Hospitals Held Largest Share of Hip Implants Market in 2022
According to our new research study on “Hip Implants Market Forecast to 2030 – Global Analysis – by Product Type, Material, and End User,” As per the analysis, the market size is expected to grow from US$ 6,816.6 million in 2022 to US$ 9,425.4 million by 2030; it is anticipated to record a CAGR of 4.1% from 2022 to 2030. The report emphasizes the global hip implants market trends and the drivers and deterrents affecting the market growth.
Hip implants are quite expensive; many patients slide back from the decision to undergo spinal surgeries. Also, in many cases, the cost of hip implants is not covered under health insurance plans, limiting the number of surgeries. According to Becker’s Healthcare data published in February 2022, the top 5 cities of the US with the cost of hip implants are as follows: Dallas: US$ 50,580, Fort Worth, Texas: US$ 50,580; Indianapolis: US$ 44,303, San Jose, California: US$ 37,473, and San Francisco: US$ 37,473.
Hip Implants Market, by Region, 2022 (%)
Hip Implants Market Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product Type (Total Hip Replacement, Partial Hip Replacement, Hip Resurfacing, Revision Hip Implant), Material (Metal-on-Polyethylene, Ceramic-on-Ceramic, Ceramic-on-Metal, and Ceramic-on-Polyethylene, and Others), End User (Hospital, Orthopedic Clinics, Ambulatory Surgical Centers, and Others), and Geography
Hip Implants Market Size, Share and Facts - 2030
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Source: The Insight Partners Analysis
Conversely, hip implant surgeries can be availed at cheaper costs through medical tourism. Countries in developing regions have significantly developed medical tourism and have advanced technologies that provide world-class medical services at cheaper rates. The cost of hip implant surgery in India is US$ 5,762.93, while in Mexico, it is ~US$ 9,500. Similarly, in the UAE, hip implant surgery costs US$ 23,139, and in Turkey, it costs nearly US$ 13,000.
Offering critical surgeries at cheaper costs increases patient inflow to these countries for their medical treatments. Also, the availability of advanced medical techniques and increasing government funding to promote medical tourism lead to the increasing demand for advanced surgical implants. Further, the advancing healthcare infrastructure in developing countries will likely continue the demand for advanced medical devices, creating opportunities for the hip implants market growth.
As per the hip implants market analysis, by product type, is segmented into femoral reconstruction, acetabular reconstruction, hip resurfacing, revision hip implants, bearing and porous metal technologies, and total replacement implants. In 2022, the total replacement implants segment held the largest hip implants market share and is expected to record the highest CAGR during 2022–2030. Total hip arthroplasty (THA) is one of the most cost-effective and consistently successful surgeries performed in orthopedics. It provides reliable outcomes for patients suffering from end-stage degenerative hip osteoarthritis. Specifically, it results in pain relief, functional restoration, and improved quality of life. Moreover, the growing cases of hip injuries requiring total replacement implants will likely retain the segment's dominance and leverage the hip implants market growth during the forecast period.
Based on material, the market segmented into metal-on-metal, metal-on-polyethylene, ceramic-on-ceramic, ceramic-on-metal, and ceramic-on-polyethylene. 2022 the metal-on-plastic segment held the largest hip implants market share and is expected to record the highest CAGR from 2022 to 2030. The metal-on-plastic segment is driven by benefits such as precise outcome, durability, and cost-effectiveness. Furthermore, other benefits, such as fewer complications, technological advancements, and lesser wear particles, fuel the demand for metal-on-plastic-based hip implants. Moreover, the growing use of metal-on-plastic in hip implants in developing countries will likely retain the segment's dominance and leverage the hip implants market growth during the forecast period.
The hip implants market analysis, by end-user, is segmented into hospitals, orthopedic clinics, ambulatory surgical centers, and others. In 2022, the hospital segment held the largest share of the market and is expected to record the highest CAGR during 2022–2030. The growing number of hip implants surgeries in hospitals is driving the segment growth worldwide. Also, the hospital staff are well educated and aware of the complications that may occur during or after surgery type. The hospital staff are trained to tackle emergencies and provide balanced patient care. Reimbursement procedures for surgeries are also easily available and can be managed by hospital management. Moreover, the growing number of hospitals worldwide will likely retain the segment's dominance and leverage the hip implants market trends during the forecast period.
The major market players covered under the hip implants market report are Smith & Nephew, Exactech, Zimmer Biomet, Stryker Corporation, DJO Surgical (Enovis), Medacta, Conformis, DePuy Orthopaedics, MicroPort Orthopedics, and Symbios. These players adopt product innovation and product development strategies to meet evolving customer demands, which allows them to maintain their brand name. These initiatives by the companies to expand their portfolio and their presence is expected to increase the hip implants market size during the forecast period.
The report segments the hip implants market forecast as follows:
The market is divided based on product type, material, end-user, and geography. The hip implants market, by product type, is segmented into Total Hip Replacement, Partial Hip Replacement, Hip Resurfacing, Revision Hip Implant. The hip implants market, by material, is segmented into metal-on-polyethylene, ceramic-on-ceramic, ceramic-on-metal, and ceramic-on-polyethylene. The market, by end-user, is segmented into hospitals, orthopedic clinics, ambulatory surgical centers, and others. The region covered under the hip implant market report are North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa), and the South & Central America (Brazil, Argentina, and the Rest of South & Central America).
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