Hip Replacement Market to Surge at 4.9% CAGR over 2023 to 2030; OrthoGrid Systems Launched New Solution to Gain Competitive Edge

The global hip replacement market size stood at USD 7.42 billion in 2022. The market value is slated to rise from USD 7.72 billion in 2023 to USD 10.79 billion by 2030 at a CAGR of 4.9% during 2023-2030. The rise is propelled by an increase in hip surgeries owing to increasing awareness regarding replacement procedures and the aging population.

Fortune Business Insights™ presents this information in its report titled “Hip Replacement Market Size, Share & COVID-19 Impact Analysis, By Procedure (Total, Partial, and Revision & Hip Resurfacing), By End-user (Hospitals & Ambulatory Surgery Centers, Orthopedic Clinics, and Others), and Regional Forecast, 2023-2030”.

Industry Growth Restrained due to Decrease in Replacement Procedures amid COVID-19 Pandemic

The pandemic period saw a decline in the performance of hip replacement surgeries. This was in light of stringent government instructions regarding the performance of necessary procedures. The period led to considerable losses for market players as well as healthcare institutions driven by the cancellation or postponement of these hip replacement procedures. However, the demand revived with the resumption of healthcare services in 2021.

OrthoGrid Systems Launched New Software Application to Secure Competitive Edge

In February 2021, OrthoGrid Systems, Inc. launched its FDA-approved OrthoGrid Hip software application. The solution is the latest version of the company’s patented implant-agnostic and intraoperative-alignment technology for DAA THA (direct anterior hip total hip arthroplasty).

Besides, the new solution features an inclusive suite of new tools to help orthopedic surgeons in the execution of preoperative plans and the achievement of surgical goals with greater efficiency and accuracy.

Growing Deployment of Customized Prostheses to Propel Industry Expansion

The hip replacement market growth is being impelled by the soaring customized implants demand for both males and females. This has led several companies to focus on 3D printing technology. Besides, many companies are consolidating their efforts toward the development of cutting-edge technologies that can be deployed for supplying technically advanced prostheses.

However, the industry growth may be restrained by issues pertaining to the recalls of knee and hip replacement devices.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/hip-replacement-implants-market-100247

Major Companies Forge Partnerships to Strengthen Business Scenario

Leading industry participants are entering into collaborations, partnership agreements, and other agreements for enhancing their business prospects. Many companies are consolidating their efforts toward R&D initiatives, bringing new products on the market. These steps are being taken to secure competitive edge and gain strong industry foothold.

Key Players Profiled

• Zimmer Biomet (U.S.)


• Medical Device Business Services, Inc. (Johnson & Johnson Private Limited) (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 Melsungen AG (Germany)

Notable Industry Development

• February 2021 – MicroPort Orthopedics launched a series of products, including Cemented Collared Hip Stem, Profemur Gladiator Cemented Collared Stem, and Profemur Gladiator HA Collared Stem. These products were introduced in a bid to expand the company’s hip stem portfolio.

Further Report Findings

• An increase in collaborations between key companies in the region is set to propel market growth in North America. The region accounted for a major value in the global hip replacement market share.


• The Asia Pacific market value is touted to gain notable traction throughout the forecast period. The growth is propelled by the escalating rollout of new solutions by companies in the region.


• By procedure, the market is subdivided into total, partial, and revision & hip resurfacing. The total segment is slated to record substantial expansion over the study period. The rise is impelled by an escalation in the number of arthroplasty procedures.


• On the basis of end-user, the market is fragmented into orthopedic clinics, hospitals & Ambulatory Surgery Centers (ASCs), and others. The hospitals & ambulatory surgery centers segment is set to expand at a remarkable CAGR over the forecast period. The expansion is driven by an upsurge in the number of procedures and surgeries in hospitals.

Table of Segmentation