Hip replacement surgery involves removing damaged or diseased parts of a hip joint and replacing them with prosthetic implants made of artificial material. Hip replacement implants are used to treat damaged or diseased hip joints due to conditions like osteoarthritis, rheumatoid arthritis, trauma and avascular necrosis. These implants help restore mobility, reduce pain and improve the patient’s quality of life.
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:
Growing geriatric population is one of the major factors driving the growth of the hip replacement market. According to the United Nations projections, the global geriatric population, defined as those aged 65 years and over, is expected to double from 703 million in 2019 to 1.5 billion in 2050. Aged people are more prone to hip fractures and arthritis that require hip replacement surgeries. With an increasing geriatric population worldwide, there will be a parallel rise in the number of hip replacement procedures conducted annually. As per estimates, it is projected that the demand for total hip replacement procedures will increase by 174% for persons aged 45 years and older in the United States over the period 2005 to 2030. This rapid rise in demand for hip replacement owing to a geriatric population will augment the growth of hip replacement market during the forecast period.
SWOT Analysis
Strength: Hip replacement surgery helps improve mobility and reduces joint pain for patients suffering from arthritis or severe joint damage. It offers reliable long term solutions.
Weakness: High costs associated with hip replacement procedures limits widespread adoption. Post-surgery rehabilitation and recovery period is long and tedious for patients.
Opportunity: Rising geriatric population worldwide prone to arthritis and joint disorders will drive the demand for hip replacement surgeries. Expanding medical tourism in developing nations provides new opportunities.
Threats: Availability of alternative treatment methods like joint preservation surgeries acts as a threat. Product recalls and complications associated with implants pose challenges.
Key Takeaways
The global hip replacement market is expected to witness high growth over the forecast period of 2023 to 2030. Rising incidence of orthopedic diseases and trauma cases combined with the growing geriatric population worldwide are key factors driving the demand. The number of hip replacement procedures are projected to increase substantially in the coming years.
Regional analysis: North America currently dominates the global hip replacement market and is expected to maintain its leading position through 2030 supported by well-established healthcare infrastructure and growing medical reimbursement. Asia Pacific is poised to be the fastest growing regional market owing to rising medical tourism, increasing healthcare spending and expanding base of geriatric population.
Key players: Key players operating in the hip replacement market include Depuy Synthes (Johnson & Johnson), Microport Scientific Corporation, Zimmer Biomet Company Highlights, Exactech Inc, DJO Global Inc, Stryker Corporation, B. Braun Melsungen, and Smith & Nephew. These dominant players are focusing on new product launches, geographical expansion and mergers & acquisitions to strengthen their market presence.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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