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The global hip replacement market size stood at USD 7.13 billion in 2018 and is projected to reach USD 10.51 billion by 2026, exhibiting a CAGR of 5.0% during the forecast period.
The prevalence of osteoarthritis is increasing gradually and has become an economic burden for many countries across the world. Hip osteoarthritis causes degeneration of the hip joint and can be treated by hip arthroplasty. In hip replacement surgery, the damaged cartilage and bone component is replaced by hip prosthesis. Hip replacement procedures are increasing significantly owing to the rise in ageing population, active government support and improving patient knowledge regarding replacement surgeries. This, in turn, is positively impacting the demand for hip replacement implants.
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The hip replacement market is witnessing several technological advancements helping the orthopedic surgeons with the unique anatomy of the patients and improving clinical outcomes. For example, in March 2017, Corin Group announced the launch of an Optimized Positioning System that facilitates the apt positioning of the implants. Proper positioning of implants is very necessary for the implant to last long. Furthermore, the active participation of the government to reduce the revision rates and burden will prove beneficial for the market. This, coupled with the rapid adoption of additive manufacturing technology and 3D printed implants are poised to surge the market.
“Favorable Health Reimbursement to Surge the Market”
Adequate health coverage and reform in health reimbursement policies for joint replacement procedures are anticipated to propel the demand for hip implants. In order to provide affordable and quality care to all the people, the government of different countries has launched various health reimbursement schemes for joint replacement surgeries. This has led to an increase in the number of people undergoing hip arthroplasty, which is fostering the market.
In 2016, Centers for Medicare and Medicaid Services initiated the Comprehensive Care for Joint Replacement (CJR) model, which provides average reimbursement of US$ 16,500.0 to US$ 33,000.0 across various geographical areas for hospitalization and joint replacement procedure. Such favorable health coverage in Europe, Australia, and India through various insurance schemes for the patients undergoing hip replacement procedures is expected to accelerate the hip implants market growth during the forecast period.
“Rapid Adoption of Customized Hip Prostheses to Boost the Market”
The market for hip arthroplasty implants is projected to expand with the increasing demand for customized implants for both 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 3-D printing technology to manufacture orthopedic implants resulted in a huge surge of customized implants. Many orthopedic companies are developing cutting edge technology that can be used to supply technically advanced hip replacement prostheses, which is likely to favor the market.
“Partial Hip Replacement Segment to Witness Remarkable Growth”
On the basis of procedure, the market can be segmented into total hip replacement, partial hip replacement, and revision & hip resurfacing. The total replacement segment is estimated to dominate the market in 2018 owing to the increase in the number of total hip arthroplasty. According to the Agency for Healthcare Research and Quality, more than 300,000 total hip arthroplasty procedures are performed in the U.S. every year. This, coupled with the rapid adoption of robots for THA (Total Hip Arthroplasty) procedures, is projected to drive the total hip replacement segment during 2018-2026.
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The increasing preference for partial replacement surgeries, rising prevalence of hip osteoarthritis, and new product launches are factors attributable to the significant growth of the partial hip replacement segment. In addition, the launch of United Tri-tapered Short Stem (UTS) by United Orthopedic Corporation in November 2018 in the U.S. is expected to further surge the partial hip replacement segment. The rising need for revision procedure after wearing out of previously implanted product and shift towards hip resurfacing are major factors contributing to the growth of the revision and hip resurfacing.
“Increase in Number of Hip Procedures to Drive the Growth of Hospitals & ASCs Segment”
On the basis of the 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 accounted for the maximum portion of the market in 2018. This can be attributable to the increase in the number of hip replacement surgeries in the hospitals, favorable health reimbursement, and rapid adoption of robots for replacement surgeries.
The orthopedic clinics segment is anticipated to expand during the projected period owing to the rising number of orthopedic surgeons and replacement surgeries in outpatient settings.
