Hip replacement surgery is the process of replacing the hip joint with a prosthetic implant. A full replacement or hemi (half) replacement can be done during the procedure. The operation is carry out to treat discomfort brought on by arthritis or a hip bone fracture. Total hip replacement implants, partial hip replacement implants, hip resurfacing implants. And revision hip replacement implants are different types of hip replacements based on the product.
The market worth of hip replacement in 2021 was USD 6.23 billion, and it will be worth USD 9.75 billion by 2030, growing at a 5.1% CAGR during the forecast period.
A few of the factors that support the growth of the hip replacement market globally include an increase in the geriatric population, an increase in R&D activities for surgical procedures, product launch, and approval, an increase in the number of patients undergoing hip replacement surgery, and an increase in government spending on healthcare.
Market Dynamics
Drivers
The market is fostering due to factors like the rising frequency of obesity, hip injuries. And expanding degenerative diseases in young adults. The market is also affecte by the rising volume of product introductions. In addition, the idea behind hospital hip replacement departments reflects the growing need for hip replacement therapies. The expansion of the market is also being supporte by rising consumer purchasing power and rising public health consciousness.
Restraints
The difficulties related to implant use are a substantial barrier to the expansion of the global market in the ensuing years. As replacement surgery acceptance is rising quickly. According to the claims, the flawed product gave patients serious negative effects. Numerous individual claims and class actions have been brought against significant firms like Zimmer Biomet. And Stryker due to the failure of orthopedic replacement products.
Different parts of the medical care industry have been harmed by the continuous Coronavirus pandemic, from unrefined substances to assembling and conveyance. Elective arthroplasty has been disturbed in a few significant nations, yet there has not been a quantitative evaluation. Across the globe, general wellbeing measures taken to control the sickness’ spread shifted in timing and seriousness. The main defining moment in hip substitutions came when the World Wellbeing Association proclaimed Coronavirus a worldwide emergency on Walk 10, 2020. Besides, different public specialist officers prescribed a stop to all elective medical procedures in populated regions. And ideas made by neighborhood clinical specialists. Because of the Covid danger, hip and knee substitution medical procedures have been dropped broadly around the world. Lessening worldwide interest and, thusly, influencing the hip substitution market. In view of a review from the Organization for Medical care Exploration. And Quality, around 450,000 hip substitutions are performed every year in the US. Furthermore, 33,000 modification and essential hip and knee arthroplasty techniques were dropped each week when the Covid episode hit the US. Comparable patterns across created and non-industrial nations constrained numerous specialists overall to focus on Coronavirus related medical procedures and practices.
Opportunity
In industrialized nations, access to affordable healthcare is expanding, and minimally invasive surgery is advancing in terms of technology. Healthcare facilities are anticipate to benefit from the development of non-metal materials like polymer. And ceramic in the coming years by assisting them in overcoming issues with conventional devices. Like the buildup of metallic ions in patients’ bloodstreams and the deterioration of implants over time. Additionally, full hip replacement hospital stays are fewer than four days because of better operating methods.
Market Segmentation
By Product
On the basis of product, the market is segment into hip resurfacing implants, total hip replacement implants, partial hip replacement implants, and revision hip replacement implants.
The total hip replacement implants segment ruled the market with the maximum revenue share in 2020. Due to the rising number of minimally invasive surgeries and continuous technical developments. Furthermore, the rising rate of osteoarthritis also boosts the market expansion rate. In 2016, osteoarthritis contributed to approximately 90% of total hip replacements in the UK, per the National Joint Registry for England.
By Material Type
On the basis of material type, the market is segment into ceramic-on-metal, metal-on-metal, ceramic-on-ceramic, ceramic-on-polyethylene, and metal-on-polyethylene.
The metal-on-polyethylene segment held a maximum market position with the largest revenue share in 2020. Due to the growing rate of joint disorders in developing nations and the rising geriatric population. Moreover, the COP market will grow significantly due to its reduced wear rate and less complications.
Hip substitution typically includes a total substitution of the hip joint. Notwithstanding the femoral stem, the acetabular cup additionally comprises of three sections. The acetabular cup can be established or cementless, likewise with the branch, contingent upon how predominant it is. An incomplete hip substitution includes supplanting just the femoral part of the hip. Measured parts of this embed are like those utilized in complete hip substitutions, then again, actually this strategy utilizes either a bipolar or unipolar head and a femoral stem. Therefore, it is more efficient and requires less investment to embed a halfway hip prosthesis than an all out hip substitution. Hip substitution medical procedure conveys dangers, for example, blood clumps, Contamination, Crack, Separation, Change in leg length, Relaxing, and Nerve Harm.
By End-User
On the basis of end-user, the market is segmented into orthopedic clinics, hospitals & surgical centers, and others.
Hospitals and surgical centers conducted more hip implants by 2020, which resulted in them holding a substantial market share. A medical center’s expansion is further accelerate by its access to cutting-edge technology and qualified medical staff. Collaboration between hospitals and businesses also helps to develop cutting-edge surgical techniques.
Regional Analysis
North America was the biggest regional market with the highest revenue share in 2020. The prevalence of osteoporosis and osteoarthritis and an increase in sports and auto accidents are the main factors fueling the regional market’s expansion. More procedures are anticipate to be perform because of the patient-friendly reimbursement rules, which will lead to growth over the next few years.
The Asia Pacific market will grow during the anticipated time frame. Hip replacement procedures are on the rise, and hip implants are being utilize more frequently. During the projected period, economies like China, India, Singapore, Malaysia, Indonesia, and South Korea are likely to propel regional market growth.
Key Players
- ConMed Corporation
- Aesculap Implant Systems, LLC
- Braun Melsungen AG
- OMNILife Science, Inc.
- Microport Scientiifc Corporation
- Johnson & Johnson
- Zimmer, Inc.
- United Orthopedics Corporation
- Tornier, Inc.
- Stryker
The market worth of hip replacement in 2021 was USD 6.23 billion. and it will be worth USD 9.75 billion by 2030, growing at a 5.1% CAGR during the forecast period. The market is fostering due to the prevalence of osteoarthritis is expect to increase, leading to an increase in hip replacement surgeries. The aging population and increasing patient awareness of these procedures will promote market expansion.
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