Hip and Knee Replacement Market Report 2024 (Global Edition)

Global Hip and Knee Replacement Market Report 2024 Market Size Split by Type Outlook: (Total Hip Systems, Partial Hip Systems, Revision Hip Systems, Total Knee Systems, Partial Knee Systems, Revision ...

Hip and Knee Replacement Market Report Description

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Hip and Knee Replacement Market Insights Video

Competitive Landscape of the Hip and Knee Replacement Market

Vendors in the hip and knee replacement market are actively focusing on innovation and technological advancements to enhance surgical outcomes and patient experiences. Many companies are developing advanced implant materials and designs to improve longevity and functionality. Robotic-assisted surgical systems are gaining traction, allowing for greater precision and less invasive procedures, which can lead to quicker recovery times. Additionally, vendors are emphasizing the development of personalized and patient-specific implants tailored to individual anatomical requirements, improving overall satisfaction. Collaboration with healthcare providers for training and education is also becoming common, ensuring that surgeons are adept at using new technologies. Moreover, vendors are expanding their market presence in emerging economies by increasing accessibility and affordability, driving growth in the joint replacement sector.

In August 2024, Zimmer Biomet announced its acquisition of OrthoGrid Systems, focusing on AI-driven surgical guidance systems for total hip replacement. This includes OrthoGrid's Hip AI platform, which utilizes fluoroscopy-based imaging to enhance surgical accuracy without the drawbacks of CT scans, thus improving operating room efficiency. (Source: https://investor.zimmerbiomet.com/news-and-events/news/2024/08-07-2024-113056395) In February 2024, Smith and Nephew signed an exclusive distribution agreement to provide the NAVBIT SPRINT navigation system in Australia. This compact, single-use technology aims to enhance the efficiency and accuracy of hip arthroplasty. This partnership highlights Smith+Nephew's commitment to innovative solutions in orthopedic surgery and aims to meet the increasing demand for precise surgical tools in the hip replacement market. (Source: https://www.smith-nephew.com/en/news/2024/02/09/20240209---sn-signs-exclusive-distribution-agreement-for-navbit-sprint) In August 2023, Smith+Nephew launched the OR3O Dual Mobility System in India, designed for primary and revision hip arthroplasty. This innovative system aims to reduce dislocation rates and improve patient outcomes by enhancing stability in hip joint replacements. The OR3O system reflects Smith+Nephew's commitment to advancing orthopedic solutions in emerging markets. (Source: https://www.smith-nephew.com/en/news/2023/08/17/20230817-smith-nephew-launches-or3o-dual-mobility-system-in-india#:~:text=17%20August%202023-,Smith%2BNephew%20launches%20OR3O%E2%84%A2%20Dual%20Mobility%20System%20in%20India,primary%20and%20revision%20hip%20arthroplasty&text=Smith%2BNephew%20(LSE%3ASN,revision%20hip%20arthroplasty%20in%20India.)

Top Companies Market Share in Hip and Knee Replacement Industry: (In no particular order of Rank)

• Zimmer Biomet
• DePuy Synthes
• Smith & Nephew plc.
• Stryker
• MicroPort Scientific Corporation
• B. Braun Melsungen AG
• Exactech
• Inc.
• Limacorporate S.p.a.
• CeramTec
• ConforMIS
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• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Hip and Knee Replacement Market

Which Region Dominates the Hip and Knee Replacement Market in 2024?

According to Cognitive Market Research, North America currently dominates the Hip and Knee Replacement market, and the region is expected to have significant growth during the projected period. This is due to its large pool of innovative companies and increasing investments in healthcare infrastructures across North America.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR). Asia-Pacific's rapidly growing economies, increasing innovation, and rising partnerships among government and vendors are expected to drive significant adoption of hip and knee replacement during the projected period.

The current report Scope analyzes Hip and Knee Replacement Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Hip and Knee Replacement

<P>According to Cognitive Market Research, the global Hip and Knee Replacement market size was estimated at USD 21412.5 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 8565.00 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031.</P> <ul><li>According to Cognitive Market Research, the US had a major share in the Hip and Knee Replacement market with a market size of USD 6757.79 million in 2024 and is projected to grow at a CAGR of 4.0% during the forecast period. The vendors’ focus on new product launches drives the market in the country..</li> <li>The Canada Hip and Knee Replacement market had a market size of USD 1027.80 million in 2024 and is projected to grow at a CAGR of 5.0% during the forecast period. The growing geriatric population and adoption of minimally invasive surgeries have expanded the product need in the country.</li> <li>The Mexico Hip and Knee Replacement market is projected to witness growth at a CAGR of 4.7% during the forecast period, with a market size of USD 779.42 million in 2024.</li></ul>

