Hip Replacement Market to Reach USD 8.6 Billion, Globally, by 2031 at 4.0% CAGR: Allied Market Research

Rise in R&D activities for advancements in hip replacement surgeries and increase in product launches & product approvals drive the growth of the global hip replacement market.

PORTLAND, Ore., Aug. 11, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Hip Replacement Market by Procedure (Total Hip Replacement, Partial Hip Replacement, Revision Hip Replacement, Hip Resurfacing), by Material (Metal-on-Metal, Metal-on-Polyethylene, Ceramic-on-Polyethylene, Ceramic-on-Metal, Ceramic-on-Ceramic), by End User (Hospitals, Orthopedic Clinics, Ambulatory Surgery Centers): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global hip replacement industry was estimated at $5.9 billion in 2021, and is anticipated to hit $8.6 billion by 2031, registering a CAGR of 4.0% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chain, competitive scenario, and regional landscape. The market study is exclusively meant to help the readers with a complete valuation of industry analysis and trends. Most importantly, the study offers qualitative data about how the market is developing and moving forward.

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Determinants of growth-

Rise in R&D activities for advancements in hip replacement surgeries and increase in product launches & product approvals drive the growth of the global hip replacement market. Moreover, integration of advanced navigation system and robotics with surgical operations has supplemented the growth even more. Simultaneously, surge in number of surgical procedures and spike in access to health care facilities have created lucrative opportunities in the industry.

Covid-19 scenario-

• The outbreak of the pandemic made the entire healthcare industry focus on only life-saving and Covid-19-related procedures during the period, which impacted the global hip replacement market negatively.
• Most of the elective surgical procedures were either postponed or canceled, which had an adverse impact on the market.
• Nevertheless, the healthcare sector has now been restructured to offer safer healthcare facilities.

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The total hip replacement segment to dominate by 2031-

By procedure, the total hip replacement segment contributed to nearly one-third of the global hip replacement market share in 2021, and is expected to lead the trail by 2031.  Rise in the prevalence of osteoarthritis and increase in number of the geriatric population drive the segment growth. The revision hip replacement segment, on the other hand, is expected to exhibit the fastest CAGR of 4.7% from 2022 to 2031, owing to rise in adoption of hip implants and product launches in the market.

The metal-on-polyethylene segment to maintain the lion's share-

Based on material, the metal-on-polyethylene segment generated around one-third of the global hip replacement market revenue in 2021, and is expected to lead the trail by 2031. Increasing prevalence of bone disorders and surge in incidence of road accidents fuel the segment growth. The ceramic-on-polyethylene segment, however, would manifest the fastest CAGR of 4.5% from 2022 to 2031, due to advantage of ceramic & plastic over metals and advancements in hip implants.

The hospitals segment to lead the trail-

Based on end-user, the hospitals segment held more than half of the global hip replacement market revenue in 2021. The same segment would also garner the fastest CAGR of 4.3% during the forecast period. Increase in healthcare expenditure and rise in number of hospitals across the world fuel the segment growth.

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North America garnered the major share in 2021-

Based on region, North America held the major share in 2021, generating nearly half of the global hip replacement market. Surge in product launches across the region, well-established healthcare infrastructure, and presence of key players propel the market growth. The Asia-Pacific region, on the other hand, would garner the fastest CAGR of 5.8% by 2031. This is attributed to rise in healthcare expenditure, development in healthcare infrastructure, and high population base across the province.

Key players in the industry-

• Colfax Inc
• Conformis Inc
• B. Braun Melsungen AG
• Gruppo Bioimpianti s.r.l.
• Stryker Corporation
• Johnson & Johnson
• Zimmer Biomet Holdings Inc
• Kyocera Corporation
• Corin Group PLC
• Exactech Inc
• Globus Medical Inc
• Integra LifeSciences
• Medacta International
• Merete
• MicroPort Scientific Corporation
• Smith & Nephew PLC

The report analyzes these key players in the global hip replacement market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.

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