Hip Replacement Implants Market Projected to Garner Significant Revenues by 2031

Hip Replacement Implants Market: Introduction

According to the report, the global hip replacement implants market was valued at US$ 5 Bn in 2020 and is projected to expand at a moderate CAGR from 2021 to 2031. The hip replacement implant is a device used in hip replacement surgery for damaged hip joint. The hip replacement surgery is widely performed and is known as total hip arthroscopy, wherein a surgeon replaces the old joint with an artificial one. Various types of arthritis such as osteoarthritis, rheumatoid arthritis, traumatic arthritis, and osteonecrosis are the common factors for hip replacement surgery.

Hip replacement implants are broadly classified into total hip replacement implants, partial hip replacement implants, hip resurfacing implants, and revision hip replacement implants. Total hip replacement implants are divided into fixed bearing hip implants and mobile-bearing total hip implants. The hip replacement surgery is performed usually due to fracture or injury to the hip, or osteoarthritis. Osteoarthritis is an age-related joint disease that can cause hip pain due to inflammation and wearing down of the joint over time.

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Technological Advancements to Create Significant Opportunities in Global Market

Technological advancements lead to the development of customized hip replacement implants. Traditional implants are available in one size and incorporated in a patient body by removing excess bone, thereby creating limitations in a patient’s body. Hence, companies offer customized hip replacement implants as per the patient’s body and condition. Innovations in materials are likely to boost the growth of the global hip replacement implants market. Traditional materials used in making hip replacement implants comprise alloys, plastics, and others. Presently, surgeons have adopted advanced materials such as ceramic, advanced plastics, and strong metals to manufacture hip implants. The faster adoption of these materials present opportunities to companies to expand product offerings and in innovations.

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Hip Replacement Implants Market: Prominent Regions

The global hip replacement implants market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global hip replacement implants market in 2020, followed by Europe and Asia Pacific. Rise in number of surgical procedures for hip replacement implant, strong presence of key players, and technological advancements leading to product innovation and offerings are projected to propel the hip replacement implants market in North America during the forecast period.

The hip replacement implants market in Asia Pacific is anticipated to expand at a higher CAGR from 2021 to 2031. The rise in the demand for total hip implant surgical procedures due to increase in awareness about reconstructive procedures fuels the demand for hip replacements in Asia Pacific. The demand for hip replacement treatments is high in countries such as Singapore, India, China, South Korea, and Japan. Surge in emergency room procedures and increase in affordability of hip replacement surgeries are anticipated to drive the demand for better quality hip implants.

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Product Launch and Innovation by Key Players to Drive Global Market

The global hip replacement implants market is consolidated in terms of number of players. The market is dominated by key players who focus on implementing strategies such as development of new products, incorporation of technology in expansion of product line, and mergers & acquisitions. Key players in the global market include Stryker, Zimmer Biomet, DePuy Synthes Companies (Johnson & Johnson), Smith & Nephew, Wright Medical Group, MicroPort Scientific Corporation, Exactech, Inc., OMNIlife science, Inc., B. Braun Melsungen AG, and DJO Global, Inc.

In June 2020, Smith & Nephew announced achieving milestone of performing two million procedures through its OXINIUM Advanced Bearing System. According to research, OXINIUM is a flagship bearing material of the company, with strength & resistance properties of metal and ceramic. This is likely to boost demand and strengthen the company’s product portfolio. In April 2021, Stryker entered into national partnership with Minor League Baseball and designated the company as “The Official Smart Robotics” and Joint Replacement Partner of minor league baseball.

In February 2021, Microport Orthopedics announced expansion of the Hip Stem portfolio by launching HA Coated Collared Hip Stem and Cemented Collared Hip Stem, which provides surgical flexibility for patient treatment.

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