Hip Replacement Market Size By Product (Primary Hip Replacement Devices, Partial Hip Replacement Devices, Revision Hip Replacement Devices, Hip Resurfacing Devices), By Material (Metal-on-plastic, Ceramic-on-plastic, Ceramic-on-ceramic), By Fixation Mater

Hip Replacement Market Size By Product (Primary Hip Replacement Devices, Partial Hip Replacement Devices, Revision Hip Replacement Devices, Hip Resurfacing Devices), By Material (Metal-on-plastic, Ceramic-on-plastic, Ceramic-on-ceramic), By Fixation Material (Cemented Fixation, Cementless Fixation, Hybrid Fixation), By Inserts (Cross-linked Polyethylene Inserts, Antioxidant Polyethylene Inserts, Non-antioxidant Polyethylene Inserts), By End-use (Hospitals, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 - 2027

The hip replacement market is projected to foresee commendable growth by 2027 due to the globally expanding geriatric population, medical advancements in hip replacement procedures, rising prevalence of osteoporosis, osteoarthritis, and hip fractures. Additionally, growing adoption of hip resurfacing devices among the patient population would also shape industry outlook.

Hip replacement is a surgical procedure that is concerned with the removal as well as replacement of portions of the femur and pelvis, which form the hip joint. This surgery can be done traditionally or by utilizing minimally invasive technique.

The hip replacement market is bifurcated into different segments in terms of product, material, fixation material, inserts, end-use, and regional landscape.

Through the product standpoint, the market for hip replacement is categorized into hip resurfacing devices, revision hip replacement devices, partial hip replacement devices and primary hip replacement devices. Hip resurfacing devices segment was valued at $79 million in 2020 and is forecast to witness market growth of more than 4.5% due to the growing need for resurfacing surgeries, caused by degradation of existing implants.

With respect to material, the market is segmented into ceramic-on-ceramic, ceramic-on-plastic, metal-on-plastic, and others. In 2020, the ceramic-on-ceramic segment held a valuation of more than $507 million. The segment would be witnessing a market growth of 3.9% over the projected time period. The growth is majorly accredited to reduction in complications like wear debris as well as occurrence of osteolysis.

Based on fixation, the hip replacement market is classified hybrid fixation, cementless fixation, and cemented fixation. In 2020, the cementless fixation segment was valued at $5.1 billion and is projected to witness 4.3% market growth. Reduction in clinical complications and prevention of cement disease will aid the segmental growth.

With respect to inserts, hip replacement market is bifurcated into non-antioxidant polyethylene inserts, antioxidant polyethylene inserts and cross-linked polyethylene inserts. Antioxidant polyethylene inserts segment was valued at approximately $1.1 billion in 2020 and is anticipated to witness a 10.8% market growth over the coming time period. The segment growth is attributed to higher mechanical strength and reduced oxidative degradation of the implant.

In terms of end-use, the overall market is divided into ambulatory surgical centers and hospitals. Hospitals segment was valued at around $5.7 billion in 2020 and is expected to witness a market growth of more than 3.7% over the coming years. This can be chalked up to the rising prevalence of osteoporosis, osteoarthritis, and hip fractures.

On the regional front, in 2020, hip replacement market in Middle East & Africa was valued at more than $200 million. The region is projected to witness significant growth over the coming time period due to growing awareness regarding hip replacement procedures across the countries in the region.