Europe Hip and Knee Replacement

<p>According to Cognitive Market Research, the global Hip and Knee Replacement market size was estimated at USD 21412.5 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 6423.75 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.5% from 2024 to 2031.</P> <ul><li>The United Kingdom's Hip and Knee Replacement market had a market size of USD 1070.19 million in 2024 and is projected to grow at a CAGR of 5.3% during the forecast period. The UK Hip and Knee Replacement market is driven by a large pool of innovative companies and growing investments in healthcare infrastructure. </li> <li>The France Hip and Knee Replacement market is projected to witness growth at a CAGR of 3.7% during the forecast period, with a market size of USD 590.99 million in 2024.</li> <li>According to Cognitive Market Research, the German Hip and Knee Replacement market size was valued at USD 1271.90 million in 2024 and is projected to grow at a CAGR of 4.7% during the forecast period. In Germany, the demand for hip and knee replacement systems surged due to the rising geriatric population and the adoption of advanced replacement systems. </li> <li>The Italy Hip and Knee Replacement market is projected to witness growth at a CAGR of 3.9% during the forecast period, with a market size of USD 552.44 million in 2024.</li> <li>The Russian hip and Knee Replacement market is projected to witness growth at a CAGR of 3.5% during the forecast period, with a market size of USD 995.68 million in 2024.</li> <li>The Spain Hip and Knee Replacement market is projected to witness growth at a CAGR of 3.6% during the forecast period with a market size of USD 526.75 million in 2024</li> <li>The Luxembourg Hip and Knee Replacement market is projected to witness growth at a CAGR of 4.6% during the forecast period, with a market size of USD 199.14 million in 2024.</li> <li>The Portugal Hip and Knee Replacement market is projected to witness growth at a CAGR of 4.3% during the forecast period, with a market size of USD 134.90 million in 2024.</li> <li>The Greece Hip and Knee Replacement market is projected to witness growth at a CAGR of 4.8% during the forecast period, with a market size of USD 77.09 million in 2024.</li> <li>The Rest of Europe's Hip and Knee Replacement market is projected to witness growth at a CAGR of 3.2% during the forecast period, with a market size of USD 995.68 million in 2024.</li></ul>

Asia Pacific Hip and Knee Replacement

<P>According to Cognitive Market Research, the global Hip and Knee Replacement market size was estimated at USD 21412.5 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 4924.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2031.</P> <ul><li>According to Cognitive Market Research, the China Hip and Knee Replacement market size was valued at USD 2216.19 million in 2024 and is projected to grow at a CAGR of 7.5% during the forecast period. Hip and Knee Replacement sales surged in China due to the growing consumer expenditure for minimally invasive surgeries. </li> <li>The Japan Hip and Knee Replacement market is projected to witness growth at a CAGR of 6.5% during the forecast period, with a market size of USD 679.63 million in 2024.</li> <li>The India Hip and Knee Replacement market had a market size of USD 590.99 million in 2024 and is projected to grow at a CAGR of 9.8% during the forecast period. India's rising investments in healthcare infrastructure are expanding the market growth.</li> <li>The South Korean Hip and Knee Replacement market is projected to witness growth at a CAGR of 7.1% during the forecast period, with a market size of USD 492.49 million in 2024.</li> <li>The Australian Hip and Knee Replacement market is projected to witness growth at a CAGR of 7.7% during the forecast period, with a market size of USD 256.09 million in 2024.</li> <li>The South East Asia Hip and Knee Replacement market is projected to witness growth at a CAGR of 9.0% during the forecast period, with a market size of USD 339.82 million in 2024.</li> <li>The Rest of Asia Pacific Hip and Knee Replacement market is projected to witness growth at a CAGR of 7.8% during the forecast period, with a market size of USD 349.67 million in 2024.</li></ul>

