The global hip replacement market comprises medical devices that are implanted into an individual to replace the natural hip joint. Hip replacements are often advised for patients suffering from arthritis, accidental trauma or other hip injuries. They help restore mobility and reduce pain for patients.
The global hip replacement market is estimated to be valued at US$7.0 Bn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing geriatric population worldwide continues to propel the demand for hip replacement surgeries. People aged 65 years and above are more prone to develop osteoarthritis and other hip disorders due to aging which in turn increases the need for hip replacement procedures. According to the United Nations, the share of global population aged 65 years or above is projected to surge from 9.3% currently to 16% by the year 2050. This rising pool of geriatric population will continue to drive the hip replacement market during the forecast period.
SWOT Analysis
Strength: Hip replacement surgeries offer enhanced mobility and quality of life for patients suffering from severe hip pain or disabilities. Advances in materials and techniques have made hip implants more durable and compatible with patients’ body.
Weakness: Hip replacement surgeries are highly invasive procedures and require extensive recovery periods. There are risks of complications, infections and implants failure associated with such surgeries. Cost of the implants and surgery is also quite high.
Opportunity: Growing geriatric population prone to osteoarthritis and other hip disorders is driving the demand for hip replacement surgeries. Personalized and customized implants catering to individual patient anatomy present opportunities.
Threats: Stringent regulatory processes and recalls of faulty implants can negatively impact the market. Lack of reimbursement policies in developing nations restrict market growth.
Key Takeaways
The global hip replacement market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is estimated to be US$ 7.0 Bn with a projected CAGR of 5.5% during the forecast period.
Regional analysis indicates that North America currently dominates the global hip replacement market owing to growing geriatric population and high adoption rates of hip replacement surgeries in the region. However, Asia Pacific region is expected to witness fastest growth over the forecast period supported by expanding medical tourism industry and increasing healthcare investments.
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. These companies are focusing on new product launches, geographic expansion and mergers & acquisitions to consolidate their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
