Hip Implants Market Size, Share and Facts - 2030
[Research Report] The hip implants market 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.
Market Insights and Analyst View:
The hip implants market size is growing rapidly due to the increase in hip surgeries, hip injuries, osteoarthritis, and rheumatoid arthritis. In addition, strategic initiatives by companies to stay competitive are fueling growth of the market. For instance, Smith & Nephew launched OR3O Dual Mobility System in India in August 2023 for primary and revision hip arthroplasty. OR3O includes Smith & Nephew’s advanced bearing surface, OXINIUM DH, due to its liner and proprietary OXINIUM on XLPE. This eliminates both the modular CoCr liner and/or CoCr head ball from the construct, reducing wear and corrosion risks associated with the alloy. Thus, a significant rise in revolutionary technologies to address customer needs is likely to bring new trends in the hip implants market forecast.
Growth Drivers and Challenges:
According to the Osteoarthritis Action Alliance, osteoarthritis is one of the most common forms of arthritis in the US, affecting nearly 32.5 million people, of whom 43% of the population was over 65 years in 2020. As per the Centers for Disease Control and Prevention, around 23% of the US population had arthritis in 2020. As per Arthritis Research Canada, it is estimated that over 6 million Canadians have osteoarthritis, which is projected to be 10.5 million by 2040. Osteoarthritis may lead to hip injuries and hip fractures as the bone density in arthritis patients is lower than in those who do not have arthritis.
The World Health Organization (WHO) estimated that the population aged above 60 years was 1 billion in 2019, which is anticipated to reach 1.4 billion by 2030 and 2.1 billion by 2050. Geriatric population share is predicted to surge from ~15% to ~24% during this period. According to another report by Eurostat, Europe had the world's highest percentage (20.8%) of people aged over 60 years in 2021. In addition, by 2050, in all regions except Africa, more than 25% of their populations will have crossed 60 years. Thus, the surge in the geriatric population has boosted the prevalence of various orthopedic conditions, such as hip injury, osteoarthritis, and hip dislocation due to falls and other unfortunate incidents, resulting in a hip implants market growth.
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Hip Implants Market: Strategic Insights
Hip Implants Market
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CAGR (2022 - 2030)
4.1%
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Market Size 2022
US$ 6,816.6 Million
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Market Size 2030
US$ 9,425.4 Million
Market Dynamics
GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Key Players
- Smith Nephew
- Exactech
- Zimmer Biomet
- Stryker Corporation
- DJO Surgical Enovis
- Medacta
- Conformis
- DePuy Orthopaedics
- MicroPort Orthopedics
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Product Type
- Total Hip Replacement
- Partial Hip Replacement
- Hip Resurfacing
- Revision Hip Implant
Material
- Metal-on-Polyethylene
- Ceramic-on-Ceramic
- Ceramic-on-Metal
- Ceramic-on-Polyethylene
- Others
End User
- Hospital
- Orthopedic Clinics
- Ambulatory Surgical Centers
- Others
- and Geography
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Hip Implants Market: Strategic Insights
-
CAGR (2022 - 2030)4.1% -
Market Size 2022
US$ 6,816.6 Million -
Market Size 2030
US$ 9,425.4 Million
Market Dynamics
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- XXXXXXX
- XXXXXXX
- XXXXXXX
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- XXXXXXX
Key Players
- Smith Nephew
- Exactech
- Zimmer Biomet
- Stryker Corporation
- DJO Surgical Enovis
- Medacta
- Conformis
- DePuy Orthopaedics
- MicroPort Orthopedics
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- Total Hip Replacement
- Partial Hip Replacement
- Hip Resurfacing
- Revision Hip Implant
- Metal-on-Polyethylene
- Ceramic-on-Ceramic
- Ceramic-on-Metal
- Ceramic-on-Polyethylene
- Others
- Hospital
- Orthopedic Clinics
- Ambulatory Surgical Centers
- Others
- and Geography
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Segmentation and Scope:
The hip implants market is divided based on product type, material, end user, and geography. By product type, the market is segmented into total replacement, partial replacement, hip resurfacing, and revision hip implants. By material, the market is segmented into metal-on-polyethylene, ceramic-on-ceramic, ceramic-on-metal, ceramic-on-polyethylene, and others. By end user, the market is segmented into hospitals, orthopedic clinics, ambulatory surgical centers, and others. Based on geography, the is divided into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, Russia, 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).
Segmental Analysis:
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.
By material, the market is segmented into metal-on-polyethylene, ceramic-on-ceramic, ceramic-on-metal, and ceramic-on-polyethylene. In 2022, the metal-on-plastic segment held the largest hip implants market share and is expected to record the highest CAGR in the hip implants market forecast from 2022 to 2030. The segment growth 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.
By end user, the market is segmented into hospitals, orthopedic clinics, ambulatory surgical centers, and others. In 2022, the hospital segment held the largest hip implants market share and is expected to record the highest CAGR during 2022–2030. The growing number of surgeries for hip implants in hospitals is driving the segment of hip implant 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 growth during the forecast period. Moreover, the growing number of hospitals worldwide will likely retain the segment's dominance.
Regional Analysis:
Geographically, the hip implants market report is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. North America is the biggest contributor to the growth of the global hip implants market. Asia Pacific is predicted to show the highest CAGR in the hip implants market forecast from 2022 to 2030. The increasing incidence of hip implants, product launches, and sports hip injuries mainly drive the growth of the market in the US. According to the article “Hip Fracture Care and National Systems,” published by Wolters Kluwer Health, Inc., about 250,000–300,000 people in the US are hospitalized for hip fractures annually. It is also estimated that about 500,000 people will be attended by medical professionals due to hip fractures by 2040. As per the American Academy of Orthopaedic Surgeons, people aged 65 years and above are prone to hip fractures due to household or community falls in the US. As per the article “Hip Overview’ published in National Library Medicine, about US$ 40,000 is spent by patients in the first year after a hip fracture and the total cost of hip fracture care in the US amounts to nearly US$ 17 billion annually. Thus, the growing prevalence of hip fractures and hip injuries in the US and increasing spending on treatment of these injuries are current hip implants market trend in the US.