South America Hip and Knee Replacement

<P>According to Cognitive Market Research, the global Hip and Knee Replacement market size was estimated at USD 21412.5 million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 1070.63 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031.</P> <ul><li>According to Cognitive Market Research, the Brazil Hip and Knee Replacement market size was valued at USD 458.23 million in 2024 and is projected to grow at a CAGR of 6.0% during the forecast period. The Hip and Knee Replacement market flourished in Brazil due to increasing obesity rates and the use of robotic-assisted surgeries.</li> <li>Argentina's Hip and Knee Replacement market had a market size of USD 179.87 million in 2024 and is projected to grow at a CAGR of 6.3% during the forecast period. Argentina's rising geriatric population and government investments in healthcare infrastructure drive the market growth in the country.</li> <li>Colombia Hip and Knee Replacement market is projected to witness growth at a CAGR of 5.2% during the forecast period, with a market size of USD 95.29 million in 2024.</li> <li>Peru Hip and Knee Replacement market is projected to witness growth at a CAGR of 5.6% during the forecast period, with a market size of USD 87.79 million in 2024.</li> <li> Chile's Hip and Knee Replacement market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 77.09 million in 2024.</li> <li>The Rest of Latin America's Hip and Knee Replacement market is projected to witness growth at a CAGR of 4.5% during the forecast period, with a market size of USD 172.37 million in 2024.</li></ul>

Middle East and Africa Hip and Knee Replacement

<P>According to Cognitive Market Research, the global Hip and Knee Replacement market size was estimated at USD 21412.5 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 428.25 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031..</P> <ul><li>The GCC Countries Hip and Knee Replacement market is projected to witness growth at a CAGR of 6.5% during the forecast period, with a market size of USD 183.29 million in 2024. Hip and Knee Replacement demand flourished due to the adoption of advanced surgical procedures and rising investments in medical tourism across GCC countries.</li> <li>The Egypt Hip and Knee Replacement market is projected to witness growth at a CAGR of 6.0% during the forecast period, with a market size of USD 44.97 million in 2024.</li> <li>The South Africa Hip and Knee Replacement market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD 67.66 million in 2024. Hip and Knee Replacement demand flourished in South Africa due to increasing investments in healthcare infrastructures.</li> <li>The Turkey Hip and Knee Replacement market is projected to witness growth at a CAGR of 5.2% during the forecast period, with a market size of USD 36.83 million in 2024.</li> <li>The Nigeria Hip and Knee Replacement market is projected to witness growth at a CAGR of 4.8% during the forecast period, with a market size of USD 44.97 million in 2024.</li> <li>The Rest of the MEA Hip and Knee Replacement market is projected to witness growth at a CAGR of 4.7% during the forecast period, with a market size of USD 50.43 million in 2024.</li></ul>

Hip and Knee Replacement Market Analysis

How are Segments Performing in the Global Hip and Knee Replacement Market?

Hip and Knee Replacement Market Type Segment Analysis

According to Cognitive Market Research, the total knee systems segment is likely to dominate the Hip and Knee Replacement market over the forecast period due to the increasing prevalence of knee-related disorders, such as osteoarthritis and rheumatoid arthritis. With an aging population and rising obesity rates, the demand for knee replacement surgeries is expected to grow significantly. Additionally, advancements in surgical techniques and implant technologies are improving outcomes, making these procedures more appealing to patients.

The partial hip system is the fastest-growing segment in the Hip and Knee Replacement market. These systems are often less invasive and associated with shorter recovery times, appealing to patients seeking quicker rehabilitation. Additionally, the rising incidence of hip fractures among the elderly population drives demand for partial replacements. The advancements in implant technology and surgical techniques further enhance the effectiveness of partial hip systems, making them a preferred choice for both surgeons and patients.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Hip and Knee Replacement Industry. Request a Free Sample PDF!

Hip and Knee Replacement Market End-user Segment Analysis

According to Cognitive Market Research, the hospitals & ambulatory surgical centers segment holds the largest share of the market due to their advanced infrastructure, specialized healthcare teams, and comprehensive resources for surgical procedures. These facilities can accommodate a high volume of surgeries, ensuring patient access and convenience. Additionally, advancements in surgical techniques and technologies allow for efficient, minimally invasive procedures, attracting more patients. The increasing preference for outpatient surgeries also contributes to the growth of this segment, as patients seek quicker recovery times and reduced hospital stays. 
In the Hip and Knee Replacement market, the orthopedic clinics segment has been expanding at a rapid pace. These clinics provide specialized, focused care, often resulting in quicker and more efficient patient treatment. The rise in patient awareness and preference for outpatient services has led more individuals to seek care at orthopedic clinics. Additionally, advancements in technology and minimally invasive surgical techniques available in these settings enhance recovery times and patient outcomes, further driving growth in this segment. 
 

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Author's Detail

Anushka Gore

Research Associate at Cognitive Market Research

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Anushka Gore is a seasoned market researcher specializing in the dynamic landscape of the Pharmaceutical industry. With a keen analytical mind and a deep passion for healthcare advancements, she has dedicated herself unraveling the intricate market trends and consumer behaviors that shape the future of medical technologies and services.

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