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Hip replacement surgery involves implantation of an artificial joint or joint components to replace the damaged hip joint. The artificial hip joints are available in different materials including ceramics, metal alloys, and polyethylene plastic depending on the specific needs of the procedure. These artificial joints help to reduce pain and improve mobility in patients suffering from osteoarthritis, rheumatoid arthritis, and other hip joint disorders. The global hip replacement market offers a wide range of products including fixed-bearing hip implants, mobile-bearing total hip implants, and hip resurfacing implants. Growing preference for minimally invasive surgeries and customized hip replacement implants are fueling the demand for advanced hip implants.
The global hip replacement market is estimated to be valued at US$ 7.0 billion 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:
One of the major drivers of the hip replacement market is the rising preference towards customized hip implants. Customized implants are designed as per the anatomical structure of individual patients using 3D imaging and printing technologies. These patient-specific implants offer better fit and functional outcome post-surgery. Leading manufacturers are focusing on developing a wide range of customized hip implants to cater to the growing demand. For instance, in 2020, Zimmer Biomet launched the Rosa One-Piece Acetabular Cup for robot-assisted hip replacement surgeries. In addition, rising geriatric population who are more susceptible to osteoarthritis and other age-related hip disorders is also positively impacting the demand for hip replacement surgeries. As per the UN’s World Ageing report, the population aged over 65 is expected to reach 1.5 billion globally by 2050 from 727 million in 2020.
Segment Analysis
The global hip replacement market is dominated by the total hip arthroplasty sub segment which accounts for around 80% of the market share. This is because total hip arthroplasty offers long term pain relief and mobility to patients suffering from severe hip disorders like arthritis as it replaces both the hip socket and ball.
PEST Analysis
Political: Government initiatives to increase awareness about hip disorders and funding for hip replacement surgeries are driving the market growth. Various countries have launched national joint replacement registries to record data of such procedures.
Economic: Rising healthcare expenditures, growing middle class population especially in developing nations and good insurance coverage for such surgical procedures are fueling the sales in this market.
Social: Increasing life expectancy, growing obese and geriatric population who are more prone to hip injuries and disorders, and changing lifestyle leading to sedentary habits are boosting the demand.
Technological: Developments in minimally invasive surgical techniques, personalized implants, and robot-assisted surgeries are helping surgeons to perform procedures accurately leading to better outcomes for patients.
Key Takeaways
The global hip replacement market is expected to witness high growth in the forecast period supported by rising geriatric population, growing prevalence of arthritis and obesity, and increasing patient awareness. The global hip replacement market is estimated to be valued at US$ 7.0 billion in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030.
Regional analysis
The Asia Pacific region is emerging as the largest and fastest growing market for hip replacements. Countries like India, China, Japan and South Korea are major contributors to the regional growth.Factors such as improving healthcare infrastructure, growing medical tourism, increasing spending on hip surgeries by local governments are boosting the APAC hip replacement industry. Furthermore, rapidly aging population, improving reimbursement policies, and rising awareness about hip implants are also fueling the regional demand.
Key players
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. Depuy Synthes dominates the global hip implants space with its innovative product portfolio and extensive geographic presence. Zimmer Biomet is another major player focusing on introducing customized 3D printed implants.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
