Hip Replacement Market is Anticipated to Witness High Growth Owing to Increase in Geriatric Population


 The hip replacement market involves surgical procedures and implants used to replace theHip Replacement Market is Anticipated to Witness High Growth Owing to Increase in Geriatric Populationhip joint with prosthetic implants when the cartilage breaks down and the patient experiences joint pain and stiffness. Hip replacement procedures help restore mobility and alleviate pain for patients suffering fromarthritis, trauma, or certain hip disorders. There has been significant advancement in hip implant design and materials to closely mimic natural hip anatomy and function. Metal-on-metal, ceramic-on-ceramic, and cross-linked polyethylene have improved wear resistance while maintaining articulation and strength needed for the joint. 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 Company, Exactech Inc, DJO Global Inc, Stryker Corporation, B. Braun Melsungen, and Smith & Nephew. These players are focusing on new product launches, collaborations, and mergers and acquisitions to strengthen their market presence. For instance, in January 2022, Stryker Corporation launched a ceramic-on-ceramic hip implant system in the United States.

The rising geriatric population and the corresponding increase in arthritis and joint disorders present significant growth opportunities for hip replacement implants and procedures. Favorable reimbursement policies for hip replacement in major countries like the United States and Japan also encourage adoption rates.

U.S. players are expanding to untapped markets like India, China, Brazil, and Mexico through strategic partnerships to tap the high growth potential. For example, in 2020, Zimmer Biomet partnered with Max Healthcare to expand its footprint in India. Other players are also likely to follow suit to benefit from increasing healthcare expenditures and demand for quality orthopedic care in developing nations.

Market Drivers
The increasing geriatric population worldwide prone to mobility issues, osteoarthritis, and other joint disorders is a key driver for the hip replacement market. Over 75% of the hip replacement patient population is aged 65 years and above. By 2050, over 1.5 billion people will be aged 65 years and older globally according to the United Nations, necessitating joint replacement procedures.

Market Restraints
The high cost of hip replacement surgery and prostheses poses significant affordability challenges, especially in developing nations. Additional follow-up costs and the requirement of revision surgeries during the implant's lifecycle further increase the economic burden. This restrains the adoption potential in low and middle-income populations with inadequate health insurance. Stringent regulatory approval processes also delay the market entry of new materials and technologies to some extent.

Segment Analysis
Total Hip Replacement segment currently dominates the hip replacement market and is expected to continue its dominance during the forecast period. This is because total hip replacement surgery provides long lasting relief from hip pain and restores hip joint mobility completely as it replaces both the ball and socket of the hip joint. On the other hand, the Partial Hip Replacement segment is growing at a faster rate owing to the advantages it offers such as less invasive surgery, quicker recovery time and shorter hospital stay.

Global Analysis
North America dominates the global hip replacement market currently and is estimated to continue its dominance during the forecast period as well. This is attributed to factors such as rising geriatric population, high obesity rates and favourable reimbursement policies for hip replacement surgeries in countries like the US and Canada. However, Asia Pacific is poised to witness the highest growth during the forecast period owing to growing medical tourism, rising healthcare expenditure and increasing focus of key players to tap into developing nations in this region.

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