HIP Replacement Devices Market - Forecast(2022 - 2027)

Report Code: HCR 0560 Report Format: PDF + Excel

HIP Replacement Devices Market Overview

The Hip Replacement Devices market size is estimated to reach $7.51 billion by 2026, growing at a CAGR of 3.9% during the forecast period 2021-2026. HIP replacement devices are orthopedic implants that aid in restoring mobility and relieve pain for the patient. Hip replacements are necessary to treat conditions such as arthritis and other diseases or injuries that affect the hip. The pathology of hip replacement involves the removal of damaged bones or cartilages and replacing them with artificial components. For instance, hemiarthroplasty is the procedure used to replace half of the hip joint. The rapid increase in the global geriatric population and increasing healthcare infrastructure is anticipated to drive the market during the forecast period. However, the large number of side-effects involved with the Hip replacement surgical procedure is projected to challenge the growth of the HIP replacement Devices Industry.

Report Coverage

The report: “HIP Replacement Devices Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Hip Replacement Devices Market.
By Product Type: Total Procedure, Fixed Mobile-Bearing, Partial Hip Replacement, Hip Resurfacing, and Revision Hip Replacement.
By Material: Metal, Metal on Polyethylene, Ceramic on Metal, Ceramic on Polyethylene, and Ceramic on Ceramic. 
By End User: Hospitals, Orthopedic Clinics and Ambulatory Surgical Center
By Geography: North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, and Rest of South America) and Rest of World (the Middle East and Africa).

Key Takeaways

  • Geographically, the North American HIP Replacement Devices market accounted for the largest share in 2020 owing to the well-developed and advanced healthcare infrastructure in the region.
  • An increase in the development and launches of innovative devices in the market is anticipated to drive growth during the forecast period. However, the high cost of hip replacement surgical procedures in developed regions such as the US is anticipated to hamper the market growth.
  • Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Hip Replacement Devices Report.

HIP Replacement Devices Market Share, By End User, 2020(%)

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HIP Replacement Devices Market Segment Analysis-By Product Type

Based on Product Type, HIP Replacement Devices Market is segmented into Total Procedure, Fixed, Mobile-Bearing, Partial Hip Replacement, Hip Resurfacing, and Revision Hip Replacement. The Total Procedure segment is anticipated to have the largest market share in 2020 and is poised to dominate the market during the forecast period 2021-2026. This is attributed to the global increase in total hip replacement procedures owing to benefits such as eliminating chronic hip pain and enhancing patient mobility. Apart from this, total hip replacement also provides secondary benefits like reducing the overall risk of diabetes, heart failure, and depression compared to patients who do not perform the procedure. The partial hip replacement segment is anticipated to register the fastest growth at a CAGR of 4.2% owing to the rise in the population suffering from conditions such as hip osteoarthritis.

HIP Replacement Devices Market Segment Analysis-By End User

The Hip Replacement Devices Market based on End Users can be further segmented into Hospitals, Orthopedic Clinics, and Ambulatory Surgical Centers. The Hospital segment accounted for the largest share of the market in 2020 owing to the increase in health conditions such as Osteoarthritis, Rheumatoid arthritis, Osteonecrosis, Hip Fracture, and Tumors. These conditions can be serious if left untreated and require hospital visits for both diagnostics and treatment processes. Unlike clinics and ambulatory surgical centers, Hospitals provide the facilities of screening, diagnostics, surgery, and post-surgery care in one location. However, the ambulatory surgical center segment is predicted to witness rapid growth at a CAGR of 4.4% owing to the increase in the adoption of minimally invasive hip replacement surgery procedures. It drastically reduces the recovery time necessary for the patient after the completion of surgery. 

HIP Replacement Devices Market Segment Analysis-By Geography

The Hip Replacement Devices Market based on Geography can be segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. The North American segment is projected to dominate the HIP Replacement Devices market during the forecast period 2021-2026 owing to the presence of highly developed healthcare infrastructure, favorable reimbursement policies, high patient awareness levels, and growing geriatric population in the region. Moreover, key industry players such as Zimmer Inc, DePuy Synthes, and Medtronic Spine in the region ensure lower costs and more options for customers and medical professionals. The Asia Pacific region is predicted to register the fastest growth at a CAGR of 4.3%, owing to the significant increase in public healthcare funding and rising disposable income and awareness levels in emerging economies such as China, India, and Indonesia.

HIP Replacement Devices Market Drivers

Increase in Geriatric Population is Projected to Drive Market Growth

There were around 727 million persons over 65 in 2020 and constituted 9.3% of the overall population. The geriatric population is predicted to reach 16% by 2050. This is anticipated to drive the market during the forecast period as the geriatric population is more prone to serious hip conditions owing to the reduction of bone density with age. For instance, Osteoarthritis, the most common joint condition in the U.S., occurs in 10% of men and 30% of women above the age of 60. Other age-related conditions such as Dementia are causing a rise in Hip fracture cases further boosting the demand.

Rise in Awareness Levels Regarding Benefits of Hip Replacement Surgery is Driving the growth.

The increase in awareness levels regarding the risks of untreated chronic hip conditions and the benefits of hip replacement implants is driving the market in major emerging economies such as India and China. Hip replacement surgical procedures have one of the highest rates of success in the medical field. Moreover, they provide permanent pain relief to chronic hip joint pain while also enhancing patient mobility. This drastically improves the patient quality of life as they can resume performing day-to-day activities that were difficult before the procedure such as running, climbing stairs, and rising from chairs. This, coupled with the development of minimally invasive surgical procedures in the field, is driving the market.

