Global Hip Replacement Implants Market Report and Forecast 2024-2032

Global Hip Replacement Implants Market Outlook

The global hip replacement implant market value was USD 7.64 billion in 2023, driven by the increasing prevalence of hip-related disorders across the globe. The market size is anticipated to grow at a CAGR of 5.2% during the forecast period of 2024-2032 to achieve a value of USD 12.05 billion by 2032.

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Growing Demand for Total Hip Replacement Procedures to Aid the Industry Growth

Based on product, the total hip replacement segment accounts for a significant share in the market owing to the rising cases of osteoarthritis, coupled with the increasing inclination of patients towards minimally invasive surgeries. Total hip replacement can provide significant relief from arthritic hip pain to the patients. In addition to this, total hip replacement can boost mobility and can lead to dramatic improvement in quality of life, which is a major advantage. Being one of the most cost-effective interventions in medicine, the demand for total hip arthroplasty is expected to significantly increase in the forecast period.

North America Accounts for a Significant Share in the Market

The market for hip replacement implants in North America is driven by the rising healthcare expenditure in countries such as the United States and Canada. The region has witnessed a significant increase in cases of road or sport-related injuries, which has propelled the demand for hip replacement implants. Furthermore, the favourable reimbursement policies introduced by the government is likely to be an aiding factor for the market in the forecast period.

Hip Replacement Implants: Market Segmentation

Hip replacement implants are the medical devices aimed towards mobilising patients and reducing the pain associated with any injury. The design and application of hip replacement implants can vary from one patient to another patient, depending upon their needs.

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Based on product, the market can be segmented into:

• Total Hip Replacement
• Partial Femoral Head
• Hip Resurfacing
• Revision Hip

By component, the market is divided into:

• Ace Tabular Cup Systems
• Hip Stem Systems
• Revision Accessories and Components

The major applications of hip replacement implants include:

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

The different end uses of the product include:

• Orthopaedic Clinics
• Hospitals and Surgery Centres
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rising Demand in Orthopaedic Clinics  to Bolster the Market for Hip Replacement Implants

The rising application of hip replacement implants in orthopaedic clinics owing to the increasing cases of osteoarthritis, rheumatoid arthritis, osteonecrosis, fractures, and bone tumours, among others is driving the global market for hip replacement implants. In addition to this, the growing awareness regarding advanced treatment options among the patients suffering from osteoarthritis or inflammatory arthritis is likely to provide a further impetus to the market. Moreover, the development of non-invasive surgical procedures, which can effectively replace conventional procedures and associated problems, is likely to augment the market in the forecast period.

Key Industry Players in the Global Hip Replacement Implants Market

The report gives a detailed analysis of the following key players in the global hip replacement implants market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Zimmer Biomet Holdings, Inc.
• Stryker Corporation
• Smith & Nephew plc
• MicroPort Scientific Corporation
• Exactech, Inc.
• B. Braun Melsungen AG
• DJO, LLC
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report