Hip replacement surgery replaces the hip joint with a prosthesis. In addition, hip replacement surgery is utilized for conditions such as osteoarthritis, rheumatoid arthritis, osteonecrosis, fractures, and bone tumors. By 2050, the World Health Organization (WHO) projects that there will be 130 million osteoarthritis patients worldwide, and around 40 million will be incapacitated. In the year 2021, there were 528 million osteoarthritis patients worldwide.
In the year 2021, hip replacement market was worth USD 6.23 billion, and by 2030, it will be worth USD 9.75 billion, at a 5.1% CAGR during the forecast period.
The increased prevalence of obesity drives the need for hip replacements. The major cause of hip replacement surgery is osteoarthritis which is majorly caused by obesity. According to a study, there will be 45% more obese adults in the US by 2030.
Factors driving the growth of the hip replacement market are an increase in the geriatric population, an increase in R&D activities for surgical procedures, product launches, and approval, an increase in the number of patients undergoing hip replacement surgery, and an increase in government spending on healthcare.
Market Dynamics
Drivers
Factors that are stimulating the growth of the market are the rising demand for hip arthroplasty/replacement surgical operations, osteoporosis, and hip problems, the high frequency of disorders affecting the lower extremities, such as osteoarthritis (OA), and an aging population. Furthermore, the market is expanding due to the development of non-invasive surgery technologies and the accessibility of high-quality healthcare infrastructure in developed nations. Per a study by the Osteoarthritis Research Society International, Osteoarthritis will affect 130 million individuals worldwide by 2050.
Furthermore, the increasing popularity of robot-assisted surgeries has increased the success rate of minimally invasive procedures, providing lucrative growth opportunities to the market during the forecast period.
Restraints
With the rapid adoption of replacement surgery, the complications associated with implant use restrain the market growth rate.
Opportunity
The major market players are actively launching new products and conducting research to find new products with improved performance that will increase the market share of hip replacements. Over the projection period, top market players will invest more money in new surgical advancements and market expansion.
Market Segmentation
By product
The total hip replacement segment ruled the market with a significant share in 2020. This is due to the rising rate of rheumatic illnesses among the general population, rising participation in sports, and a rising rate of road accidents. Rapid technological adoption from the medical sectors with increased integration and reimbursement policies imposed by the government are additional factors boosting the market growth.
By Application
Due to the greater revision of the complete hip replacement operation, the metal-on-metal held the largest market segment. The market rate can decline during the projection period due to complications and risks associated with the post-operative care. Hip replacements have various applications, perform better and cause less arthritis pain.
By End-User
Hospitals and surgical centers contributed to the biggest market share due to the large number of hip implant surgeries they conducted. A medical center’s expansion is driven by its access to cutting-edge technology and qualified medical staff. Collaboration between hospitals and businesses also helps to develop cutting-edge surgical techniques.
Regional Overview
North America held the majority of the market in 2020. The rising prevalence of osteoporosis & osteoarthritis and an increase in sports and auto accidents are the main factors fueling the regional market’s expansion. The number of surgeries conducted is rising due to the patient-friendly reimbursement rules augmenting market growth.
The Asia Pacific market will grow during the forecast period due to the rising rate of Hip replacement procedures and increased adoption of hip implants. Emerging nations like China, India, Indonesia, Singapore, Malaysia, and South Korea will boost the growth of the Asia Pacific region. The region’s market for hip replacement implants will expand as healthcare infrastructure improves, private and public investment increases, and technological advances occur in countries.
Key Players
- Aesculap Implant Systems, LLC
- OMNILife Science, Inc.
- ConMed Corporation
- B. Braun Melsungen AG
- United Orthopedic Corporation
- Johnson & Johnson
- MicroPort Scientific Corporation
- Zimmer Inc.
- Tornier, Inc.
- Stryker
In the year 2021, hip replacement market was worth USD 6.23 billion, and by 2030 it will be worth USD 9.75 billion, at a 5.1% CAGR during the forecast period. The global market is expanding as a result of an increase in hip injuries caused by car accidents and sports-related injuries, as well as an increase in surgical procedures. Furthermore, the market is expanding due to rising healthcare costs and increased awareness of hip replacement surgeries.
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