The hip replacement market provides prosthetic implants designed to replace damaged or diseased hip joints. These implants are made from metals, ceramics, and plastics to closely mimic the structure and function of the natural hip joint. Hip replacement surgery is commonly recommended for patients suffering from osteoarthritis, trauma injuries, and other hip conditions causing severe pain and loss of mobility. The procedure involves removing damaged bone and cartilage and replacing it with artificial implants to restore joint function and relieve symptoms.
The global hip replacement market is estimated to be valued at US$ 7.8 Bn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031.
Increased life expectancy and lifestyle-related risk factors have led to a rise in hip disorders worldwide. Moreover, advancements in implant designs, surgical techniques, and biomaterials have improved clinical outcomes and expanded the eligible patient pool Hip Replacement Market Demand.
Key Takeaways
Key players operating in the hip replacement market are Depuy Synthes (Johnson and Johnson), Microport Scientific Corporation, Zimmer Biomet Company Highlights, Exactech Inc, DJO Global Inc, Stryker Corporation, B. Braun Melsungen, Smith and Nephew. The major players are focusing on new product launches and strategic collaborations to strengthen their market position.
The growing geriatric population is a major factor driving the demand for hip replacement procedures. According to WHO, the number of people aged 65 years and above is expected to rise from 703 million in 2019 to 1.5 billion by 2050. Older individuals are more susceptible to osteoarthritis and hip fractures.
Globally, hip arthroplasty volumes are witnessing consistent growth with increasing medical infrastructure and access in developing regions. Countries like China, India, and Brazil are emerging as high potential markets due to expanding patient awareness, availability of advanced technologies, and rise in per capita spending on healthcare.
Market Key Trends
The introduction of customized 3D-printed and patient-specific implants allows for a higher precision of fit and restoration of native joint biomechanics. 3D printing technology facilitates the pre-operative planning and production of implants tailored to an individual patient's anatomy. It is expected to transform the orthopedic implants market by enabling better functional outcomes and reducing revision rates over time.
Porter’s Analysis
Threat of new entrants: High entry costs including required infrastructure for manufacturing and R&D limits new entrants. Bargaining power of buyers: Individual patients have low bargaining power but group purchasing organizations have some bargaining power. Bargaining power of suppliers: Specialized products and components with FDA regulations limit supplier power. Threat of new substitutes: Biologic solutions and tissue engineering are potential substitutes but current medical technology limits wide adoption. Competitive rivalry: Established players compete on innovation, customer service and geographical expansion.
Geographical regions
North America accounts for the largest share of the global hip replacement market, primarily due to the availability of advanced treatment options, high healthcare spending, and favorable reimbursement policies in the US and copyright. The Asia Pacific region is expected to grow at the fastest pace during the forecast period due to growing medical tourism, rising healthcare expenditure, increasing geriatric population, and improving economic conditions.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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