The hip implants market is projected to expand from US$ 6,816.6 million in 2022 to US$ 9,425.4 million by 2030, with an anticipated compound annual growth rate (CAGR) of 4.1% during this period.

Hip implants are specialized medical devices designed to enhance mobility and reduce pain, particularly for individuals suffering from arthritis and various hip-related ailments or injuries. Each hip implant comes with its own set of advantages and potential risks. The design characteristics of hip implant systems vary significantly, including aspects such as size, shape, materials, and overall dimensions. Furthermore, the same implant system may yield different results depending on the individual patient. The competitive landscape is also evolving, with companies implementing strategic initiatives to maintain their market position, which is contributing to the overall growth of the sector. For example, in August 2023, Smith & Nephew introduced the OR3O Dual Mobility System in India, aimed at both primary and revision hip arthroplasty procedures. This system features Smith & Nephew's innovative OXINIUM DH bearing surface, which, combined with proprietary OXINIUM on XLPE, eliminates the need for modular CoCr liners and CoCr head balls, thereby reducing wear and corrosion risks associated with these materials. Such advancements in technology are expected to drive new trends in the market throughout the forecast period.

The rise in product development activities is anticipated to significantly influence the growth of the hip implants market.

The portability, convenience, and effectiveness of hip implants contribute to their high success rates, which in turn is expected to drive demand in the coming years. This demand is prompting a surge in product launches, regulatory approvals, and ongoing developments. Notable recent advancements include:

- In August 2023, Smith & Nephew launched the OR3O Dual Mobility System in India, which utilizes the advanced OXINIUM DH bearing surface for its liner and OXINIUM on XLPE for its femoral head and polyethylene inserts, effectively removing the modular CoCr liner and CoCr head ball to mitigate wear and corrosion risks.

- Exatech introduced a new total hip arthroplasty system in August 2022, featuring the Spartan Stem and Logical Cup system, designed to meet contemporary patient needs and enhance surgical efficiency in hospitals and outpatient surgical centers.

- In September 2020, Smith & Nephew launched the REDAPT System in China, aimed at addressing the challenges associated with revision total hip arthroplasty (rTHA), including fixation in various bone types and improving joint stability.

- Stryker's Joint Replacement Division unveiled the Insignia Hip Stem in March 2022, designed for optimal patient fit and ease of implantation, particularly in muscle-sparing approaches, and compatible with Mako SmartRobotics technology.

These advancements and increasing product approvals are likely to propel the global hip implants market forward during the forecast period.

According to the Osteoarthritis Action Alliance, osteoarthritis is a prevalent form of arthritis in the United States, affecting approximately 32.5 million individuals, with 43% of this population being over the age of 65 as of 2020. The Centers for Disease Control and Prevention (CDC) reported that around 23% of the U.S. population had arthritis in 2020. In Canada, it is estimated that over 6 million individuals suffer from osteoarthritis, a number projected to rise to 10.5 million by 2040. Osteoarthritis can lead to hip injuries and fractures, as patients with arthritis typically have lower bone density compared to those without the condition.

The World Health Organization (WHO) reported that in 2019, there were 1 billion individuals aged over 60, a figure expected to reach 1.4 billion by 2030 and 2.1 billion by 2050. The proportion of the elderly population is projected to increase from approximately 15% to 24% during this timeframe. Eurostat data indicates that Europe had the highest percentage of individuals over 60 years old in 2021, at 20.8%. By 2050, all regions except Africa are expected to have over 25% of their populations aged 60 and above. This demographic shift is contributing to a rise in orthopedic conditions, including hip injuries, osteoarthritis, and hip dislocations, thereby increasing the demand for hip implants.

Geographically, the hip implants market is divided into several regions: North America (including the United States, Canada, and Mexico), Europe (comprising the UK, Germany, France, Italy, Spain, Russia, and other European nations), Asia Pacific (including China, Japan, India, South Korea, Australia, and the rest of the region), the Middle East & Africa (covering the UAE, Saudi Arabia, South Africa, and others), and South & Central America (including Brazil, Argentina, and others). North America currently leads the global hip implants market, while the Asia Pacific region is expected to exhibit the highest CAGR from 2022 to 2030. The increasing incidence of hip implants, new product launches, and a rise in sports-related hip injuries are key factors driving market growth in the U.S. According to a report by Wolters Kluwer Health, approximately 250,000 to 300,000 individuals in the U.S. are hospitalized annually due to hip fractures, with projections indicating that around 500,000 people will seek medical attention for hip fractures by 2040. The American Academy of Orthopaedic Surgeons notes that individuals aged 65 and older are particularly susceptible to hip fractures resulting from falls. Furthermore, the National Library of Medicine reports that the first-year costs for patients after a hip fracture can reach around US$ 40,000, with total annual expenditures for hip fracture care in the U.S. nearing US$ 17 billion. Consequently, the rising prevalence of hip fractures and injuries, along with increasing healthcare expenditures for treatment, are significant factors propelling the growth of the hip implants market in the United States.

Key sources of information for this report on the hip implants market include the World Health Organization (WHO), the Centers for Disease Control and Prevention (CDC), the Food and Drug Administration (FDA), and the National Library of Medicine (NLM).