Hip Replacement Market Size, Share & Industry Analysis, By Procedure (Total, Partial, and Revision & Hip Resurfacing), By End-user (Hospitals & Ambulatory Surgery Centers, Orthopedic Clinics, and Others), and Regional Forecast, 2024-2032

The global hip replacement market size was valued at USD 7.72 billion in 2023, and is projected to grow from USD 8.05 billion in 2024 to USD 11.59 billion by 2032, exhibiting a CAGR of 4.7% during the forecast period. North America dominated the global market with a share of 34.33% in 2023.

Osteoarthritis is a degenerative disease in which flexible tissues at bone joints get degraded, resulting in severe joint pain. Some of the key factors for the condition including aging population and sedentary lifestyle. Various countries in Europe and other developed countries such as the U.S., are characterized by an increasing proportion of geriatric population residing in these countries. This is presenting a large patient pool suffering from age-related disorders including osteoarthritis.

Growing diagnosis and treatment rates and increasing awareness of available treatment options especially in emerging countries is resulting in an increasing number of patients suffering from the condition, undergoing hip replacement surgeries. Adequate health coverage and reforms in health reimbursement policies for joint replacement procedures are anticipated to propel the demand for hip implants. To provide affordable and quality care to all people, the governments of different countries have launched various health reimbursement schemes for joint replacement surgeries.

• For instance, as per data published by Medical News Today in 2021, hip replacement surgeries are covered under most of the plans provided by Medicare in the U.S.

During the COVID-19 outbreak in 2020, the market experienced a decline in its revenue due to the postponement of non-emergency surgeries. However, the market experienced significant growth in 2021 and 2022 due to the relaxation of the lockdown restrictions and an increase in the number of surgeries.

Hip Replacement Market Trends

Increased Awareness toward Hip Replacement Surgery

The increasing number of hip replacement surgeries have fueled the need for online tools to assist patients post-surgery. Healthcare organizations are swiftly scaling up various programs. The increased awareness regarding online resources is estimated to offer lucrative growth opportunities for the market. In the past few years, patients have started referring to online resources and web-based tools to gain information about specific diseases. Joint replacement is one such area witnessing the introduction of several online tools, which help patients through their surgeries, communicate with orthopaedic surgeons, and offer post-surgery information. For instance, in February 2020, the BMC Journal broadcasted an article related to the RECOVER-E mobile app under development that helps patients recovering from knee and hip surgeries.

Additionally, in August 2021, Meitra Hospital, Kozhikode, India, announced the launch of Robotic Joint Replacement Surgery. It was a mega step toward introducing advanced, innovative, and cutting-edge technology to ensure faster and complete recovery of patients requiring joint replacement surgeries.

Hip Replacement Market Growth Factors

Increasing Prevalence of Osteoarthritis to Drive the Demand for Hip Implants

Osteoarthritis is a degenerative disorder that causes degradation of the soft tissue covering the bone joints. With time, the severity of this disease increases, resulting in damage to the bone joints such as the knee, hip joints, and others, causing severe pain. Moroever, osteoarthritis is more common in the older population and the severity of the disease increases with growing age.

• For instance, as per data published by the World Health Organization (WHO) in 2023, osteoarthritis is more common among older people. Around 70% of the population aged above 55 suffer from osteoarthritis globally. Moreover, with the increasing geriatric population, the prevalence of osteoarthritis is rising significantly.

The increasing prevalence of hip osteoarthritis and the growing geriatric population have been fueling the demand for hip implants. To fulfil this demand, market players have increased their focus on new product launches. For instance, in August 2023, Smith+Nephew launched OR3O Dual Mobility System in India for primary and revision hip arthroplasty.

Therefore, the increasing prevalence of hip osteoarthritis, rising geriatric population, and the increasing focus of market players on new product launches have been fueling the market growth.

Rapid Adoption of Customized Hip Prostheses to Aid the Market Expansion

The market for hip arthroplasty implants is projected to expand with the increasing demand for customized implants for males and females. Since each patient has a unique anatomy, the sizes of implants differ. Many manufacturers are focusing on 3D printing technology for patient-specific implants.

