+353-1-416-8900REST OF WORLD
+44-20-3973-8888REST OF WORLD
1-917-300-0470EAST COAST U.S
1-800-526-8630U.S. (TOLL FREE)
New

Hip Replacement Market, Global Forecast 2023-2028, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis

  • PDF Icon

    Report

  • 105 Pages
  • January 2023
  • Region: Global
  • Renub Research
  • ID: 5715823

Global Hip Replacement Market was at US$ 6.54 Billion in 2022

Global Hip Replacement Market will be around US$ 9 Billion by 2028 according to the publisher. Hip replacement is a surgical procedure to replace the hip joint entirely or partially with an artificial joint, called a prosthesis. It is a general surgery that is needed when the mobility of the hip joint is reduced, either due to damage or the hip joint has worn out. In addition, osteoarthritis, rheumatoid arthritis, osteonecrosis, fractures, and bone tumours usually require hip replacement surgery. According to World Health Organization (WHO), about 130 million people will suffer from osteoarthritis globally, and the disease will leave 40 million people disabled, by 2050. In 2021, the number of people suffering from osteoarthritis globally was 528 million.

Global Hip Replacement Market will grow at a CAGR of 5.46% from 2023 to 2028

The increase in the geriatric population, increase in R&D activities for surgical procedures, product launch, and approval, growth in the number of patients undergoing hip replacement surgery, and increase in the government funds on healthcare, are some of the factors that aid the development of hip replacement market worldwide. However, high costs incurred on surgeries and R&D procedures, infrastructural limitations, and strict rules and regulations laid down by the government for new product approvals are expected to restrain the growth of the global hip replacement market.

Product Segment

Based on products, the global hip replacement market is segmented into; total hip replacement, partial hip replacement, and revision and hip resurfacing. Total hip replacement segments dominated the market share due to the growth in demand for minimally invasive surgeries and the technological advancements in the hip replacement market. Further, the rise in osteoarthritis cases will drive the segment's growth. The global hip replacement market was at US$ 6.54 Billion in 2022.

End-user Segment

The end-user segment is categorized into; hospitals and surgery centers, orthopedic clinics, and others. The hospitals and surgery category dominates in the end-user segment. The reason for this domination is the rise in hip replacement surgeries within these centers and facilities. In addition, they have the best available equipment and skilled health professionals, which also add to the segment's growth.

The orthopedic clinic category is expected to grow at a lucrative rate over the forecast period. The growth of this category can be attributed to the increase in the number of orthopedic clinics, the availability of skilled health personnel, and well-developed infrastructure.

Regional Insights

The report classifies the region into; North America, Europe, Asia-Pacific, Latin America, Middle-East, and Africa. The rise in the patients with arthritis and the government's favorable reimbursement policies are expected to aid the dominance of the North American region.

The Asia-Pacific region is anticipated to grow at an increasing rate over the forecast period. The region has a growing elderly population, which will increase the number of arthritis patients, and the government is actively providing funds for the healthcare sector. These factors will propel the growth of the market in the Asia-Pacific region.

Key Market Players

The global hip replacement market is very competitive and is filled with companies like; Smith & Nephew PLC, Johnson & Johnson, ConformisInc, Integra Lifesciences Corporation, MicroPort Scientific Corporation, Zimmer Biomet, Stryker, and Braun Melsungen AG. The players mentioned above are constantly involved in product innovation and development, technological betterment, and mergers and acquisitions to procure a higher market share. For instance, in August 2021, Zimmer Biomet announced that the company had been given the FDA 510k clearance of the ROSA Hip System for total hip replacement, which is robotically-assisted.

The report titled “Hip Replacement Market Global Forecast by Products (Total Hip Replacement, Partial Hip Replacement and Revision), End-user (hospitals and surgery centers, orthopaedic clinics, and others), Regions (North America, Europe, Asia-Pacific, Latin America, & Middle East & Africa), Companies (Smith & Nephew PLC, Johnson & Johnson, ConformisInc, Integra lifesciences Corporation, MicroPort Scientific Corporation, Zimmer Biomet, Stryker, Braun Melsungen AG) Global Analysis” studies the global Hip Replacement Industry.

