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Hip replacement surgeries have gained prominence over the last few decades owing to a rise in hip bone disorders such as osteoarthritis and injury-induced disabilities. A hip replacement surgery is a surgical procedure that involves resurfacing the hip joint with prosthetic implants. The procedure aims to relieve pain and improve mobility for patients suffering from hip disorders. Artificial hips are generally made of metal and plastic components that help restore normal joint movement and relieve pain.
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 2024-2030, as highlighted in a new report published by Coherent Market Insights.
The increasing prevalence of hip disorders such as osteoarthritis due to sedentary lifestyle and obesity has primarily driven the demand for hip replacement surgeries. Hip replacement surgery provides an effective treatment option for patients suffering from end-stage joint disease and injuries. The procedure can help minimize pain, restore normal joint movement, and enhance patient mobility and joint function. Additionally, advancements in implant materials and designs have improved surgical outcomes for patients. For instance, the adoption of cross-linked polyethylene for liners and integrated fixation technology has enhanced implant longevity. Furthermore, growing awareness among people about treatment alternatives and favorable reimbursement of hip replacement surgeries in developed economies are boosting market growth.
Market key trends:
The hip replacement market is witnessing technological advancements with the introduction of robot-assisted surgeries. Robot-assisted hip replacement procedures use robotic arms for precise placement of implants with advanced navigation capabilities. The robotic platform helps surgeons perform surgeries through smaller incisions with greater accuracy and flexibility of movement compared to traditional surgeries. Robot-assisted surgeries are gaining popularity among both surgeons and patients owing to benefits such as less pain, quicker recovery times, and lower revision rates. Top players are increasingly investing in developing robotic platform technologies for hip replacement to gain market share. For instance, in June 2021, Zimmer Biomet launched Persona Revision Knee System with Rosa Knee Robotic Technology to perform complex knee revision surgeries accurately.
The rising adoption of robotics and computer-assisted technologies for orthopedic surgeries is a key trend expected to drive market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The global hip replacement market has moderate threat of new entrants due to high capital requirements for R&D and manufacturing.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of a wide range of products from different companies in the market.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to presence of many suppliers in the market providing components for hip replacements.
Threat of new substitutes: Threat of substitutes is low as hip replacement surgeries are often the only treatment option for advanced hip joint damage or disabilities.
Competitive rivalry: The global market witnesses high competition between the major players operating in the market.
Key Takeaways
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 2024-2030.
Regional analysis
North America is expected to continue dominating the hip replacement market during the forecast period. This is attributed to growing geriatric population in the US and Canada vulnerable to orthopedic conditions. Europe is expected to hold the second largest share in 2024 driven by increasing demand in countries like Germany, Italy, France and the UK.
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, and Smith & Nephew. Stryker Corporation dominates the global hip replacement devices market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