The introduction of 3D printing technology to manufacture orthopedic implants resulted in a huge surge in demand for customized implants. Market players have increased their focus on the development of technologically advanced implants to increase their efficiency. These factors have been increasing the demand for hip implants, thereby fueling the market growth. 

RESTRAINING FACTORS

Lawsuits and Product Recalls of Hip Replacement Devices to Hamper Market Growth

The volume of replacement surgery are rising speedily. However, the complications related to the use of the implant are a major factor that can likely hamper the growth of the global market over the forecast period. The lawsuits claim patients were left with serious side effects due to the device’s defects. The related side effects comprise allergic reactions, metal poisoning, and infections, among others.

Major companies such as Zimmer Biomet have faced various individual lawsuits and class action lawsuits owing to the malfunction of their orthopedic replacement devices. For instance, as of March 2023, there were nearly 344 on-going Stryker replacement lawsuits.

Additionally, significant product recalls of the devices by key players across the globe are estimated to hamper the market growth in the coming years. As per data published by the U.S. Food and Drug Administration (FDA) in March 2021, Stryker issued an Urgent Medical Device Recall notice to customers for a voluntary recall of the Triathlon Total Knee System. Moreover, Zimmer Biomet recorded the highest recalls, followed by Johnson and Johnson Services Inc. and Smith & Nephew.

Hip Replacement Market Segmentation Analysis

By Procedure Analysis

Total Hip Replacement Segment to Witness Remarkable Growth Due to Rise in Arthroplasty Procedures

Based on procedure, the market is segmented into total, partial, and revision & hip resurfacing. In 2023, the total segment dominated the market in 2023 by accounting for a significant portion of the market share.

• For instance, according to an article published in the Rheumatology Advisor, researchers projected that the total annual counts of total hip arthroplasty would increase by 34% in 2020 to 498,000 replacements and would rise by 75% in 2025 to 652,000 replacements, by 129% in 2030 to 850,000 replacements, and by 284% in 2040 to 1,429,000 replacements. This, coupled with the rapid adoption of robots for THA (total hip arthroplasty) procedures, is projected to drive the segmental expansion during the forecast timeframe.

The increasing preference for partial replacement surgeries, the growing prevalence of hip osteoarthritis, and new product launches are factors attributable to the significant growth of the partial replacement segment. The rising need for revision procedures after wearing out of previously implanted products and a shift toward hip resurfacing are major factors contributing to the segment's growth.

By End-user Analysis

Increase in Number of Procedures to Drive the Growth of the Hospitals & ASCs Segment

By end-user, the market is segmented into hospitals & Ambulatory Surgery Centers (ASCs), orthopedic clinics, and others. In terms of revenue, the hospitals & ambulatory surgery centers segment held a major share in the market in 2023. This can be attributed to the increasing number of hospital surgeries, favorable health reimbursement, and rapid adoption of robots for replacement surgeries.

The orthopedic clinics' segment is anticipated to grow at a significant CAGR during the forecast period. The segment growth is attributed to the rising prevalence of diseases such as hip arthritis, hip fracture, and others, and the increasing number of patients visiting orthopedic clinics for treatment.                                 

REGIONAL INSIGHTS

North America dominated the market by accounting for the maximum hip replacement market share. The region stood at USD 2.65 billion in 2023. North America is projected to dominate the market over the forecast period. Primary factors responsible for the expansion of the market in North America are the rising number of hip arthroplasty procedures and increasing strategic collaborations between major players.

• In September 2020, Conformis announced the U.S. Food and Drug Administration (FDA) clearance for the Cordera Hip System. This is poised to surge the demand for arthroplasty implants in the U.S.

In Europe, the market for hip prostheses is anticipated to expand at a considerable pace over the forecast period. This is owing to favorable health reimbursement, increased demand for customized implants, and an escalating number of surgeries. According to Premier Healthcare, German surgeons perform 200,000 hip replacement surgeries annually.

