip joint discomfort and injuries are becoming more common, there is a sophisticated healthcare system, a highly skilled workforce, and high healthcare. The growing number of hip joint pain-related disorders and the strong demand for partial replacement surgeries are also anticipated to support the regional market expansion. Additionally, companies in the area are implementing robotic surgery, which is driving the hip replacement market's expansion.  

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global hip replacement market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• B. Braun SE
• Conformis Inc.
• Corentec Co. Ltd.
• Corin Group
• DJO LLC (Enovis)
• Exactech Inc.
• Globus Medical Inc.
• Integra LifeSciences
• Johnson & Johnson
• Kyocera Corporation
• Medacta International SA
• MicroPort Scientific Corporation
• Smith & Nephew PLC
• Zimmer Biomet
• Others

Key Market Developments

• In May 2023, Hip Innovation Technology, LLC (HIT) presented the Reverse Hip Replacement System (Reverse HRS), its flagship innovation, during the 2024 annual meeting of the American Academy of Orthopedic Surgeons (AAOS) in San Francisco.  

• In August 2023, Stryker launched the "Scan. Plan. Mako Can" marketing campaign across the country. The goal of this campaign is to educate patients about Mako SmartRobotics, a cutting-edge option for those who require hip replacement surgery because of arthritis.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs) 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global hip replacement market based on the below-mentioned segments: 

Global Hip Replacement Market, By Procedure

• Total Hip Replacement
• Partial Hip Replacement
• Revision Hip Replacement
• Hip Resurfacing

Global Hip Replacement Market, By Material

• Metal-on-Metal
• Metal-on-Polyethylene
• Ceramic-on-Polyethylene
• Others

Global Hip Replacement Market, By End User

• Hospitals
• Ambulatory Surgery Centers
• Others

Global Hip Replacement Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa