Which Factors Will Push The Hip Replacement Market To Achieve $9.76 Billion By 2029?
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How Much Will The Hip Replacement Market Be Worth By 2029?
In recent times, the market for hip replacements has seen constant growth. The market size, which is at $7.37 billion in 2024, will increase to $7.71 billion in 2025. This depicts a compound annual growth rate (CAGR) of 4.6%. The historical growth can be traced back to factors such as demographic shifts, a surge in cases of osteoarthritis, increased knowledge and awareness, policy changes related to reimbursement and variations in lifestyle.
Anticipated solid growth is on the horizon for the hip replacement market in the coming years, with its size projected to reach $9.76 billion by 2029, signifying a compound annual growth rate (CAGR) of 6.1%. This growth in the forecasted years can be linked to an increasing number of elderly people, the prevalence of chronic illnesses, enhanced global healthcare infrastructure, regulatory backing, and patient’s inclination towards less invasive procedures. Technological breakthroughs, an expanding elderly population, the surge in outpatient procedures, personalized medicine and 3D printing, along with value-based healthcare are primary trends expected to be prevalent during the forecast period.
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Which Key Factors Are Fueling Growth In The Hip Replacement Market?
Anticipated growth in the hip replacement market is linked to the predicted rise in hip injury instances. Hip injuries typically occur when a muscle supporting the hip joint is strained or damaged. Those suffering from conditions such as arthritis, avascular necrosis, or other forms of hip joint deterioration may experience pain and stiffness in the hip. A hip replacement can offer relief in such cases. As per data from the US-based National Library of Medicine released in August 2024, it is predicted that annual incidents could escalate to between 3 and 11 million by 2030, and could potentially surge to 5 to 21 million by 2050, contingent on various factors. These projections indicate that the rise in hip injury instances is driving the expansion of the hip replacement market.
Which Segmentation Factors Are Critical In The Hip Replacement Market Analysis?
The hip replacementmarket covered in this report is segmented –
1) By Procedure: Total Hip Replacement; Partial Hip Replacement; Revision Hip Replacement; Hip Resurfacing
2) By Material: Metal-On-Metal; Metal-On-Polyethylene; Ceramic-On-Polyethylene; Ceramic-On-Metal; Ceramic-On-Ceramic
3) By End-User: Hospitals; Specialty Clinics; Ambulatory Surgery Centers
Subsegments:
1) By Total Hip Replacement: Cemented Total Hip Replacement; Cementless Total Hip Replacement
2) By Partial Hip Replacement: Hemiarthroplasty; Bipolar Hip Replacement
3) By Revision Hip Replacement: Acetabular Component Revision; Femoral Component Revision
4) By Hip Resurfacing: Metal-on-Metal Hip Resurfacing; Ceramic-on-Ceramic Hip Resurfacing
What New Opportunities Are Emerging From Trends In The Hip Replacement Market?
The rise of technological innovations is observed as a significant trend in the hip replacement market. Firms active in this sector are embracing cutting-edge technologies to maintain their market status. For example, Enovis, a medical technology firm based in the US, introduced an Augmented Reality technology called ARVIS in July 2022. This technology is intended to enhance both total hip and knee replacement surgeries. It offers surgeons valuable insights and enriches the surgical procedures, all without the need for intrusive and superfluous equipment.
Which Players Are Shaping The Competitive Landscape Of The Hip Replacement Market?
Major companies operating in the hip replacement market include Johnson & Johnson, Stryker Corporation, Smith & Nephew PLC, B. Braun Melsungen AG, ConforMIS Inc., Exactech Inc, MicroPort Scientific Corporation, Zimmer Biomet Holdings Inc., Corin Group PLC, Gruppo Bioimpianti S.R.L., Integra LifeSciences, Medacta International, Merete GmbH, Microport Orthopedics Inc., DJO Global Inc., Waldemar Link GmbH & Co. KG, Peter Brehm GmbH, Synimed Synergie Ingénierie Médicale S.A.R.L., Elite Surgical Industries, Corentec Co. Ltd., Arthrex Inc., Evolutis, FH Ortho S.A.S, In2Bones Global Inc.
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Which Region Is Likely To Register The Fastest Growth In The Hip Replacement Market?
North America was the largest region in the hip replacement market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global hip replacement market report during the forecast period. The regions covered in the hip replacement market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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