Hip Replacement Market Size

Hip Replacement Market Analysis

The Hip Replacement Market size is estimated at USD 7.33 billion in 2024, and is expected to reach USD 8.95 billion by 2029, growing at a CAGR of 4.07% during the forecast period (2024-2029).

The COVID-19 pandemic had a significant impact on market growth. For instance, as per the study published by PubMed Central in November 2021, during the initial COVID-19 pandemic, there was an estimated 6.80% decrease in the revision of total hip arthroplasty due to the fear of COVID-19 infections, which impacted the market growth significantly. Thus, the frequency of these surgeries decreased due to the rising incidences of COVID-19 infections during the pandemic, therefore impacting the market growth. However, now that the pandemic is over, the market is expected to grow well during the study's forecast period, as hip replacement surgeries are expected to take place normally.

Factors such as the growing burden of osteoarthritis, hip injuries, and the increasing prevalence of obesity are expected to boost the studied market. The rise in product approvals and adoption of key strategies such as mergers and acquisitions will also contribute significantly to the market growth.

Hip replacement is a surgical procedure to replace a hip joint with a prosthetic implant. The surgery can be performed as a total or hemi (half) replacement. The surgery is usually done to relieve pain caused due to arthritis or some fracture in the hip bone. The prevalence of osteoarthritis has been on the rise. Moreover, it is more common in the geriatric population, and it is increasing in recent years. For instance, according to the data published by WHO in October 2022, it is estimated that 1 in 6 people in the world will be aged 60 years or over by 2030, and the share of the population aged 60 years and over will increase to 1.4 billion by 2030. With the growing geriatric population, the demand for hip replacement is expected to increase, further boosting the market growth.

Moreover, the rising hip replacement procedures are also expected to enhance market growth. For instance, according to the data published by the American Joint Replacement Registry in 2022, an estimated 2,550,532 primary and revision hip and knee arthroplasty procedures took place between 2012 and 2021 in the United States, out of which 37.3% of procedures were primary hip procedures.

Also, the rising product launches in the market will foster the market. For instance, in August 2021, DJO, a subsidiary of Colfax Corporation, launched EMPOWR Dual Mobility, which provides surgeons with a solution to treat a large patient group needing better joint stability. Furthermore, establishing hip replacement divisions in hospitals indicates an increasing demand for hip replacement procedures. For instance, in January 2021, Sunshine Orthobiotics launched a hip replacement division in Hyderabad, India. Such launches are expected to propel the growth of the market.

Additionally, adopting key strategies such as mergers and acquisitions in the studied market will also boost the market studied. For instance, in June 2021, DePuy Synthes in Australia entered into an exclusive agreement with Navbit to introduce the Navbit Sprint into operating theatres across the country. It is a navigation system utilizing smart sensor technology to assist surgeons in aligning the acetabular cup.

Thus, due to the above-mentioned factors, such as the rising prevalence of osteoarthritis and the increasing developments by major market players, the studied market is expected to augment growth during the study period. However, the high procedure cost may be an economic burden on patients, restraining the market's growth.