HIP Replacement Devices Market Challenges
The Risk of Side-Effects Post-Surgery is Anticipated to Hamper Market Growth

The risk of side effects after hip replacement surgeries is a significant challenge that can hamper growth. Some of the significant surgical risks of hip replacement surgery include heart attacks, wound infection, Haemorrhage, and formation of blood clots. Moreover, the risk of developing conditions such as joint infection, bone fracture, nerve damage, and hip dislocation rises after the surgery is completed. The cases of Faulty Hip Replacement devices are also discouraging patients from performing the surgery. For instance, Johnson and Johnson sold around 6000 defective Pinnacle Hip replacement devices, which left patients unable to walk.

Covid-19 Pandemic and Subsequent Restrictions is Projected to Limit Growth Opportunities

The rapid spread of the Covid-19 virus and increased hospitalizations have led to hospitals diverting funds and manpower from other departments, including the orthopedic department. Moreover, the fear of contracting the virus from the hospital environment discourages patients from making scheduled visits for check-ups and diagnostics. Owing to the fact that a large majority of patients who undergo hip replacement surgery are geriatric, many of the planned surgical procedures were also postponed or canceled as they are more likely to develop severe complications if infected with the virus.

HIP Replacement Devices Market Industry Outlook:

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Hip Replacement Devices Market. The top 10 companies of the industry include:

  • Zimmer Biomet Inc.
  • DePuy Synthes
  • Stryker Corporation
  • Smith & Nephew
  • Medtronic Spinal
  • DJO Global
  • Integra Lifesciences
  • NuVasive Inc.
  • Globus Medical
  • Wright Medical

Partnerships/Product Launches:

  • In July 2021, Zimmer Biomet announced a partnership with OSSIS as the exclusive Asia Pacific distributor for their patient-specific 3D printed titanium hip replacement joints.
  • In March 2020, DePuy Synthes announced that they received the European CE Mark for the new BI-MENTUMTM Dual Mobility System for patients with a high risk of dislocation.

Relevant Links:

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1. HIP Replacement Devices Market - Overview
    1.1 Definitions and Scope
2. HIP Replacement Devices Market - Executive Summary
    2.1 Market Revenue and Key Trends by Company
    2.2 Key trends by Product Type
    2.3 Key trends by Material
    2.4 Key trends by End User
    2.5 Key trends by Geography
3. HIP Replacement Devices Market – Comparative Analysis
    3.1 Company Benchmarking – Key Companies
    3.2 Financial Analysis – Key Companies
    3.3 Market Value Split by Key Companies
    3.4 Patent Analysis
    3.5 Pricing Analysis – Average Selling Price
4. HIP Replacement Devices Market - Startup Companies Scenario Premium
    4.1 Key Startup Company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Venture Capital and Funding Scenario
5. HIP Replacement Devices Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Case Studies of Successful Ventures
6. HIP Replacement Devices Market - Forces
    6.1 Market Drivers
    6.2 Market Constraints/Challenges
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes
7. HIP Replacement Devices Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Market Life Cycle
8. HIP Replacement Devices Market – By Product Type (Market Size –$Million/$Billion)
    8.1 Total Procedure
    8.2 Fixed
    8.3 Mobile-Bearing
    8.4 Partial Hip Replacement
    8.5 Hip Resurfacing
    8.6 Revision Hip Replacement
9. HIP Replacement Devices Market – By Material (Market Size –$Million/$Billion)
    9.1 Metal
    9.2 Metal on Polyethylene
    9.3 Ceramic on Metal
    9.4 Ceramic on Polyethylene
    9.5 Ceramic on Ceramic. 
10. HIP Replacement Devices Market - By End User (Market Size –$Million/$Billion)
    10.1 Hospitals
    10.2 Orthopedic Clinics
    10.3 Ambulatory Surgical Centers
11. HIP Replacement Devices Market - By Geography (Market Size –$Million/$Billion)
    11.1 North America
        11.1.1 U.S.
        11.1.2 Mexico
        11.1.3 Canada
    11.2 Europe
        11.2.1 U.K.
        11.2.2 France
        11.2.3 Germany
        11.2.4 Italy
        11.2.5 Spain
        11.2.6 Russia
        11.2.7 Rest of Europe
    11.3 Asia Pacific
        11.3.1 China
        11.3.2 India
        11.3.3 Japan
        11.3.4 South Korea
        11.3.5 Australia & New Zealand
        11.3.6 Rest of Asia Pacific
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Rest of South America
    11.5 Rest of the World
        11.5.1 Middle East
        11.5.2 Africa
12. HIP Replacement Devices Market - Entropy
13. HIP Replacement Devices Market – Industry/Segment Competition Landscape Premium
    13.1 Market Share Analysis
        13.1.1 Global Market Share – Key Companies
        13.1.2 Market Share by Region – Key companies
        13.1.3 Market Share by Countries – Key Companies
        13.1.4 Competition Matrix
        13.1.5 Best Practices for Companies
14. HIP Replacement Devices Market – Key Company List by Country Premium Premium
15. HIP Replacement Devices Market Company Analysis
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10
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