Product - Hip Replacement Market breakup from 3 viewpoints:

1. Total HIP Replacement
2. Partial HIP Replacement
3. Revision HIP Replacement

End-User - Hip Replacement Market breakup from 3 End User:

1. Hospitals and surgery centers
2. Orthopedic clinics
3. Others

Region - Hip Replacement Market breakup from 5 Regions:

1. North America
2. Europe
3. Asia-Pacific
4. South America
5. Middle East & Africa

All key players have been covered from 3 viewpoints:

1. Overview
2. Strategy
3. Financial Insight

Company Analysis:

1. Zimmer Biomet
2. Stryker
3. Smith & Nephew PLC
4. Johnson & Johnson
5. ConformisInc
6. Integra lifesciencesCorporation
7. MicroPort Scientific Corporation
8. B. Braun Melsungen AG
Frequently Asked Questions about the Hip Replacement Market

What is the estimated value of the Hip Replacement Market?

The Hip Replacement Market was estimated to be valued at $6.54 Billion in 2022.

What is the growth rate of the Hip Replacement Market?

The growth rate of the Hip Replacement Market is 5.4%, with an estimated value of $9 Billion by 2028.

What is the forecasted size of the Hip Replacement Market?

The Hip Replacement Market is estimated to be worth $9 Billion by 2028.

Who are the key companies in the Hip Replacement Market?

Key companies in the Hip Replacement Market include Zimmer Biomet, Stryker, Smith & Nephew PLC, Johnson & Johnson, ConformisInc, Integra lifesciencesCorporation and B. Braun Melsungen AG.

Table of Contents

1. Introduction

2. Research & Methodology

3. Executive Summary

4. Market Dynamics
4.1 Growth Drivers
4.2 Challenge

5. Global Hip Replacement Market

6. Market Share - Global Hip Replacement Analysis
6.1 By Product
6.2 By End User
6.3 By Region

7. Product - Global Hip Replacement Market
7.1 Total
7.2 Partial
7.3 Revision & Hip Resurfacing

8. End User - Global Hip Replacement Market
8.1 Hospital & Surgery Centres
8.2 Orthopaedic clinics
8.3 Others

9. Region - Global Hip Replacement Market
9.1 North America
9.2 Europe
9.3 Asia Pacific
9.4 Latin America
9.5 MEA

10. Key Players Analysis
10.1 Smith & Nephew PLC
10.1.1 Business Overview
10.1.2 Recent Development
10.1.3 Sales Analysis
10.2 Johnson & Johnson
10.2.1 Business Overview
10.2.2 Recent Development
10.2.3 Sales Analysis
10.3 ConformisInc
10.3.1 Business Overview
10.3.2 Recent Development
10.3.3 Sales Analysis
10.4 Integra lifesciences Corporation
10.4.1 Business Overview
10.4.2 Recent Development
10.4.3 Sales Analysis
10.5 Microport Scientific Corporation
10.5.1 Business Overview
10.5.2 Recent Development
10.5.3 Sales Analysis
10.6 Zimmer Biomet
10.6.1 Business Overview
10.6.2 Recent Development
10.6.3 Sales Analysis
10.7 Stryker
10.7.1 Business Overview
10.7.2 Recent Development
10.7.3 Sales Analysis
10.8 Braun Melsungen AG
10.8.1 Business Overview
10.8.2 Recent Development
10.8.3 Sales Analysis

