Hip Replacement Implants Market Size, Share & Trends Analysis Report By Product Type (Total Hip), By Material (Metal-on-Metal), By End-use (Orthopedic Clinics), By Region, And Segment Forecasts, 2024 - 2030

Hip Replacement Implants Market Size, Share & Trends Analysis Report By Product Type (Total Hip), By Material (Metal-on-Metal), By End-use (Orthopedic Clinics), By Region, And Segment Forecasts, 2024 - 2030

Hip Replacement Implants Market Growth & Trends

The global hip replacement implants market size is expected to reach USD 5.5 billion by 2030, registering a CAGR of 2.1% from 2024 to 2030, according to a new study by Grand View Research, Inc. The increasing prevalence of osteoarthritis and hip fractures, along with the growing elderly population, are the primary factors driving market growth. For instance, as reported by the American Academy of Orthopedic Surgeons, more than 300,000 individuals are affected by hip fractures in the U.S. annually. The majority of these fractures were observed in individuals aged 65 years and above who sustained injuries from falls either at home or outdoors. Consequently, there has been an increase in the volume of hip replacement surgeries performed due to the aging demographic and the growing prevalence of conditions impacting the lower limbs.

This rise in surgical procedures has also led to a heightened demand for hip replacement implants. The rapid advancement of surgical procedures has spurred product demand. Furthermore, introducing novel implant types and combining materials for enhanced stability and longevity further boosts the expansion of the market globally. In addition, the market is growing due to shifting consumer preferences brought on by advancements in the materials utilized in hip replacement implants. Advanced materials, such as cross-linked polyethylene (PE) sockets with ceramics or metallic femoral heads, are becoming more accessible and creating opportunities for companies.

Furthermore, growing research agreements between key developers and R&D companies to develop innovative implant solutions further contribute to market growth. For instance, in September 2022, Zimmer Biomet Holdings, Inc. and Surgical Planning Associates, Inc. signed an exclusive, multi-year partnership arrangement to promote the first FDA-approved mixed reality navigation system, HipInsight, used in total hip arthroplasty. With HipInsight, which is developed specifically for Zimmer Biomet's hip implant line, surgeons may employ the second generation of Microsoft HoloLens glasses to observe a projected hologram of the individual’s pelvic anatomy during surgery to aid in positioning the implant and alignment.

Hip Replacement Implants Market Report Highlights

• By product type, the total hip replacement implants segment held the highest market share of 37.6% in 2023 due to the increased volume of total hip replacement surgeries across the globe
• By material, the metal-on-PE segment accounted for the largest revenue share of 30.8% in 2023. It is the most affordable implant and offers advantages including fewer complications and wear particles
• The hospitals & surgery centers end-use segment accounted for the largest revenue share of 69.2% in 2023 owing to a rise in the volume of hip implant surgeries performed in these facilities
• In 2023, North America dominated the global market with a revenue share of 46%owing to the high prevalence of osteoarthritis, rise in the volume of hip replacement surgeries, increased R&D activity for advancements in hip replacement surgeries, and product approvals in the region

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