[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
Market Size Value in US$ 6,816.6 million in 2022 Market Size Value by US$ 9,425.4 million by 2030 Growth rate CAGR of 4.1% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Hip Implants Market: Strategic Insights
Market Size Value in | US$ 6,816.6 million in 2022 |
Market Size Value by | US$ 9,425.4 million by 2030 |
Growth rate | CAGR of 4.1% from 2022 to 2030 |
Forecast Period | 2022-2030 |
Base Year | 2022 |
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Speak to AnalystReport 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
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
This text is related
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.
1. Introduction
1.1 Scope of the Study
1.2 Market Definition, Assumptions and Limitations
1.3 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness Analysis
3. Research Methodology
4. Hip Implants Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in the Value Chain
5. Hip Implants Market - Key Market Dynamics
5.1 Key Market Drivers
5.2 Key Market Restraints
5.3 Key Market Opportunities
5.4 Future Trends
5.5 Impact Analysis of Drivers and Restraints
6. Hip Implants Market - Global Market Analysis
6.1 Hip Implants - Global Market Overview
6.2 Hip Implants - Global Market and Forecast to 2030
7. Hip Implants Market – Revenue Analysis (USD Million) – By Product Type, 2020-2030
7.1 Overview
7.2 Total Hip Replacement
7.3 Partial Hip Replacement
7.4 Hip Resurfacing
7.5 Revision Hip Implant
8. Hip Implants Market – Revenue Analysis (USD Million) – By Material, 2020-2030
8.1 Overview
8.2 Metal-on-polyethylene
8.3 Ceramic-on-polyethylene
8.4 Ceramic-on-ceramic
8.5 Ceramic-on-metal
8.6 Others
9. Hip Implants Market – Revenue Analysis (USD Million) – By End Users, 2020-2030
9.1 Overview
9.2 Hospitals
9.3 Orthopedic Clinics
9.4 Ambulatory Surgical Centers
9.5 Other End User
10. Hip Implants Market - Revenue Analysis (USD Million), 2020-2030 – Geographical Analysis
10.1 North America
10.1.1 North America Hip Implants Market Overview
10.1.2 North America Hip Implants Market Revenue and Forecasts to 2030
10.1.3 North America Hip Implants Market Revenue and Forecasts and Analysis - By Product Type
10.1.4 North America Hip Implants Market Revenue and Forecasts and Analysis - By Material
10.1.5 North America Hip Implants Market Revenue and Forecasts and Analysis - By End Users
10.1.6 North America Hip Implants Market Revenue and Forecasts and Analysis - By Countries
10.1.6.1 United States Hip Implants Market
10.1.6.1.1 United States Hip Implants Market, by Product Type
10.1.6.1.2 United States Hip Implants Market, by Material
10.1.6.1.3 United States Hip Implants Market, by End Users
10.1.6.2 Canada Hip Implants Market
10.1.6.2.1 Canada Hip Implants Market, by Product Type
10.1.6.2.2 Canada Hip Implants Market, by Material
10.1.6.2.3 Canada Hip Implants Market, by End Users
10.1.6.3 Mexico Hip Implants Market
10.1.6.3.1 Mexico Hip Implants Market, by Product Type
10.1.6.3.2 Mexico Hip Implants Market, by Material
10.1.6.3.3 Mexico Hip Implants Market, by End Users
Note - Similar analysis would be provided for below mentioned regions/countries
10.2 Europe
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 Spain
10.2.5 United Kingdom
10.2.6 Rest of Europe
10.3 Asia-Pacific
10.3.1 Australia
10.3.2 China
10.3.3 India
10.3.4 Japan
10.3.5 South Korea
10.3.6 Rest of Asia-Pacific
10.4 Middle East and Africa
10.4.1 South Africa
10.4.2 Saudi Arabia
10.4.3 U.A.E
10.4.4 Rest of Middle East and Africa
10.5 South and Central America
10.5.1 Brazil
10.5.2 Argentina
10.5.3 Rest of South and Central America
11. Pre and Post Covid-19 Impact
12. Industry Landscape
12.1 Mergers and Acquisitions
12.2 Agreements, Collaborations, Joint Ventures
12.3 New Product Launches
12.4 Expansions and Other Strategic Developments
13. Competitive Landscape
13.1 Heat Map Analysis by Key Players
13.2 Company Positioning and Concentration
14. Hip Implants Market - Key Company Profiles
14.1 Zimmer Biomet
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
Note - Similar information would be provided for below list of companies
14.2 Johnson and Johnson Services, Inc.
14.3 Exactech, Inc.
14.4 SmithNephew plc
14.5 B. Braun Melsungen AG
14.6 DJO Global
14.7 Stryker
14.8 OMNI
14.9 United Orthopedic Corp.
14.10 Japan MDM, Inc.
15. Appendix
15.1 Glossary
15.2 About The Insight Partners
15.3 Market Intelligence Cloud
The List of Companies - Hip Implants Market
- Smith & Nephew
- Exactech
- Zimmer Biomet
- Stryker Corporation
- DJO Surgical (Enovis)
- Medacta
- Conformis
- DePuy Orthopaedics
- MicroPort Orthopedics
- Symbios
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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