by 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 Overview:
Hip replacement surgery, also known as total hip arthroplasty (THA), involves removal of damaged cartilage and bone from the hip joint and replacing it with prosthetic implants. These implants aim to reduce pain and restore mobility of patients suffering from hip disorders such as osteoarthritis, avascular necrosis, and rheumatoid arthritis. Global rise in geriatric population susceptible to orthopedic conditions is a key factor fueling the demand for hip replacement surgery.Hip replacement implants can be bifurcated into total hip implants and partial hip implants based on the severity of the condition. Key advantages of hip replacement surgery include restoration of hip function, increased mobility and relief from chronic pain.
Market key trends:
Growing prevalence of osteoarthritis is a key trend shaping the hip replacement market. According to Arthritis Foundation, over 30 million adults in the U.S. suffer from osteoarthritis with over 300,000 total hip replacement surgeries performed annually to manage the condition. Technological advancements in implants focusing on enhanced material properties and design features are facilitating improved patient outcomes and longer implant longevity. For instance, development of ceramic and highly cross-linked polyethylene materials reduced wear and increased lifespan of acetabular components. Transition to minimally invasive surgery approaches utilizing robotic-arm assisted techniques and image-guided navigation systems is also helping reduce recovery time and surgical complications.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Global hip replacement market Size is low as heavy capital investments are required for R&D, manufacturing facilities, obtaining regulatory approvals etc. The industry is dominated by few major players enjoying economies of scale.
Bargaining power of buyers: The bargaining power of buyers in terms of hospitals and insurance companies is moderate. However, availability of substitutes and need for innovative technologies increases their bargaining power.
Bargaining power of suppliers: The dependence on equipment and raw material suppliers is high in the industry. However, the presence of many suppliers keeps their bargaining power in check.
Threat of new substitutes: New minimally invasive surgical techniques and advanced materials for implants pose a threat. However, the demand for hip replacements is rising with ageing population and obesity.
Competitive rivalry: The hip replacement device manufacturing industry witnesses intense competition among the major players to gain higher market share through innovations, strategic collaborations and geographic expansion.
Key Takeaways
The global Hip Replacement Market is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period 2023 to 2030, due to increasing awareness about hip replacement surgery and growing geriatric population suffering from hip afflictions.
North America dominates the hip replacement market with the highest market share owing to factors such as growth in sedentary lifestyle, rising number of hip replacement surgery and presence of major manufacturers in the region. Asia Pacific is expected to be the fastest growing market due to increasing healthcare expenditures, growing medical tourism and technological advancements.
Key players operating in the hip replacement market are Depuy Synthes (Johnson & Johnson), Microport Scientific Corporation, Zimmer Biomet Company Highlights, Exactech Inc, DJO Global Inc, Stryker Corporation, B. Braun Melsungen, Smith & Nephew. The companies are focusing on new product launches and strategic collaborations to strengthen their market position. For instance, in 2022 Zimmer Biomet launched Persona Revision Knee System, an innovative revision knee platform.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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