Global Hip Replacement Market is expected to reach USD 8.9 billion by 2028

Hip implants are medical devices that are used to restore mobility and relieve pain caused by arthritis and other hip diseases or injuries. The majority of people who suffer from severe hip pain and inflammation as a result of arthritis prefer hip replacement implants. Each hip implant practice has a unique device design in terms of size, shape, material, and dimensions. On the other hand, the same hip implant procedure may produce different results in different patients. A hip implant's outcome and durability can be influenced by a variety of factors, including device design features, surgeon experience and implantation technique, and individual patient characteristics such as age, gender, weight, activity level, and overall health. Hip replacements help millions of people regain mobility and find relief from joint pain; however, the surgery is risky and requires months of recovery. Nonetheless, technological advancements have resulted in the development of customised hip replacement implants and risk-free surgeries, which will aid in the growth of the global hip replacement implants market during the forecast period.

The Global Hip Replacement Market was valued at USD 6.8 billion in 2020 and is expected to reach USD 8.9 billion by 2028, growing at a CAGR of 5.0 per cent between 2021 and 2028.

Total hip arthroplasty is now the global standard of care for degenerative hip joint disease. Despite the establishment of national registries in a few European countries, Australia, and New Zealand, some international studies have been conducted to examine the historical use of initial and revision joint arthroplasty. The studies also show significant differences in per capita medical technology investments between European countries and the United States. However, North America currently has nearly double the global share of hip replacement implants as Europe. The ongoing COVID-19 pandemic has had a significant impact on the healthcare industry, causing a disruption in the supply chain from raw materials to manufacturing and delivery. There is a massive disruption in the elective arthroplasty practice in several major countries that have yet to be quantified. Major turning points in hip replacement practice occurred on March 10, 2020, when the World Health organization declared COVID-19 a worldwide pandemic, followed by the Surgeon Generals of various nations recommending the cancellation of all elective surgeries in populated areas, and further suggested by several local medical authorities.

The cancellation of hip replacement surgeries to control the spread of the coronavirus has had a significant impact on global hip and knee arthroplasty volume, hampered global demand, and thus impacted the hip replacement implants market. When the virus's spread was at its peak, up to 33,000 revisions and primary hip and knee arthroplasty procedures were canceled in the United States alone. Similar figures were found in a variety of developed and developing countries, forcing surgeons to concentrate on COVID-19-related surgeries and practises. During this crisis, the healthcare system was unprepared to deal with a public health emergency. The current state of affairs indicated that certain replacement activities were not stringent enough in terms of regulations, technology, risk control, manufacturing, procurement, or supply chain management. Various orthopaedic manufacturing companies produce various implants used in hip replacement surgery in the global hip replacement implants market. The majority of these companies manufacture a variety of hip replacement prostheses. The materials used in the artificial implant can vary, but metal, plastic, or ceramic are frequently used.

During the forecast period, the Asia Pacific market is expected to grow rapidly. The increase in hip replacement surgeries, rapid adoption of hip implants, and high economic growth in countries such as China, India, Singapore, Malaysia, Indonesia and South Korea are expected to drive the Asia Pacific market during the forecast period. Improving healthcare infrastructure, increased private and public investment in public healthcare, and technological advancements in countries are expected to drive the region's hip replacement implants market from 2021 to 2031.