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Hip replacement surgery is a reconstructive surgery that involves removing and replacing the natural hip joint with artificial implants made of metal alloys and plastics. It is undertaken to treat hip fractures or hip joints damaged by arthritis or other bone diseases. As hip replacement implants offer improved mobility and reduce pain for patients dealing with deteriorating hip joints, the demand for hip implants has been rising significantly. The growing prevalence of osteoarthritis is one of the key factors boosting the hip replacement market. Osteoarthritis is a degenerative joint disease which causes the cartilage that protects the hips to gradually break down, resulting in bones rubbing against each other causing great pain. With rising obesity levels and aging population worldwide, the number of people diagnosed with osteoarthritis has multiplied tremendously over the past few decades. According to estimates, over 300 million people globally suffer from osteoarthritis. As it is currently incurable, hip replacement surgery is the most viable treatment option available for patients with severe osteoarthritis symptoms.
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 key trends:
The hip replacement market has seen growing demand for minimally invasive hip replacement surgeries. Unlike traditional hip replacement surgeries that require making large incisions and causing extensive soft tissue damage, minimally invasive hip replacement involves making smaller incisions and causes less muscle damage and blood loss. This translates to quicker recovery times, less post-surgical pain and scarring for patients. Owing to the benefits offered, minimally invasive surgical techniques have gained widespread adoption in recent years and are further expected to drive the hip replacement devices market over the forecast period.
Porter’s Analysis
Threat of new entrants: The hip replacement industry has moderate threat of new entrants due to high capital requirement for R&D and manufacturing.
Bargaining power of buyers: Buyers have low bargaining power in the industry as hip replacement surgeries cannot be postponed and hospitals have the purchasing power.
Bargaining power of suppliers: A few large players dominate the supply of hip implants which gives them significant bargaining power over manufacturers.
Threat of new substitutes: There exists a low threat from new substitutes presently as hip replacement surgeries have no close substitutes.
Competitive rivalry: The hip replacement market has high competitive rivalry due to presence of few large multinational players competing on product innovation.
Key Takeaways
The global hip replacement market is expected to witness high growth. Regional analysis comprises that North America currently dominates the market due to high acceptance of technologically advanced implants. Europe is also a major region driven by demand in countries like Germany and France. Asia Pacific is expected to be the fastest growing region owing to large patient base and rising healthcare expenditures.
Key players operating in the market includes Depuy Synthes (Johnson & Johnson), Microport Scientific Corporation, Zimmer Biomet, Exactech Inc, DJO Global Inc, Stryker Corporation. Depuy Synthes dominates the hip implants market with wide geographical presence and portfolio of implants for different patient needs. Microport Scientific specializes in hip joint prostheses and has a significant market share in China.
The global hip replacement market is anticipated to grow at a CAGR of 5.5% during the forecast period of 2023 to 2030. In 2023, the market size was valued at US$ 7.0 Bn and is projected to reach over US$ 10 Bn by 2030 driven by factors like increasing prevalence of osteoarthritis, rise in healthcare spending and expansion of product lines by companies.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