The Asia Pacific market is growing faster due to various factors. These include the cumulative efforts of manufacturers to establish a presence in Asia Pacific through an indirect or direct distribution network and the rollout of new products.

The markets in Latin America the Middle East & Africa are anticipated to experience moderate growth over the study period. The growth in the demand for hip replacement in these regions is due to the increasing prevalence of diseases such as hip osteoarthritis and rising awareness regarding hip replacement procedures.

• As per the research study published by the National Centre for Biotechnology Information (NCBI), in 2022, around 18.1% of the population of Mexico aged above 40 years suffered from hip osteoarthritis. Moreover, around 26.5% of the women population aged above 40 years in Mexico suffered from radiographic hip osteoarthritis.

However, a rising number of orthopedic injuries and diseases and increasing adoption of implants are likely to drive the market growth in the Middle East & Africa and Latin America.

List of Key Companies in Hip Replacement Market

Zimmer Biomet, DePuy Synthes, and Stryker to Account for More than Half of the Market Share

In terms of revenue, Zimmer Biomet, DePuy Synthes, and Stryker held a leading position across the global market. Zimmer Biomet accounted for the highest market share in 2022. The dominance is attributed to the company’s constant focus on R&D and introduction of innovative products. Additional factors favoring industry expansion include strong global brand presence and wide distribution network.

• In September 2022, Zimmer Biomet announced a co-marketing agreement with Surgical Planning Associates Inc., a U.S.-based medical technology company. Through this agreement, Zimmer Biomet commercialized HipInsight, a mixed-reality navigation system for hip implants.

On the other hand, a strong sales force, focus on both inorganic and organic growth, and strategic collaborations are primary reasons for the leading position of DePuy Synthes and Stryker. Other players in the market include Exactech Inc., Conformis, and MicroPort Scientific Corporation, among others.

• In August 2022, Exactech Inc. announced the completion and success of the first surgery using its Spartan Stem and Logical Cup system for hip arthroplasty.

LIST OF KEY COMPANIES PROFILED:

• Zimmer Biomet (U.S.)


• Medical Device Business Services, Inc. (Johnson & Johnson Services, Inc.) (U.S.)


• Smith+Nephew (U.K.)


• Stryker (U.S.)


• Exactech, Inc. (U.S.)


• Gruppo Bioimpianti s.r.l. (Italy)


• Conformis (U.S.)


• MicroPort Scientific Corporation (China)


• B. Braun SE (Germany)

KEY INDUSTRY DEVELOPMENTS:

• February 2024 – Zimmer Biomet received the U.S. Food and Drug Administration approval for its Rosa Shoulder System offering. Its application includes robot-assisted surgeries for shoulder, knee, and hip replacement.


• May 2023 – Stryker announced the launch of Ortho Q Guidance system for incorporating advanced surgical planning for hip and knee procedures.


• July 2022 – Evonis Corporation, a medical technology company, announced the launch of an augmented reality and visualization system for surgeons performing hip replacement to offer surgical navigation.


• August 2022 - Exactech, Inc. announced the launch of the Logical Cup System and Spartan Stem for total hip arthroplasty.


• August 2021 - Zimmer Biomet Holdings, Inc., a worldwide medical technology company, announced that the company received the U.S. Food and Drug Administration (FDA) 510(k) clearance of the ROSA Hip System for robotically-assisted direct anterior total hip replacement.

REPORT COVERAGE

The global market research report provides qualitative and quantitative insights on the industry and a detailed hip replacement market analysis with size and growth rate for all possible segments in the market. Along with this, the report provides an elaborative analysis of the market dynamics and the competitive landscape. Various key insights provided in the report are the number of replacement procedures for key countries, new product launches, regulatory scenario, and overview of reimbursement policies in key countries, recent industry developments, such as mergers & acquisitions, and market trends. The report provides qualitative and quantitative insights on the global market trends and a detailed analysis of market size and growth rate for all possible segments in the market.

Report Scope & Segmentation