The global hip replacement implants market value reached at US$ 5.2 billion in 2020 and projected to hit US$ 7 billion by 2030. Rapid development of surgery procedures has fueled the demand for hip replacement implants. New implant types and material combinations for better stability and lifespan also contribute to the growth of the global hip replacement implants market.
The hip replacement implant is a device used in hip replacement surgery for damaged hip joint. The hip replacement surgery is widely performed and is known as total hip arthroscopy, wherein a surgeon replaces the old joint with an artificial one. Various types of arthritis such as osteoarthritis, rheumatoid arthritis, traumatic arthritis, and osteonecrosis are the common factors for hip replacement surgery.
Hip replacement implants are broadly classified into total hip replacement implants, partial hip replacement implants, hip resurfacing implants, and revision hip replacement implants. Total hip replacement implants are divided into fixed bearing hip implants and mobile-bearing total hip implants. The hip replacement surgery is performed usually due to fracture or injury to the hip, or osteoarthritis. Osteoarthritis is an age-related joint disease that can cause hip pain due to inflammation and wearing down of the joint over time.
Technological Advancements to Create Significant Opportunities in Global Market
Technological advancements lead to the development of customized hip replacement implants. Traditional implants are available in one size and incorporated in a patient body by removing excess bone, thereby creating limitations in a patient’s body. Hence, companies offer customized hip replacement implants as per the patient’s body and condition. Innovations in materials are likely to boost the growth of the global hip replacement implants market. Traditional materials used in making hip replacement implants comprise alloys, plastics, and others. Presently, surgeons have adopted advanced materials such as ceramic, advanced plastics, and strong metals to manufacture hip implants. The faster adoption of these materials present opportunities to companies to expand product offerings and in innovations.
Numerous Pain Relieving Factors Lead to Hip Replacement Implants
A hip replacement implant is a very common surgery that serves to reduce pain and rigidity in the hip joint. The total hip replacement is categorized into four segments, namely, primary hip reconstruction, partial hip reconstruction, hip resurfacing, and revision hip implants. Furthermore, total hip replacement implants are classified into fixed-bearing hip implants and mobile-bearing total hip implants. Hip replacement is mostly performed due to fracture or injury to the hip, or osteoarthritis. In addition to people with osteoarthritis or hip injuries, individuals with rheumatoid arthritis, osteonecrosis, or bone tumors also may need hip replacements to relieve pain.
The global hip replacement implants market has been segmented based on product, material, end user, and region
In terms of product, the global hip replacement implants market has been classified into total hip replacement implants, partial hip replacement implants, hip resurfacing implants, and revision hip replacement implants. The total hip replacement implants segment has been bifurcated into fixed bearing hip implant and mobile bearing hip implant. Increase in incidence of osteoarthritis, rheumatoid arthritis, and other musculoskeletal conditions is projected to boost the growth of the global hip replacement implants market during the forecast period.
Based on material, the global hip replacement implants market has been categorized into metal-on-metal, metal-on-polyethylene, ceramic-on-metal, ceramic-on-polyethylene, and ceramic-on-ceramic. The metal-on-polyethylene segment accounted for a major share of the global market in 2020, owing to rise in prevalence of joint diseases in developing countries and increase in geriatric population. Various material combinations and innovation in metal-on-polyethylene materials are transforming the market rapidly.
In terms of end user, the global hip replacement implants market has been divided into hospitals, ambulatory surgery centers, orthopedic clinics, and others. The hospitals segment accounted for a significant market share in 2020 attributable to increase in awareness about health and availability of various facilities in hospitals for hip replacement surgery.
North America dominated the global hip replacement implants market in 2020. This can be ascribed to rapid technological advancements, high geriatric population, and stability in product pricing and reimbursement procedures. Presently, North America has the highest rate of implant procedures, nearly double of that in Europe.
The market in Asia Pacific is likely to grow at a rapid pace during the forecast period. Rise in hip replacement surgeries, rapid adoption of hip implants, and high economic growth of countries such as China, India, Singapore, Malaysia, Indonesia, and South Korea are projected to propel the market in Asia Pacific during the forecast period. Improving healthcare infrastructure, rise in private and public investment in public healthcare, and technological advancements in countries are anticipated to drive the hip replacement implants market in the region from 2021 to 2030.
Key players in the global market include Stryker, Zimmer Biomet, DePuy Synthes Companies (Johnson & Johnson), Smith & Nephew, Wright Medical Group, MicroPort Scientific Corporation, Exactech, Inc., OMNIlife science, Inc., B. Braun Melsungen AG, and DJO Global, Inc.
The Hip replacement implants market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Hip replacement implants market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Hip replacement implants market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Hip replacement implants market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Hip replacement implants market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Hip replacement implants capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Hip replacement implants by regions (countries) and application.
In this study, the years considered to estimate the market size of Hip replacement implants are as follows:
Major Key Points Covered in Report:
Executive Summary: It includes key trends of the Hip replacement implants market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the Hip replacement implants market based on production and revenue.
Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the Hip replacement implants market.
Market Segments: This part of the report discusses about product, application and other segments of the Hip replacement implants market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
The study objectives of this report are:
Omics-based Clinical Trials Market (By Product: Phase I, Phase II, Phase III, Phase IV; By Study Design: Interventional Studies, Observational Studies, Expanded Access Studies; By Indication : Oncology, Cardiology, Respiratory Diseases, Skin Diseases, CNS Diseases, Immunology, Genetic Diseases (includes the rare diseases), Others (includes ophthalmic, ear diseases, etc)) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2022 – 2030Read more...
Complementary and Alternative Medicine for Anti Aging & Longevity Market (By Intervention : Traditional Alternative Medicine/Botanicals, Body Healing, Mind Healing, External Energy Healing, Sensory Healing; By Customer: High Net Worth (HNW) Individuals, Very High Net Worth (VHNW) Individuals, Ultra-high Net Worth (UHNW) Individuals) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2022 – 2030Read more...
Defibrillator Market (By Product: Implantable Cardioverter Defibrillators (ICD), External Defibrillators (ED); By End-use: Hospital, Pre Hospital, Public Access Market, Alternate Care Market, Home Healthcare) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2022 – 2030Read more...
Medical Fiber Optics Market (By Fiber Type: Single Mode Optical Fiber, Multimode Optical Fiber; By Application: Endoscopic Imaging, Laser Signal Delivery, Biomedical Sensing, Illumination) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2022 – 2030Read more...
Pharmacovigilance Market (By Service Provider: In-house, Contract Outsourcing; By Product Life Cycle: Pre-clinical, Phase I, Phase II, Phase III, Phase IV; By Type: Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, EHR Mining; By Process Flow: Case Data Management, Signal Detection, Risk Management System) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2022 – 2030Read more...