At 4.9% CAGR, Hip Replacement Market to Surpass US$ 10,311.3 Million by 2027 | Growing Demand and Hamper Growth of Joint Replacement in Upcoming Years

The latest research report provides a complete analysis of the Global Hip Replacement Market for the forecast year 2020-2027, which is beneficial for companies regardless of their size and revenue. This survey report covering the major market insights and industry approach towards COVID-19 in the upcoming years. The market strategies undertaken, with respect to the current and future scenario of the industry, have also been listed in the study.

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Total hip replacement involves replacing damaged bone and cartilage with artificial prosthetic components such as hip stem system, acetabular cup system, and others. The damaged femoral head is removed and replaced with a metal stem (cemented/non cemented) that is placed into the hollow center of the femur. The procedure is done partly (hemi-arthroplasty) or fully (bipolar - hemiarthroplasty). Partial hip replacement, also known as hiphemiarthroplasty, is a surgical procedure where only the femoral head (the ball) of the damaged hip joint is replaced.

Hip Replacement (CVIS) is performed by replacing damaged bone and cartilage with artificial prosthetic components such as hip stem system, acetabular cup system, and others. Hip replacement surgery can be performed as a total replacement or a hemi (half) replacement. Increasing prevalence of musculoskeletal disorders is expected to boost growth of the global hip replacement market.

Statistics:

The global hip replacement market is estimated to account for US$ 10,311.3 Mn in terms of value by the end of 2027.

Global Hip Replacement Market: Drivers

Increasing incidence of trauma/accidental injuries is expected to propel growth of the global hip replacement market over the forecast period. For instance, according to January 2018 factsheet of the World Health Organization, 20–30% of older people who fall suffer moderate to severe injuries such as bruises, hip fractures, or head trauma, in the U.S.

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Global Hip Replacement Market: Opportunities

R&D regarding contact pressure in hip implants is expected to offer lucrative growth opportunities for players in the global hip replacement market. For instance, in July 2018, researchers at IRCCS—Istituto Ortopedico Rizzoli, Italy, assessed the impact of radial clearance on the acetabular cup contact pressure in hip implants.

Global Hip Replacement Market: Restraints

Products recalls are expected to hamper growth of the market. For instance, in September 2019, Zimmer Biomet sent an urgent recall letter to hospitals and surgeons concerning its legacy Biomet products that included extremities, hip, knee, and trauma lines.

Key Takeaways:

The Total Hip Replacement Implant segment in the global hip replacement market was valued at US$ 4,179.1 Mn in 2019 and is expected to reach US$ 6,112.4 Mn by 2027 at a CAGR of 4.9% during the forecast period. The growth of the segment is attributed to increasing incidence of trauma/accidental injuries during the forecasted period.

The Hip Stem Systems segment held dominant position in the global hip replacement market in 2019, accounting for 54.2% share in terms of value, followed by acetabular Cup Systems, respectively. The major factor attributing to the growth of the segments during the forecast period constitutes of technological advancements and increasing prevalence of musculoskeletal disorders.

Market Trends

Market players are focusing on using sturdy biocompatible materials that can withstand the more active lifestyles of many patients.

Several countries are focused on adopting a registry for post-marketing surveillance in order to collect data related to joint prosthetics in order to assess the efficacy of an implant, its lifetime, and performance for the treatment of specific cases. Moreover, registries can aid in providing education and training to surgeons regarding ideal prosthesis and surgical techniques.

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Detailed Segmentation:

Hip Replacement Market, By Product Type:
Total Hip Replacement Implant
Partial Hip Replacement Implant
Hip Resurfacing
Revision Hip Implants
Hip Replacement Market, Components
Hip Stem Systems
Acetabular Cup Systems
Revision Accessories and Components
Hip Replacement Market, By End User:
Hospitals
Orthopedic Clinics
Ambulatory Surgical Centers

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