Hip replacement surgery involves removing damaged or diseased parts of a patient's hip joint and replacing them with artificial components. Hip replacements are commonly used to treat hip fractures, osteoarthritis, and other conditions that cause hip pain and reduced mobility. There are two main types of hip replacements— total hip replacement and hip resurfacing. A hip replacement can dramatically reduce pain and improve mobility in people suffering from end-stage hip diseases.
The global hip replacement market is estimated to be valued at US$ 7.0 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rapid increase in osteoarthritis cases is one of the key drivers responsible for boosting the growth of hip replacement market. Osteoarthritis causes degeneration of cartilage and underlying bone within a joint and is considered a major reason for total hip replacement surgeries globally. According to projections by Arthritis Foundation, by the year 2040, an estimated 67 million Americans will have doctor-diagnosed arthritis. Additionally, aging population worldwide also contributes to higher hip fractures rates thereby propelling the demand for hip replacement procedures. According to United Nations, the number of people aged over 60 years is expected to double by 2050 and reach around 2 billion people. Furthermore, advancements in hip replacement implant materials and design such as ceramic-on-ceramic and 3D printed implants are allowing orthopedic surgeons to perform more complex revision surgeries thereby propelling revenue growth of hip replacement market over the forecast period.
SWOT Analysis
Strength: The hip replacement market caters to healthcare needs of a large patient pool suffering from hip injuries and joint disorders. Advanced technologies such as robotics have improved surgical precision and reduced recovery time. Customizable implants provide optimal fit and patient comfort.
Weakness: High costs associated with implants, surgical procedures and post-operative rehabilitation therapy make hip replacements unaffordable for some. Implant failures and complications such as dislocation though rare cause patient dissatisfaction.
Opportunity: Rising rates of obesity and sports injuries among youth are increasing incidence of hip fractures and arthritis at younger ages. Growing medical tourism in developing nations presents business opportunities.
Threats: Stringent regulatory approvals and recalls delay new product launches. Alternative treatments such as stem cell therapy and tissue engineering pose competition in future. Reimbursement challenges in some markets affect demand.
Key Takeaways
The global hip replacement market is expected to witness high growth over the forecast period of 2023 to 2030 supported by aging population, increasing healthcare spending and technological advancements. The market size is projected to reach US$ 7.0 Billion in 2023.
Regional analysis: North America currently dominates the hip replacement market owing to rapid adoption of advanced technologies and implants. Asia Pacific is expected to be the fastest growing region on back of large patient population, rise in healthcare infrastructure and increase in medical tourism.
Key players: Depuy Synthes (Johnson Johnson), Microport Scientific Corporation, and Zimmer Biomet Company are the leaders in hip replacements globally. They offer customized implants and surgical tools to treat complex cases. Other prominent players include Exactech Inc, DJO Global Inc, Stryker Corporation, B. Braun Melsungen, and Smith Nephew focused on robotic platforms and 3D printed components.
