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Hip Replacement Market to Reach $10.51 Billion by 2026, Rising Prevalence of Hip Arthroplasty to Trigger Growth

December 06, 2019 | Healthcare

The global hip replacement market size is anticipated to reach USD 10.51 billion by the end of 2026. Increasing geriatric population and their vulnerability towards various health and bone disorders, coupled with active government support are expected to help increase the hip replacement market share in the forecast duration. According to the report published by Fortune Business Insights titled, “Hip Replacement Market Size, Share & Industry Analysis, By Procedure (Total Hip Replacement, Partial Hip Replacement, and Revision & Hip Resurfacing), By End User (Hospitals & Ambulatory Surgery Centers, Orthopedic Clinics, and Others) and Regional Forecast, 2019-2026,” the market size was USD 7.13 billion in 2018. The report prophesizes the market to rise at a CAGR of 5.0% during the forecast period set from 2019 to 2026.


The increasing prevalence of osteoarthritis is eventually becoming an economic burden for most nations worldwide.  Hip osteoarthritis results in hip joint degeneration and can be cured by hip replacement surgery. Hip arthroplasty implants can help replace the damaged bone component and cartilage. Major factors propelling the hip replacement market growth today are the rise in geriatric population, surge in awareness about hip replacement prostheses among the patient population, and supportive government policies in the form of affordable and quality hip-replacement procedures.


In March 2017, an apt positioning system for hip implants called Optimized Positioning System was launched by the Corin Group. This was to ensure the proper positioning of the implants for longevity. Technological advancements in medical science and inventions such as the one mentioned above and active government participation to reduce the revision burden and revision rates by various policies are further expected to surge the hip implants market revenue in the forecast period.


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


Key Segments of Hip Replacement Market



  • Procedure: In terms of procedure, the market is classified into total hip replacement, partial hip replacement, and revision and hip resurfacing. Among these, the total hip replacement segment dominated the market on account of the surge in the number of total hip replacement implants. The Agency for Healthcare Research and Quality states about more than 300,000 total hip arthroplasty procedures are performed every year in the U.S. Besides this, the rapid adoption of robots for THA (Total Hip Arthroplasty) procedures further indicates that this segment may continue dominating the market during the forecast period as well.

  • End user - On the basis of end-user, the market is divided into hospitals and ambulatory centers, orthopedic clinics, and others. In 2018, the hospitals and ambulatory surgery centers segment generated the highest hip implants market share. This is accountable to the rise in the number of hip implants used in hospitals, accompanied by the rapid adoption of robots for replacement surgeries and favorable health reimbursement policies supported by governments. Besides this, the orthopedic segment is prognosticated to witness rapid expansion in the forecast period, attributable to the increasing number of replacement surgeries in outpatient settings, and the surge in the number of orthopedic surgeons worldwide.

  • Geography - In 2018, North America dominated the global hip replacement market with a revenue of USD 2.52 billion on account of new product launches and the rising prevalence of hip arthroplasty. This, accompanied with strategic collaborations among market players may help this region continue dominating the market in the forecast period as well. On a different note, the Europe market for hip replacement implants is likely to expand on account of rising demand for customized implants, favorable health reimbursement policies, and surge in the number of surgeries. As per the National Joint Registry, there is a 3.6% increase in the number of hip replacement surgeries between 2016-2017 in the U.K, thus indicating a surge in the regional market as well.


Presence of Large and Small Players Intensifying Competition


The competitive landscape of the hip replacement market is intense due to the presence of both regional and international players. With time, new players are trying to enter the market with innovative product launches. This compels the existing players to invest more and more on research and development in order to gain foothold in the competition.


Some of the significant players listed in the hip replacement market include:



  • MicroPort Scientific Corporation

  • Bioimpianti

  • Smith & Nephew plc

  • Zimmer Biomet

  • B. Braun Melsungen AG

  • Conformis

  • Exactech, Inc.

  • DePuy Synthes (Johnson & Johnson Services, Inc.)

  • Stryker


Recent key industry developments of the hip replacement market are the following:



  • March 2018 – The launch of Trident II Acetabular System was announced by Stryker. This launch is anticipated to strengthen the position of the company in the market competition.

  • March 2018 – The launch of ACTISS Total Hip System was announced by DePuy Synthes Companies at the American Academy of Orthopedic Surgeons (AAOS) Annual Meeting in the U.S. in 2018.


The global hip replacement market is segmented in the following manner:







































Global Hip Replacement Market Scope



Study Period



2015-2026



Base Year



2018



Forecast Period



2019-2026



Historical Period



2015-2017



Unit



Value (USD million)



Segmentation



By Procedure



  • Total Hip Replacement

  • Partial Hip Replacement

  • Revision & Hip Resurfacing



By End-user



  • Hospitals & Ambulatory Surgery Centers

  • Orthopedic Clinics

  • Others



By Geography



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)

  • Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • Middle East and Africa ( South Africa, GCC, and the Rest of Middle East & Africa)



 


 

Hip Replacement Market
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