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 Overview:
Hip replacement surgery involves replacing the hip joint with an artificial component made of metal, ceramic or plastic to relieve joint pain and discomfort associated with osteoarthritis and other hip disorders. Hip replacement has the potential to significantly improve quality of life for those suffering from severe hip damage or disease.
Market key trends:
One of the key trends in the Global hip replacement market Size is the increasing preference for minimally invasive hip replacement surgery. Minimally invasive hip replacement involves smaller incisions and specialized surgical tools and techniques to reduce trauma to muscles, tendons and tissues during surgery. This translates to quicker recovery time, less pain and scarring for patients. While technological, its advantages over traditional open hip replacement surgery is driving its adoption among consumers and surgeons.
SWOT Analysis
Strength: Hip replacement surgeries are minimally invasive with shorter hospital stays and fast recovery time. Growing geriatric population suffering from osteoarthritis is driving the demand for hip replacement procedures.
Weakness: High cost of hip replacement surgeries make it unaffordable for many. Post-surgery complications and limited lifespan of implants are other concerns.
Opportunity: Technological advancements in 3D printing, robotics, and computer navigation techniques are paving way for customized implants with improved outcomes. Rising medical tourism in developing nations offer new opportunities.
Threats: Threat from alternative treatment options like stem cell therapy and drugs can hamper the market growth. Stringent regulatory approval process and reimbursement policies pose challenges.
Key Takeaways
The global hip replacement market is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing geriatric population suffering from osteoarthritis and other joint disorders.
Regional analysis
North America dominates the global hip replacement market owing to rising obese population and technological advancements in the region. Asia Pacific exhibits fast growth due to growing medical tourism coupled with increasing healthcare spending.
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. The major players are focusing on new product launches, acquisitions and geographic expansions to increase their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.