Hip Replacement Market size is set to surpass USD 9.2 billion by 2027, according to a new research report by Global Market Insights Inc.
Growing demand for hip arthroplasty procedures, surge in elderly populace, and rising prevalence of conditions such as osteoporosis, osteoarthritis and hip fractures are the prime factors fueling the market growth. Hip replacement is a surgical procedure wherein the damaged or diseased hip joint is replaced with a prosthesis or an artificial joint. Osteoarthritis, rheumatoid arthritis, and post-traumatic arthritis are the commonly observed causes for hip replacements among others.
Recent technological advancements will stimulate the hip replacement market expansion
Rising technological developments across the world will stimulate the industry growth. Recent innovations in surgical technique and instrumentation enables the surgeons to perform hip replacements procedures through smaller incision on the skin. This facilitates better comsmesis, quicker recovery and faster rehabilitation. Furthermore, a recent development called as Hana table facilitates early recovery for hip replacement patients. Hana table is composed of carbon fiber that can be X-rayed right through during surgical procedure, enabling the surgeons offer higher precision. Similarly, the advent of custom implants has been beneficial for healthcare providers as well as patients. Custom implants are tailored as per patient requirements and provide better fitting, broader ranges of movement and higher satisfaction. Industry players are emphasizing on research and development activities to offer advanced products with better effectiveness.
Rising demand of revision hip replacement owing to dislocation and deterioration of implants will amplify the market demand
Get more details on this report - Request Free Sample PDF
Revision devices segment accounted for USD 860 million in 2020 and is estimated to register growth of 4.6% through 2027 led by growing need of revision procedure after deterioration, dislocation of implanted product or surgical infection. As per a published report in 2017, around 15% of the patients that underwent hip arthroplasty surgeries required revision hip replacement procedure within next 20 years. As per an estimate, revision hip replacements on average are viable for around 10-15 years.
High benefits pertaining to use of ceramic-on-plastic hip replacement will drive the market value
Ceramic-on-plastic segment in the hip replacement market exceeded USD 1.48 billion in 2020 and is projected to attain a CAGR of 4.2% by 2027 on account of higher viability and reduced risk of early wear out of implants. According to the National Joint Registry, ceramic-on-plastic combination reduces long-term wear and promotes longer survivorship along with lowered risk of ceramic fracture relatively. Additionally, advancements in polyethylene have led to use of highly crosslinked polyethylene that offers better wear resistance. The implants composed of highly cross-linked polyethylene also minimize the risks related with ceramic implants and retain their longevity.
Browse key industry insights spread across 300 pages with 574 market data tables & 21 figures & charts from the report, “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), COVID19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Growing preference for cementless fixation among the surgeons is propelling the hip replacement market progression
Cementless fixation segment is predicted to expand at a CAGR of more than 4.3% till 2027 impelled by prevention of cement disease and reduction in clinical complications. Furthermore, use of cementless fixation enable growth of the bone into or onto the prosthesis, thereby improving the implant survival rate. Cementless components exhibit better long-term bonding between the bones and prostheses by preventing the potential breakdown of cement. Moreover, cementless fixation offers a broad range of designs, exhibiting cylindrical, wedged, modular shapes, and proximal fins & ribs for increased stability, reduction of modulus of elasticity.
Recent advents in antioxidant polyethylene interests will facilitate the industry expansion
Hip replacement market for antioxidant polyethylene inserts segment was valued at more than USD 1.11 billion and will showcase growth of 10.8% through 2027 due to numerous advantages including reduced oxidative degradation of the implant and higher mechanical strength. According to a comparative study conducted by the Journal of Functional Biomaterials, antioxidant-integrated polyethylene inserts showcased several benefits over conventional polyethylene inserts. Antioxidants increase durability and reduce the wear rate of implants with stable tribological proprieties. In addition, antioxidant polyethylene inserts minimize bacterial adhesive capabilities, thereby reducing the complications associated with periprosthetic deep infection.
Well-equipped healthcare settings with cost effective treatment is stimulating the industry demand
Ambulatory surgical centers (ASCs) segment in the hip replacement market will expand at 5.6% CAGR and reach USD 1.6 billion by 2027. Rising awareness regarding ASCs, highly specialized surgical services and same-day procedure are the major factors that ensure high growth potential to the segment. Availability of advanced equipment for hip arthroplasty surgeries and presence of highly skilled medical professionals in the surgical centers proves beneficial. Moreover, ambulatory surgery centers emphasize on regular, lower-risk surgeries in a convenient setting, at lower procedural rates than hospitals.
Rising prevalence of osteoarthritis in China is anticipated to spur the market growth
China hip replacement market size was over USD 460 million in the in 2020 owing to the growing geriatric population coupled with increasing prevalence of osteoarthritis in the country. According to the United Nations report, in 2018, the number of elderly adults aged 60 years and older in China was around 250 million, constituting around 18% of the population and is expected to increase to 366 million by 2050. The prevalence of osteoarthritis and osteoporosis is higher in the aged populace.
Companies are focusing on strategies and launch of innovative products to expand customer base
Some of the major companies operating in the hip replacement market are Exactech Inc., Stryker, Smith & Nephew, Johnson and Johnson, Zimmer Biomet, ConforMIS, Inc., DJO Global among others. Major leaders are offering advanced product in order to drive the revenue generation and reinstate their market position.
Explore More on Related Topics: