The global hip replacement market size was US$ 5.9 billion in 2021. The global hip replacement market size is estimated to reach US$ 8.3 billion by 2030, growing at a compound annual growth rate (CAGR) of 4% during the forecast period from 2022 to 2030.
Hip replacement is a surgical procedure in which the hip joint is replaced by a prosthetic implant, that is, a hip prosthesis. These hip implants are made up of ceramic, metal, and plastic. The prevalence of osteoarthritis is increasing gradually and has become an economic burden for many countries worldwide.
Factors Affecting Marketing Growth
The rise in incidences of hip injuries due to road accidents & sport-related injuries and the increase in the number of surgical procedures drives the growth of the global market.
The rise in awareness about hip replacement procedures and an increase in healthcare expenditures of people drive the growth of the global market.
Due to an aging population, active government support, and improving patient knowledge regarding replacement surgeries drives the growth of the global market.
Impact on COVID-19 Analysis
The COVID-19 outbreak is anticipated to have a negative impact on the growth of the hip replacement market due to there is the implementation of lockdowns in many countries. The pandemic affected the supply chain. The entire healthcare industry has focused on life-saving and COVID-19-related procedures during the pandemic. In addition, most surgical procedures are either canceled or postponed which further hinders the growth of the global hip replacement market. However, the healthcare sector has been restructured to provide safer healthcare facilities. Hence, the market is anticipated to grow in post-pandemic situations.
North America garnered a major share in the global hip replacement market share in 2021 and is expected to dominate the global market during the forecast period, due to an increase in product launches and well-established healthcare infrastructure, and the presence of key players in the region.
Asia-Pacific is expected to register significant growth, due to an increase in healthcare expenditures, development in healthcare infrastructure, and a high population base.
The prominent players in the global hip replacement market are:
Zimmer Biomet Holdings Inc
Smith & Nephew PLC
MicroPort Scientific Corporation
Johnson & Johnson
The global hip replacement market segmentation focuses on Procedure, Material, End User, and Region.
Segmentation on the basis of Procedure
Total Hip Replacement
Partial Hip Replacement
Revision Hip Replacement
Segmentation on the basis of Material
Segmentation on the basis of End User
Ambulatory Surgery Centers
Segmentation on the basis of Region
Rest of Western Europe
Rest of Eastern Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America