Hip Implants Market

The hip implants market is projected to expand from US$ 7.37 billion in 2024 to US$ 9.80 billion by 2031, with an expected CAGR of 4.1% from 2024 to 2031.

Market Insights and Analyst Perspective:

The hip implants market is experiencing rapid growth driven by an increase in hip surgeries, hip injuries, osteoarthritis, and rheumatoid arthritis. Additionally, strategic initiatives by companies to maintain competitiveness are propelling market growth. For example, in August 2023, Smith & Nephew introduced the OR3O Dual Mobility System in India for primary and revision hip arthroplasty. The OR3O features Smith & Nephew’s advanced bearing surface, OXINIUM DH, which utilizes a liner and proprietary OXINIUM on XLPE, eliminating the need for a modular CoCr liner and/or CoCr head ball, thereby reducing wear and corrosion risks associated with the alloy. Consequently, a notable increase in innovative technologies aimed at meeting customer needs is expected to introduce new trends in the hip implants market forecast.

Growth Drivers and Challenges:

As reported by the Osteoarthritis Action Alliance, osteoarthritis is one of the most prevalent forms of arthritis in the US, affecting nearly 32.5 million individuals, with 43% of this population being over 65 years old in 2020. According to the Centers for Disease Control and Prevention, approximately 23% of the US population had arthritis in 2020. Furthermore, Arthritis Research Canada estimates that over 6 million Canadians suffer from osteoarthritis, a figure projected to rise to 10.5 million by 2040. Osteoarthritis can lead to hip injuries and fractures, as patients with arthritis typically have lower bone density compared to those without the condition.

The World Health Organization (WHO) estimated that in 2019, there were 1 billion individuals aged over 60, a number expected to reach 1.4 billion by 2030 and 2.1 billion by 2050. The share of the geriatric population is anticipated to increase from approximately 15% to around 24% during this timeframe. Eurostat also reported that Europe had the highest percentage (20.8%) of individuals aged over 60 in 2021. Moreover, by 2050, all regions except Africa will have more than 25% of their populations aged over 60. Thus, the rise in the elderly population has led to an increase in various orthopedic conditions, such as hip injuries, osteoarthritis, and hip dislocations due to falls and other unfortunate events, contributing to the growth of the hip implants market.

Strategic Insights

Report Segmentation and Scope:

The hip implants market is categorized by product type, material, end user, and geography. By product type, the market is divided into total replacement, partial replacement, hip resurfacing, and revision hip implants. By material, the market includes metal-on-polyethylene, ceramic-on-ceramic, ceramic-on-metal, ceramic-on-polyethylene, and others. By end user, the market is segmented into hospitals, orthopedic clinics, ambulatory surgical centers, and others. Geographically, the market is divided into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, Russia, and the Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

Segmental Analysis:

The analysis of the hip implants market by product type includes femoral reconstruction, acetabular reconstruction, hip resurfacing, revision hip implants, bearing and porous metal technologies, and total replacement implants. In 2022, the total replacement implants segment held the largest share of the hip implants market and is expected to achieve the highest CAGR from 2022 to 2030.

By material, the market is categorized into metal-on-polyethylene, ceramic-on-ceramic, ceramic-on-metal, and ceramic-on-polyethylene. In 2022, the metal-on-plastic segment held the largest market share and is projected to experience the highest CAGR in the hip implants market forecast from 2022 to 2030. This segment's growth is driven by advantages such as precise outcomes, durability, and cost-effectiveness. Additionally, benefits like fewer complications, technological advancements, and reduced wear particles are boosting the demand for metal-on-plastic hip implants.

By end user, the market is segmented into hospitals, orthopedic clinics, ambulatory surgical centers, and others. In 2022, the hospital segment held the largest market share and is expected to record the highest CAGR from 2022 to 2030. The increasing number of hip implant surgeries in hospitals is driving growth in this segment globally. Hospital staff are well-trained and knowledgeable about potential complications during or after surgery, enabling them to manage emergencies and provide comprehensive patient care. Reimbursement processes for surgeries are also more accessible and manageable within hospital settings. Furthermore, the growing number of hospitals worldwide is likely to maintain the segment's dominance and support the growth of the hip implants market during the forecast period.

Regional Analysis:

Geographically, the hip implants market report is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. North America is the largest contributor to the global hip implants market growth. The Asia Pacific region is expected to exhibit the highest CAGR in the hip implants market forecast from 2022 to 2030. The rising incidence of hip implants, product launches, and sports-related hip injuries are primarily driving market growth in the US. According to the article Hip Fracture Care and National Systems published by Wolters Kluwer Health, Inc., approximately 250,000 to 300,000 individuals in the US are hospitalized for hip fractures each year. It is estimated that by 2040, around 500,000 people will seek medical attention for hip fractures. The American Academy of Orthopaedic Surgeons notes that individuals aged 65 and older are particularly susceptible to hip fractures due to falls in household or community settings. According to the article Hip Overview published in the National Library of Medicine, patients spend about US$ 40,000 in the first year following a hip fracture, with the total cost of hip fracture care in the US reaching nearly US$ 17 billion annually. Therefore, the increasing prevalence of hip fractures and injuries in the US, along with rising treatment costs, are current trends in the hip implants market in the US.

Hip Implants Market Report Scope

Industry Developments and Future Opportunities:

Key players in the Hip Implants Market have outlined various strategies, including:

1. In August 2022, Exatech launched a new total hip arthroplasty system featuring the Spartan Stem and Logical Cup. The Spartan Hip Stem addresses contemporary patient needs and incorporates the latest surgical advancements. The Logical Cup is a modular acetabular system designed for highly active patients while facilitating efficient surgical processes in hospitals and ambulatory surgical centers.
2. In September 2022, Smith & Nephew introduced the OR3O Dual Mobility System for primary and revision hip arthroplasty in Japan. This advanced bearing surface, OXINIUM DH, is utilized for its linear and proprietary OXINIUM on XLPE for polyethylene inserts and femoral heads.

Competitive Landscape and Key Companies:

Some of the leading companies featured in the hip implants market report include Smith & Nephew, Exactech, Zimmer Biomet, Stryker Corporation, DJO Surgical (Enovis), Medacta, Conformis, DePuy Orthopaedics, MicroPort Orthopedics, and Symbios. These companies are focusing on geographic expansion and new product launches to meet the increasing global consumer demand and enhance their specialty product portfolios. Their international presence enables them to cater to a broad customer base, facilitating market growth.

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