The hip replacement market comprises products that are used to replace damaged or arthritic hips. Hip replacement implants are available in different material types such as metal-on-metal, metal-on-polyethylene, ceramic-on-polyethylene, and ceramic-on-ceramic. These implants provide pain relief and improved mobility for patients suffering from hip injuries and disorders. The advances in implant materials and surgical techniques have reduced surgery time and recovery periods significantly. Computer assisted surgery options are also available allowing for precise placement of implants. 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.
Key Takeaways
Key players operating in the hip replacement market are Depuy Synthes (Johnson & Johnson), Microport Scientific Corporation, Zimmer Biomet, Exactech Inc, DJO Global Inc, Stryker Corporation, B. Braun Melsungen, Smith & Nephew. The key players are focusing on developing innovative hip implants with advanced materials and minimally invasive surgical procedures.
The growing geriatric population suffering from hip osteoarthritis and other injuries has been a major factor driving the demand for hip replacement surgeries. According to estimates, over 332 million people are expected to undergo hip replacements globally by 2050.
The market is also witnessing significant expansion in developing regions due to increasing healthcare expenditure and availability of hip replacement procedures. The Asia Pacific region is expected to witness the fastest CAGR during the forecast period due to rising medical tourism and presence of key manufacturers.
Market key trends
One of the key trends in the hip replacement market is the increasing adoption of minimally invasive surgical techniques. Technologies such as MICROAID hip replacement procedure offer significant benefits such as shorter incisions, reduced pain and blood loss, and faster recovery times. This has boosted the demand for hip arthroscopy implants and instruments. Advanced materials are also gaining traction in this space. For example, new ceramic-on-ceramic bearing combinations have high strength and wear resistance helping reduce revision surgeries. With continued advancements, the lifetime of hip implants is increasing pushing the demand for hip replacement procedures.
Porter’s Analysis
Threat of new entrants: High setup and regulatory costs makes it difficult for new companies to enter the market. Bargaining power of buyers: Individual customers have low bargaining power due to inelastic demand for hip replacement surgeries but large healthcare providers have some bargaining power due to their size. Bargaining power of suppliers: A few large companies dominate the supply of hip implants limiting supplier power. Threat of new substitutes: No close substitute to hip implants currently exist though research continues on biologics and tissue engineering. Competitive rivalry: Intense rivalry exist between large multinational companies due to differentiated products and services.
Geographical Regions
North America accounts for the largest share of the hip replacement market currently in terms of value primarily due to aging population, rising obesity and technological advancements in the region. The United States alone contributes to over 50% of the global hip replacement procedures performed annually.
Asia Pacific region is poised to be the fastest growing market for hip replacements over the forecast period primarily due to rapidly growing geriatric population, improving access to healthcare facilities and increasing medical tourism in countries like China, Japan and India. Expanding base of orthopedic surgeons and distributors in the region will further support the market growth.
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