by 
Hip replacement, also known as total hip arthroplasty, involves replacing the ball and socket joint of the hip with prosthetic implants. These implants are made from materials like metals, ceramics, and highly cross-linked polyethylene. Hip replacement surgery is commonly recommended for patients suffering from severe osteoarthritis or cartilage damage in the hip joint. It aims to relieve pain and improve mobility in patients. Common hip replacement procedures include total hip replacement and partial hip replacement. Rapid advancements in minimally invasive procedures are fueling the adoption of hip replacements. These procedures minimize incision size, blood loss, tissue damage, and hospital stay.
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
The growing incidence of hip fractures and osteoarthritis is one of the key drivers boosting the hip replacement market. Hip fractures are more common in the geriatric population due to age-related osteoporosis and falls. Nearly 250,000 hip fractures occur each year in the U.S. alone. Similarly, osteoarthritis affects over 30 million Americans annually. Besides age, obesity and physical activities also increase the risk of developing hip osteoarthritis. As highlighted earlier, another driver fueling the market growth is the rising demand for minimally invasive hip replacement procedures. These procedures reduce trauma, blood loss, pain, recovery time, and risk of dislocation compared to conventional open surgeries. Their increasing adoption by healthcare providers and patients is positively impacting the market.
Segment Analysis
The hip replacement market is dominated by the total hip arthroplasty (THA) segment. Within total hip arthroplasty, the cementless fixation segment is growing at a faster rate compared to cemented and hybrid fixation segments. Cementless fixation techniques provides longer lifespan and is preferred by both surgeons and patients. With improved material, surface coatings and surgical techniques, cementless THA is becoming more popular and its share is expected to increase in the coming years.
PEST Analysis
Political: Governments across regions are increasingly covering hip replacement surgeries under public insurance plans to provide better access to care for elder population. Economic: Rising disposable incomes, growing geriatric population and their ability to spend on healthcare is driving the market growth. Social: Increased life expectancy and more sedentary lifestyles are leading to greater prevalence of hip disorders requiring replacement surgeries. Technological: Advancements in materials, implants designs, robotic and navigational surgeries are helping improved clinical outcomes and shorter recovery times.
Key Takeaways
The global hip replacement market is expected to witness high growth over the forecast period supported by aging population, rising healthcare expenditure and technological advancements. Regionally, North America dominates the hip replacement market currently owing to presence of major players and availability of reimbursement. However Asia Pacific region is expected to grow at the fastest pace led by expansion of healthcare infrastructure, rising medical tourism and growing patients demand in China and India.
Key players operating in the hip replacement market are Depuy Synthes (Johnson & Johnson), Microport Scientific Corporation, Zimmer Biomet Company, Exactech Inc, DJO Global Inc, Stryker Corporation, B. Braun Melsungen, Smith & Nephew. Depuy Synthes holds leading share followed by Zimmer Biomet owing to their established distribution network and wide portfolio of hip replacement implants. However, the market sees intense competition with increasing focus of all players on emerging markets and introduction of advanced technologically implants.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
