The hip implants market is expected to grow from US$ 6,816.6 million in 2022 to US$ 9,425.4 million by 2030; it is anticipated to record a CAGR of 4.1% from 2022 to 2030

Hip implants are medical devices that restore mobility and alleviate pain, usually associated with arthritis and other hip diseases or injuries. Every hip implant has its benefits and risks. Every hip implant system has unique device design features such as size, shape, material, and dimensions. In addition, the same hip implant system may have different outcomes in different patients. In addition, strategic initiatives by companies to stay competitive are fueling market growth. For instance, in India, Smith & Nephew launched the OR3O Dual Mobility System in August 2023 for primary and revision hip arthroplasty. OR3O includes Smith & Nephew's advanced bearing surface, OXINIUM DH, due to its liner and proprietary OXINIUM on XLPE. This eliminates both the modular CoCr liner and/or CoCr head ball from the construct, which reduces wear and corrosion risks associated with the alloy. Thus, a significant rise in revolutionary technologies to address customer needs is likely to bring new trends in the market during the forecast period.

Increasing Product Development Activities are Foreseen to Trend Hip Implants Market Growth.

Portability, convenience, and effectiveness of hip implants lead to a high overall success rate. These advantages result in accelerating the demand for hip implants in the coming years, owing to which a growing number of product launches, approvals, and developments are in place to meet the expected demand in the years to come. A few of the major developments and approvals are listed below:

- Smith & Nephew launched OR3O Dual Mobility System in August 2023 for primary and revision hip arthroplasty in India. OR3O utilizes Smith & Nephew's latest advanced bearing surface, OXINIUM DH, for its liner and proprietary OXINIUM on XLPE for its femoral head and polyethylene inserts. This eliminates both the modular CoCr liner and CoCr head ball from the construct, eliminating wear and corrosion risks associated with the alloy.

- In August 2022, Exatech commercially launched a novel total hip arthroplasty system consisting of Spartan Stem and Logical Cup system. The Spartan Hip Stem reflects contemporary patient needs and the newest advancements in surgical approach. The Logical Cup is an advanced, modular acetabular system designed to meet the demands of highly active patients while enabling an efficient surgical process in hospitals and ambulatory surgical centers.

- In September 2020, Smith & Nephew launched REDAPT System in China to revise total hip arthroplasty (rTHA) after receiving approval from the National Medical Products Administration (NMPA). The REDAPT System is designed to assist surgeons in overcoming the challenges of rTHA, including the fixation in various bone types, the advancement of joint stability, predictable stem position, and surgical efficiency.

- In March 2022, Stryker's Joint Replacement Division introduced the Insignia Hip Stem, which is engineered to optimize patient fit and also focus on surgeon's ease for implantation in muscle-sparing approaches of total hip, at the American Academy of Orthopaedic Surgeons (AAOS) 2022 Annual Meeting in Chicago. Insignia is compatible with Mako SmartRobotics using Total Hip 4.1 software, which allows surgeons to utilize data from a 3D CT-based plan to capture each patient's unique anatomy.

Thus, such increasing advancements by various market players and growing product approvals will likely catalyze the global hip implants market during the forecast period.

According to the Osteoarthritis Action Alliance, osteoarthritis is one of the most common forms of arthritis in the US, which has affected nearly 32.5 million people, of which 43% of the population was aged above 65 years in 2020. As per the Centers for Disease Control and Prevention, around 23% of the US population had arthritis in 2020. As per Arthritis Research Canada, it is estimated that over 6 million Canadians have osteoarthritis, which is projected to be 10.5 million by 2040. Osteoarthritis may lead to hip injuries and hip fractures as the bone density in arthritis patients is lower than in those who do not have arthritis.

The World Health Organization (WHO) estimated that the population aged above 60 years was 1 billion in 2019, which is anticipated to reach 1.4 billion by 2030 and 2.1 billion by 2050. Geriatric population share is predicted to surge from ~15% to ~24% during this period. According to another report by Eurostat, Europe had the world's highest percentage (20.8%) of people aged over 60 years in 2021. In addition, by 2050, all regions except Africa, more than 25% of their populations will have crossed 60 years. Thus, the surge in the geriatric population has boosted the prevalence of various orthopedic conditions, such as hip injury, osteoarthritis, and hip dislocation due to fall and other unfortunate incidents, resulting in a growing demand for hip implants.

Based on geography, the hip implants market is segmented into North America (United States, Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America). North America is the largest contributor to the growth of the global hip implants market. Asia Pacific is predicted to show the highest CAGR in the hip implants market from 2022 to 2030. The increasing incidence of hip implants, product launches, and increase in sports hip injuries mainly drives the growth of the hip implants market in the US. According to the article "Hip Fracture Care and National Systems," published by Wolters Kluwer Health, Inc, about 250,000-300,000 people in the US are hospitalized for hip fractures annually. It is also estimated that about 500,000 people will be attended by medical professionals due to hip fractures by 2040. As per the American Academy of Orthopaedic Surgeons, people aged 65 years and above are prone to hip fractures due to household or community falls in the US. As per the article "Hip Overview' published in National Library Medicine, about US$ 40,000 is spent by patients in the first year after a hip fracture, and the total cost of hip fracture care in the US amounts to nearly US$ 17 billion annually. Thus, the growing prevalence of hip fractures and hip injuries in the US and increasing spending on treatment of these injuries are factors fueling the growth of the hip implants market in the US.

World Health Organization (WHO), Centers for Disease Control and Prevention (CDC), Food and Drug Administration (FDA), and National Library of Medicine (NLM) are a few key primary and secondary sources referred to while preparing the report on the hip implants market.