Hip Implants Market Report Scope
Report Attribute
Details
Market size in 2022
US$ 6,816.6 Million
Market Size by 2030
US$ 9,425.4 Million
Global CAGR (2022 - 2030)
4.1%
Historical Data
2020-2022
Forecast period
2022-2030
Segments Covered
By Product Type - Total Hip Replacement
- Partial Hip Replacement
- Hip Resurfacing
- Revision Hip Implant
By Material - Metal-on-Polyethylene
- Ceramic-on-Ceramic
- Ceramic-on-Metal
- Ceramic-on-Polyethylene
- Others
By End User - Hospital
- Orthopedic Clinics
- Ambulatory Surgical Centers
- Others
- and Geography
Regions and Countries Covered
North America - US
- Canada
- Mexico
Europe - UK
- Germany
- France
- Russia
- Italy
- Rest of Europe
Asia-Pacific - China
- India
- Japan
- Australia
- Rest of Asia-Pacific
South and Central America - Brazil
- Argentina
- Rest of South and Central America
Middle East and Africa - South Africa
- Saudi Arabia
- UAE
- Rest of Middle East and Africa
Market leaders and key company profiles
- Smith Nephew
- Exactech
- Zimmer Biomet
- Stryker Corporation
- DJO Surgical Enovis
- Medacta
- Conformis
- DePuy Orthopaedics
- MicroPort Orthopedics
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Attribute | Details |
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Market size in 2022 | US$ 6,816.6 Million |
Market Size by 2030 | US$ 9,425.4 Million |
Global CAGR (2022 - 2030) | 4.1% |
Historical Data | 2020-2022 |
Forecast period | 2022-2030 |
Segments Covered |
By Product Type
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Regions and Countries Covered | North America
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Market leaders and key company profiles |
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Industry Developments and Future Opportunities:
Various plans by key players operating in the Hip Implants Market are listed below:
- In August 2022, Exatech commercially launched a novel total hip arthroplasty system consisting of Spartan Stem and Logical Cup. The Spartan Hip Stem reflects contemporary patient needs and the newest advancements in surgical approach. The Logical Cup is an advanced, modular acetabular system designed to meet the demands of highly active patients while also enabling an efficient surgical process in hospitals and ambulatory surgical centers.
- Smith & Nephew launched OR3O Dual Mobility System in September 2022 for primary and revision hip arthroplasty in Japan. This advanced bearing surface, OXINIUM DH, is utilized for its linear and proprietary OXINIUM on XLPE for its polyethylene inserts and femoral head.
Competitive Landscape and Key Companies:
A few of the prominent players covered in 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 companies focus on geographic expansions and new product launches to meet the growing demand from consumers worldwide and increase their product range in specialty portfolios. Their global presence allows them to serve a large customer base, facilitating market expansion.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, Material, End User, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The hip implants market, by product type, is segmented into total replacement implants, partial total replacement implants, hip resurfacing, and revision hip implants. In 2022, the total replacement implants segment held the largest market share and is expected to record the highest CAGR during 2022–2030.
The hip implants market, by material, is segmented into metal-on-polyethylene, ceramic-on-ceramic, ceramic-on-metal, and ceramic-on-polyethylene and others. 2022 the metal-on-plastic segment held the largest market share and is expected to record the highest CAGR from 2022 to 2030.
The hip implants market, by end-user, is segmented into hospitals, orthopedic clinics, ambulatory surgical centers, and others. In 2022, the hospital segment held the largest market share and is expected to record the highest CAGR during 2022–2030.
The hip implants market majorly consists of players such Smith & Nephew, Exactech, Zimmer Biomet, Stryker Corporation, DJO Surgical (Enovis), Medacta, Conformis, DePuy Orthopaedics, MicroPort Orthopedics, and Symbios.
The hip implants market size is largely driven by the increasing number of hip injuries and related diseases, and strategic initiatives in hip implants. However, the high cost of hip implants hinders the growth of the hip implant market.
Based on geography, the hip implants market is segmented into 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 Rest of the Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). North America is the largest contributor to the growth of the global hip implants market. Asia Pacific is expected to register the highest CAGR in the hip implants market from 2022 to 2030.
Hip implants are medical devices designed to restore mobility and alleviate pain, usually associated with arthritis and other hip diseases or injuries. Every hip implant has its benefits and risks. Every hip implant system has unique device design features such as size, shape, material, and dimensions. In addition, the same hip implant system may have different outcomes in different patients. In addition, strategic initiatives by companies to stay competitive in the market are fueling market growth. For instance, Smith & Nephew launched the OR3O Dual Mobility System in August 2023 for use in primary and revision hip arthroplasty in India. OR3O includes Smith & Nephew’s advanced bearing surface, OXINIUM DH, due to its liner and proprietary OXINIUM on XLPE. This eliminates both the modular CoCr liner and/or CoCr head ball from the construct, which reduces wear and corrosion risks associated with the alloy. Thus, a significant rise in revolutionary technologies to address customer needs is likely to bring new trends in the market during the forecast period.
The List of Companies - Hip Implants Market
- Smith & Nephew
- Exactech
- Zimmer Biomet
- Stryker Corporation
- DJO Surgical (Enovis)
- Medacta
- Conformis
- DePuy Orthopaedics
- MicroPort Orthopedics
- Symbios