Hip Replacement Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product Type (Total Hip Replacement Implant, Partial Hip Replacement Implant, Resurfacing Implant, and Revision Hip Replacement Implant), By End-User (Hospitals, Orthopedic Clinics, and Ambulatory Surgical Centers (ASC)), and Region  

Hip Replacement Market size was valued at US$ 5,856.3 million in 2023 and is anticipated to grow at a CAGR of 4.7% over 2024-2030. The hip replacement implants market refers to the medical devices used in hip replacement surgeries, also known as total hip arthroplasty, which is a surgical procedure that involves replacing a damaged or diseased hip joint with prosthetic implants to relieve pain and restore joint function. The market for hip replacement implants includes various components, such as femoral stems, acetabular cups, femoral ball, liners, and other associated materials and instruments. The demand for hip replacement implants is primarily driven by the growing prevalence of conditions like osteoarthritis, rheumatoid arthritis, and hip fractures, which often require surgical intervention. For instance, according to CDC, from 2016 to 2018, approximately 58.5 million US population were diagnosed with arthritis and 25.9% of the total adult population, or 78.4 million adults 18 years of age and older, will have arthritis by 2040. This increasing prevalence of arthritis is the major factor for the rising demand for hip replacement surgeries. Moreover, reasons including an aging population and improvements in surgical methods create significant opportunities for the growth of the hip replacement implants market.

However, concerns associated with expensive implants and surgical procedures negatively impact the growth of these markets. Furthermore, patient-specific implants, robotic and computer-assisted navigation systems for hip replacement procedures, and cementless hip implants are some of the major developments influencing market growth and development. Numerous implant manufacturers are forming collaborations and engaged in research and development to develop innovative implant technologies, which further contribute to the market growth. For instance, in August 2022 Exactech, a prime leader and provider of novel implants, instrumentation, and smart technologies for joint replacement surgery launched the Spartan Stem and Logical Cup System for total hip arthroplasty.

Hip Replacement Market Key Developments:

• In September 2022, Smith+Nephew, launched its OR3O Dual Mobility System for use in primary and revision hip arthroplasty (hip replacement surgery) in Japan, which offer increased stability and strength, reduced dislocation risk and improved range of motion.
• In July 2022, Enovis, launched Augmented Reality Visualization and Information System (ARVIS), a real-time, hands-free augmented reality (AR) technology specifically designed for orthopedic surgeons, to enable them visualize accurate instructions while performing hip and knee surgery.