North America generated a revenue of USD 2.52 billion in 2018 and is projected to dominate the market throughout the forecast period. Primary factors responsible for the expansion of the market in North America are the rising number of hip Arthroplasty and increasing strategic collaborations between major players. In November 2017, Medacta International announced the launch of MiniMAX Hip, a cement less stem providing a minimally invasive hip replacement surgery option to the U.S. surgeons. This is poised to surge the demand for hip arthroplasty implants in the U.S
In Europe, the market for hip prostheses is anticipated to expand, owing to favorable health reimbursement, increasing demand for customized implants, and an increase in a number of surgeries. According to the National Joint Registry, the number of hip replacement procedures increased by 3.6% during 2016-2017 in the U.K. This indicates the rising demand for hip arthroplasty implants in the U.K.
North America Hip Replacement Market Size, 2018
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In Asia Pacific, the hip replacement market is estimated to flourish owing to the rising geriatric population, rising prevalence of hip osteoarthritis, and active government initiatives. According to Surgical Variance Report 2017, Medibank Private Limited, a private health insurer in Australia funded 9,947 hip procedures in private hospitals during 2015-2016. Such health reimbursement is expected to augment the demand for hip replacement prostheses in Asia Pacific. Improving distribution networks and medical tourism are likely to boost the market in Latin America. According to the International Osteoporosis Foundation, the number of hip fractures in men and women in Mexico is estimated to reach above over 60,000 by 2025, which is expected to augment the demand for hip replacement prostheses. An increase in the number of orthopedic clinics with the deployment of sophisticated equipment and training provided to improve the skills of healthcare professionals is projected to increase the hip replacement market share in the Middle East & Africa.
“Zimmer Biomet, DePuy Synthes, and Stryker to Account for More than Half of the Market Share”
In terms of hip implants market revenue, Zimmer Biomet, DePuy Synthes, and Stryker had a leading position in the market worldwide. Zimmer Biomet accounted for the highest hip replacement market share owing to the higher sales of the company’s hip implants. On the other hand, strong sales force, focus on both organic and inorganic growth, and strategic collaborations are primary reasons for the leading position of DePuy Synthes and Stryker. Furthermore, the launch of Trident II Acetabular System by Stryker in March 2018 is expected to strengthen the market position of Stryker globally.
Hip arthroplasty procedures are increasing gradually across the world. Owing to favorable health reimbursement and active government interventions, more patients are undergoing hip replacement surgeries, which is positively impacting the demand for hip prostheses. Moreover, technological advancements have resulted in the launch of patient-specific personalized hip arthroplasty implants and robotic-assisted surgeries, which are likely to augment the market. The report provides qualitative and quantitative insights on the global hip replacement market trends and detailed analysis of market size & growth rate for all possible segments in the market.
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The hip replacement market report offers an in-depth analysis of the market. It further provides details on the number of hip replacement procedures for key countries, regulatory and reimbursement scenario for key countries, new product launches, technological advancements, and key industry developments such as mergers, acquisitions, and partnerships. Information on drivers, opportunities, threats, and restraints of the market can further help stakeholders to gain valuable insights into the market. The report offers a detailed competitive landscape by presenting information on key players, along with their strategies, in the market.
Value (USD million)
By End User
The value of the global hip replacement market was USD 7.13 billion in 2018.
Fortune Business Insights says that the hip replacement market is projected to reach USD 10.51 billion by 2026.
The value of the North America hip replacement market was USD 2.52 billion in 2018.
The hip replacement market is projected to grow at a CAGR of 5.0% during the forecast period (2019-2026).
The total hip replacement segment is the leading segment in this market during the forecast period.
The rapid adoption of customized hip implants and favorable health reimbursement policies are the key factors driving the hip replacement market.
Zimmer Biomet, DePuy Synthes, and Stryker are the top players in the market.
North America is expected to hold the highest market share in the market.
Adoption of tools facilitating the proper placing of hip implants and an increase in robotic-assisted hip replacement procedures are the key trends of the hip replacement market.
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