List of Figures:
Figure 01: Global - Hip Replacement Market (Billion US$), 2018 - 2022
Figure 02: Global - Forecast for Hip Replacement Market (Billion US$), 2023 - 2028
Figure 03: Product - Total Hip Replacement Market (Billion US$), 2018 - 2022
Figure 04: Product - Forecast for Total Hip Replacement Market (Billion US$), 2023 - 2028
Figure 05: Product - Partial Hip Replacement Market (Billion US$), 2018 - 2022
Figure 06: Product - Forecast for Partial Hip Replacement Market (Billion US$), 2023 - 2028
Figure 07: Product - Revision & Hip Resurfacing Market (Billion US$), 2018 - 2022
Figure 08: Product - Forecast for Revision & Hip Resurfacing Market (Billion US$), 2023 - 2028
Figure 09: End User - Hospital & Surgery Centres Market (Billion US$), 2018 - 2022
Figure 10: End User - Forecast for Hospital & Surgery Centres Market (Billion US$), 2023 - 2028
Figure 11: End User - Orthopaedic clinics Market (Billion US$), 2018 - 2022
Figure 12: End User - Forecast for Orthopaedic clinics Market (Billion US$), 2023 - 2028
Figure 13: End User - Others Market (Billion US$), 2018 - 2022
Figure 14: End User - Forecast for Others Market (Billion US$), 2023 - 2028
Figure 15: North America - Hip Replacement Market (Billion US$), 2018 - 2022
Figure 16: North America - Forecast for Hip Replacement Market (Billion US$), 2023 - 2028
Figure 17: Europe - Hip Replacement Market (Billion US$), 2018 - 2022
Figure 18: Europe - Forecast for Hip Replacement Market (Billion US$), 2023 - 2028
Figure 19: Asia Pacific - Hip Replacement Market (Billion US$), 2018 - 2022
Figure 20: Asia Pacific - Forecast for Hip Replacement Market (Billion US$), 2023 - 2028
Figure 21: Latin America - Hip Replacement Market (Billion US$), 2018 - 2022
Figure 22: Latin America - Forecast for Hip Replacement Market (Billion US$), 2023 - 2028
Figure 23: MEA - Hip Replacement Market (Billion US$), 2018 - 2022
Figure 24: MEA - Forecast for Hip Replacement Market (Billion US$), 2023 - 2028
Figure 25: Smith & Nephew PLC - Global Revenue (Billion US$), 2018 - 2022
Figure 26: Smith & Nephew PLC - Forecast for Global Revenue (Billion US$), 2023 - 2028
Figure 27: Johnson & Johnson - Global Revenue (Billion US$), 2018 - 2022
Figure 28: Johnson & Johnson - Forecast for Global Revenue (Billion US$), 2023 - 2028
Figure 29: ConformisInc - Global Revenue (Million US$), 2018 - 2022
Figure 30: ConformisInc - Forecast for Global Revenue (Million US$), 2023 - 2028
Figure 31: Integra lifesciences Corporation - Global Revenue (Billion US$), 2018 - 2022
Figure 32: Integra lifesciences Corporation - Forecast for Global Revenue (Billion US$), 2023 - 2028
Figure 33: Microport Scientific Corporation - Global Revenue (Million US$), 2018 - 2022
Figure 34: Microport Scientific Corporation - Forecast for Global Revenue (Million US$), 2023 - 2028
Figure 35: Zimmer Biomet - Global Revenue (Billion US$), 2018 - 2022
Figure 36: Zimmer Biomet - Forecast for Global Revenue (Billion US$), 2023 - 2028
Figure 37: Stryker - Global Revenue (Billion US$), 2018 - 2022
Figure 38: Stryker - Forecast for Global Revenue (Billion US$), 2023 - 2028
Figure 39: Braun Melsungen AG - Global Revenue (Billion US$), 2018 - 2022
Figure 40: Braun Melsungen AG - Forecast for Global Revenue (Billion US$), 2023 - 2028

List of Tables:
Table 01: Global - Hip Replacement Market Share by Product (Percent), 2018 - 2022
Table 02: Global - Forecast for Hip Replacement Market Share by Product (Percent), 2023 - 2028
Table 03: Global - Hip Replacement Market Share by End User (Percent), 2018 - 2022
Table 04: Global - Forecast for Hip Replacement Market Share by End User (Percent), 2023 - 2028
Table 05: Global - Hip Replacement Market Share by Region (Percent), 2018 - 2022
Table 06: Global - Forecast for Hip Replacement Market Share by Region (Percent), 2023 - 2028

Companies Mentioned

  • Zimmer Biomet
  • Stryker
  • Smith & Nephew PLC
  • Johnson & Johnson
  • ConformisInc
  • Integra lifesciencesCorporation
  • MicroPort Scientific Corporation
  • B. Braun Melsungen AG

Methodology

In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.

Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.

Primary Research

The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:

  • Validates and improves the data quality and strengthens research proceeds
  • Further develop the analyst team’s market understanding and expertise
  • Supplies authentic information about market size, share, growth, and forecast

The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:

  • Chief executives and VPs of leading corporations specific to the industry
  • Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
  • Key opinion leaders (KOLs)

Secondary Research

The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Patent and regulatory databases for understanding of technical & legal developments
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic new articles, webcasts, and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
 

Loading
LOADING...