Hip replacement surgery replaces the hip joint, either completely or partly, with a prosthesis. Hip replacement surgery is frequently needed for conditions like 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 40 million will be incapacitated. In the year 2021, there were 528 million arthritic patients worldwide.
The market for hip replacement in 2021 was USD 6.23 billion
, and by 2030 it will be worth USD 9.75 billion, growing at a % CAGR During the forecast period.
Globally, factors driving the growth of the hip replacement market include:
- An increase in R&D for surgical procedures.
- An increase in obesity prevalence.
- Expanding geriatric population around the world.
- Active government support for funding and development.
Additionally, the prevalence of osteoarthritis is rising steadily, and an increase in mishaps is also contributing to the market’s expansion.
- Increasing prevalence of hip-related disorders: The growing prevalence of hip-related disorders such as osteoarthritis, rheumatoid arthritis, and hip fractures drives the demand for hip replacement surgeries.
- Advancements in implant technology: Advances in implant technology, including materials and design improvements, have resulted in implants that are more durable, longer-lasting, and less prone to complications. This has increased the success rates of hip replacement surgeries and improved patient outcomes.
- The development of minimally invasive surgical procedures has led to shorter hospital stays, faster recovery times, and reduced risk of complications, making hip replacement surgery more accessible and attractive to patients.
- The rise in healthcare expenditure globally has led to increased investment in advanced surgical procedures like hip replacement surgery.
The complications related to implant use are a major barrier to the development of the global market in the ensuing years, as replacement surgery adoption is rising quickly. Numerous individual cases and class actions have been brought against significant businesses like Zimmer Biomet and Stryker due to the failure of orthopedic replacement devices.
In developed nations, access to affordable healthcare is expanding, and minimally invasive surgery is advancing in terms of technology. Healthcare facilities will gain profit from the development of non-metal materials like polymer and ceramic by assisting them in overcoming issues with conventional devices, like the buildup of metallic ions in patients’ bloodstreams and the deterioration of implants over time.
Total hip replacement is a growing market segment driven by various factors, including increased demand for hip implants, rising rates of rheumatoid disorders, sports injuries, traffic accidents, and an increase in the arthroplasty market rate. In addition, technological advancements in the field of orthopedics, such as the use of robotic systems for performing surgeries, have also contributed to the growth of this segment. These developments have improved the results of hip replacement surgeries and have increased the revenue share of the market. Furthermore, government policies regarding reimbursement of healthcare expenses have also played a crucial role in driving the growth of the total hip replacement market.
The metal-on-metal hip replacement is one of the most popular options for hip replacement surgeries and has contributed to the growth of the overall market. However, it is important to note that metal-on-metal implants can have a higher risk of complications and revision surgeries than other options, which may negatively impact the market growth.
Nevertheless, the increasing range of applications for hip replacements, including for reducing arthritis pain and improving overall performance, has helped to drive the growth of the market. However, it is important to balance the benefits of hip replacements with the potential risks and complications and to carefully consider the individual patient’s needs and medical history before recommending a specific type of hip replacement.
Hospitals and surgical centers was the largest market segment in 2020. A medical center’s development is further driven by its access to cutting-edge technology and qualified medical staff. Collaboration between hospitals and businesses also helps to create cutting-edge surgical techniques.
In 2020, North America was the largest regional market with a significant revenue share. The major factor boosting the growth of the regional market is the rising prevalence of osteoporosis and osteoarthritis and an increase in sports and auto accidents. More surgeries are performed Because of the patient-friendly reimbursement policies, which will lead to development over the next few years.
However, Asia Pacific will expand rapidly during the forecast period. Asia Pacific regional market will be driven by the rising frequency of Hip replacement procedures and increasing utilization of hip implants. During the forecast period, countries like China, India, Singapore, Malaysia, Indonesia. And South Korea will propel the growth of the Asia Pacific market. The market for hip replacement implants in the area will expand. With advancements in healthcare infrastructure, rising private and public investment, and technological advancements in this region.
- Zimmer, Inc
- Tornier, Inc.
- MicroPort Scientific Corporation
- OMNIlife Science, Inc.
- United Orthopedics Corporation
- Aesculap Implant Systems, LLC
- Johnson & Johnson
- B. Braun Melsungen AG
- ConMed Corporation
The market for hip replacement in 2021 was USD 6.23 billion. And by 2030 it will be worth USD 9.75 billion, growing at a % CAGR During the forecast period. The rising prevalence of osteoarthritis will drive up the number of hip replacement surgeries, boosting the market growth. The growing geriatric population and improved patient awareness of such procedures will drive market growth.
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