What is the global market size of Hip Replacement Market?

Hip Replacement Market size was valued at USD 6.3 billion in 2021 and is poised to grow from USD 6.69 billion in 2022 to USD 10.8 billion by 2030, growing at a CAGR of 6.17% in the forecast period (2023-2030).

Hip Replacement Market Size, Share, Growth Analysis, By Procedure(Total, Partial, Revision & Hip Resurfacing), By End-use(Hospitals & Ambulatory Surgery Centres, Orthopaedic Clinics, Others), By Region - Industry Forecast 2024-2031

Report ID: SQSG35E2005 | Region: Global | Published Date: July, 2001
Pages: 165 | Tables: 63 | Figures: 75

Hip Replacement Market News

In July 2021, Medacta has announced an extension of their hip revision Portfolio. The AMIS(R)-K Long, Iliac Screw Mpact 3D Metal, and 3D Metal(R) B-Cage were used in the first operations. These items, together with the M-Vizion Modular Femoral Revision Stem, expand the Medacta Hip Revision Platform.
In August 2021, Zimmer Biomet Holdings, Inc., a global medical technology business, announced that the ROSA Hip System has gained 510(k) approval from the US Food and Drug Administration (FDA) for robotically assisted direct anterior total hip replacement.

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Hip Replacement Market size was valued at USD 6.3 billion in 2019 and is poised to grow from USD 6.69 billion in 2023 to USD 10.8 billion by 2031, growing at a CAGR of 6.17% in the forecast period (2024-2031).

According to our research, In terms of hip replacement market revenue, Zimmer Biomet, DePuy Synthes, and Stryker led the way globally. Due to increasing sales of the company's hip implants, Zimmer Biomet had the largest market share. DePuy Synthes and Stryker, on the other hand, have a strong sales force, a focus on both organic and inorganic growth, and strategic alliances as the main reasons for their leadership positions. 'Zimmer Biomet', 'Stryker', 'Smith & Nephew', 'Johnson & Johnson', 'DJO Global', 'MicroPort Scientific Corporation', 'Exactech', 'Waldemar Link GmbH & Co. KG', 'LimaCorporate', 'ConforMIS', 'Corin', 'Ortho Development', 'AK Medical', 'Groupe Lépine', 'Medacta', 'B. Braun Melsungen AG', 'OMNI Life Science', 'Kyocera Medical Corporation', 'Peter Brehm GmbH', 'Arthrex, Inc.'

Adequate health coverage and health reimbursement policy change for joint replacement surgeries are expected to drive demand for hip implants. The governments of various nations have created various health reimbursement programmes for joint replacement procedures in order to provide inexpensive and high-quality treatment to all citizens. As a result, the number of persons receiving hip arthroplasty has increased, boosting the market.

The growing elderly population promotes the growth of the Hip Replacement Market. According to Eurostat, the European Union's statistical agency, more than 20.8% of the EU population will be 65 or older in 2021. Because of wear and strain and bone degeneration, the elderly is more vulnerable to orthopaedic disorders and injuries. Furthermore, because to reduced bone density and a weak ability to rebuild bones, elderly adults are more prone to bone fracture.

In 2022, the North American Hip Replacement market had a revenue share of more than 35%. Furthermore, throughout the projection period, North America is expected to lead the market. The rising number of hip Arthroplasty procedures and increased strategic partnerships among leading companies are the primary drivers of market development in North America. The market for hip prosthesis in Europe is expected to grow due to favourable health reimbursement, rising desire for personalised implants, and an increase in the number of procedures. The Asia Pacific market is expanding quicker as a result of factors such as manufacturers' collective attempts to create a presence in the Asia Pacific through a direct or indirect distribution network, as well as the launch of new goods.

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Hip Replacement Market Size, Share, Growth Analysis, By Procedure(Total, Partial, Revision & Hip Resurfacing), By End-use(Hospitals & Ambulatory Surgery Centres, Orthopaedic Clinics, Others), By Region - Industry Forecast 2024-2031

Hip Replacement Market News

Hip Replacement Market Report Snapshots

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