May 22, 2024

Hip Replacement Market Poised to Grow at a Steady Pace due to Rising Geriatric Population

The hip replacement market deals with surgical procedures and implants that are used to replace dysfunctional hip joints. A hip replacement surgery involves removing damaged or diseased parts of the hip joint and replacing them with prosthetic implants. It provides relief from hip pain and improves mobility for patients suffering from hip fractures, arthritis, or other hip diseases. Rising obesity and sedentary lifestyles have led to a surge in orthopedic diseases like osteoarthritis, driving the need for hip replacement surgeries. Metal-on-metal and metal-on-polyethylene are commonly used materials for hip implants. The global hip replacement market is estimated to be valued at US$ 7.0 Bn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period from 2023 to 2030.

Key Takeaways
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. With rising demand, major players are investing in new product development and innovation to consolidate their market position.

Growing obese and elderly populations worldwide is driving significant demand for hip replacement procedures. According to estimates, over 571,000 hip replacement surgeries were conducted in 2020 in the US. Increasing patient awareness and demand for minimally invasive procedures are fueling market growth.

Key players are expanding their geographical presence through partnerships and acquisitions. For instance, in 2021, Microport Scientific acquired Wright Medical’s lower extremities business to strengthen its global hip and knee replacement portfolio. Large player consolidation is expected to intensify competition in emerging markets.

Market Trends
Customized and 3D printed implants are a major trend in the hip replacement device market. 3D printing technology allows fabricating implants matched accurately to patients’ anatomy, reducing risk of post-surgical complications. Mobility-preserving, muscle-sparing techniques like direct anterior approach surgery are gaining popularity over traditional posterolateral approaches due to faster recovery times. Growing popularity of biosynthetic grafts and the introduction of robot-assisted surgical systems are also expected to drive innovation in the global hip replacement market over the coming years.

Porter’s Analysis
Threat of new entrants: With the high capital investment required for R&D and manufacturing facilities, the threat for new players is low in this market. Bargaining power of buyers: Individual customers have low bargaining power due to inelastic demand for hip replacement procedures. However, group purchasing organizations have some bargaining power. Bargaining power of suppliers: Suppliers of raw materials and components have moderate bargaining power due to the stringent regulations pertaining to quality standards. Threat of new substitutes: There are no close substitutes for hip replacement procedures available currently. Competitive rivalry: The market is dominated by few multinational players who compete intensely on innovation, quality, and customer service.

Geographical Regions
In terms of value, North America holds the largest share of the hip replacement market currently. This is attributed to the growing geriatric population, higher patient awareness levels, and favorable reimbursement policies in the region. Asia Pacific is poised to be the fastest growing regional market for hip replacement during the forecast period. This is supported by factors such as the increasing healthcare expenditure, growing medical tourism industry, and large patient pool in developing APAC countries.

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  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it