Rockville, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The global hip replacement market is expected to reach US$ 13,722.4 million by 2034, with a CAGR of 4.2% during the forecast period. Coatings and enabling technology are revolutionizing hip replacement surgery with innovative solutions that maximize patient benefits.
The market for hip replacements is expected to grow due to a rise in bone disorders, road accidents, and obesity rates. This is likely to increase the demand for hip replacement surgeries and implants, expanding the market. The hip replacement market is increasing due to increased government initiatives and financial support. A significant trend supporting this growth is the use of online tools for post-surgery patients. The awareness and adoption of these digital resources are expected to create new opportunities for market expansion.
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The introduction of robotic joint replacement surgery is also a big approach, promising advanced and faster recovery. The emergency orthopedic surgery department ensures patient security and revenue growth. Customized hip arthroplasty implants for both males and females are on the rise, with manufacturers using 3D printing technology to craft patient-specific implants, positioning the market at the forefront of technological advancements.
The report reveals a rapid rise in replacement surgeries, but implant complications may hamper market growth. Lawsuits have been filed due to device defects causing allergic reactions, metal poisoning, and infections. Major companies have faced lawsuits due to malfunctioning orthopedic devices.
Manufacturers have made significant advances with an innovative patient-specific 3D-printed pelvic fixation device, which delivers a transformative solution for individuals grappling with high hip dislocation in the US market. Key industry manufacturers have prioritized hip replacement using polymotion implants instead of conventional options.
| Report Attribute | Details |
| Value Projection (2034) | US$ 13,722.4 Million |
| Growth Rate (2024-2034) | 4.2 % of CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 32 Tables |
| No. of Figures | 160 Figures |
Key Takeaway from Market Study
- The global hip replacement market is expected to reach a valuation of 4.2% CAGR in the forecast period.
- The hip replacement market in North America is predicted to expand at a phenomenal CAGR of 4.3% through 2034.
- The United States hip replacement market valuation is predicted to rise from US$ 3,730 million in 2024 to US$ 5,631 million in 2034.
- The industry for hip replacement in East Asia, especially in S. Korea, is projected to grow at a CAGR of 7.8% until 2034.
- During the forecast period, the hip stem systems component is estimated to grow at a CAGR of 4.8%, segmented by market.
Key Companies Profiled in This Report
- Zimmer Biomet
- Johnson and Johnson Services, Inc.
- Stryker
- Smith and Nephew plc
- B.Braun Melsungen AG
- Corin
- Waldemer Link GmbH & Co. KG
- Wright Medical Group N.V.
- Arthrex, Inc.
- Conformis
- Corentec Co., Ltd.
When looking at end-users, the market can be divided into hospitals, orthopedic centers, ambulatory surgery centers, and others. Notably, in terms of revenue, the hospitals and ambulatory surgery centers segment dominated the market in 2022. This strength can be attributed to the surge in hospital surgeries, favorable health reimbursement policies, and the rapid adoption of robotic technologies for replacement surgeries. The combination of these factors positions these segments as major contributors to the market's robust performance.
North America is showing dominance in the hip replacement market, with the highest market share. The region's stronghold is due to the growing number of hip arthroplasty procedures and strategic collaborations among major industry players. Meanwhile, the Asia Pacific market is experiencing accelerated growth due to the introduction of new products and manufacturers' efforts to establish a robust regional presence.
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Country-wise Insights
North America and East Asia account for a sizable share of the hip replacement market's customer base. By 2024, North America is projected to account for 49.1% of the global market share. The market is anticipated to grow between 2024 and 2034 at a CAGR of 4.3%. As of 2024, the United States has the largest revenue share in North America, accounting for 83.2%.
Another significant market share-holding region is East Asia. East Asia's share is projected to be 9.1% in 2024. Throughout the projection period, East Asia's market is anticipated to grow at a promising CAGR of 4.8%.
Explore More Related Studies Published by Fact.MR Research:
Hip Reconstruction Devices Market: The global hip reconstruction devices market is valued at US$ 8.21 billion in 2023 and is projected to reach US$ 12.15 billion by the year 2033.
Hip Resurfacing Implant Market: Demand for hip resurfacing implants is projected to reach a market value of US$ 246.9 million by the end of 2034.
Orthopedic Implants Market: The orthopedic implants landscape is expected to be valued at US$ 900 Mn in 2032.
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