According to the deep-dive market assessment study conducted by Growth+ Reports, the global hip replacement market was pegged at ~US$ 6.7 billion in 2021. The market is expected to witness a CAGR of ~5.5% from 2022 to 2030.
The lifestyle changes in the modern world have led to many lifestyle disorders, such as increase in overweight and obese individuals directly impacting bone and joint health. Thus, this leads to the development of osteoarthritis. The increase in the elderly population is also one of the driving factors for the global hip replacement market. Increased product approvals and the launch of new advanced devices for hip replacement procedures foster market expansion.
However, devices used in hip replacement are class 3 medical devices, they undergo strict regulatory approvals, thus delaying commercialization. Also, the high cost of treatment and complications associated with the procedures are major challenges for market growth.
Increased hip replacement in younger adults may be due to reasons like the success rate of total hip replacement surgeries allowing them to lead an active lifestyle again. According to a report by the National Hospital Discharge Survey,United States, there is a 200% increase in younger adults undergoing hip replacement. Another factor driving the uptake of hip replacement procedures is technological improvements. The younger generation is opting for hip implants that last longer and their revision requires a simple invasive procedure. Additionally, the increasing geriatric population is also driving the hip replacement market. Arthritis remains the most common age-related disorder, especially between 60 to 80 years of age. According to the Organisation for Economic Co-operation and Development 2021 data, hip replacement rates increased by 22% between 2009 and 2019.
Increased demand for minimally invasive procedures is also an important factor for hip replacement market growth. Hip reconstruction using hip implants is an ongoing trend in the European market. Many recent developments in implants have taken place to improve the quality of a patient’s life. Shorter hospital stays and shorter rehabilitation times are some of the key factors in MIS. Also, the increasing number of patients suffering from osteoarthritis, rheumatoid arthritis, and osteoporosis are increasing the proportion of hip replacement surgery among both the elderly and the young. Of the 66 million inhabitants in France, about 3% of the population is 65 years and older, undergoing hip replacement/reconstruction as per 2021.
The key players receiving recent product approvals from FDA after a complex procedure. Zimmer Biomet in 2021 secured FDA clearance for its ROSA Hip System for robotically-assisted direct anterior total hip replacement.
Asia Pacific is expected to see significant growth in the hip replacement market during the forecast period. This is attributed to the rise in government initiatives to spread awareness amongst the population for early diagnosis in order to reduce the economic burden. The rise in medical tourism is also responsible for advanced orthopedic surgeries. The rise in osteoarthritis cases due to lifestyle changes, increased investments in research and development, and demand for high-quality healthcare in the region is also contributing to regional hip replacement market expansion.
Some of the prominent players operating in the hip replacement market are, B. Braun Melsungen AG, Stryker Corporation, Zimmer Biomet, Smith & Nephew plc, MicroPort Scientific Corporation, Exactech Inc., ConforMIS Inc., Gruppo Bioimpianti Srl, DePuy Synthes, and Corin Group among others