Biomedical Hip Replacement Market Is Estimated To Witness High...

Biomedical Hip Replacement Market Is Estimated To Witness High Growth Owing To Increasing Geriatric Population

Posted 2023-12-19 12:09:41

The biomedical hip replacement market is estimated to be valued at US$ 7.0 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Biomedical hip replacement, also known as total hip arthroplasty, is a surgical procedure used to replace the hip joint with an artificial implant. Hip replacements are generally needed for advanced arthritis or irreparable damage to the hip joint. Common indications for hip replacements include osteoarthritis, rheumatoid arthritis, avascular necrosis, and fractures. The core products involved include metal-on-metal, metal-on-polyethylene, ceramic-on-metal, and ceramic-on-polyethylene implants.

Market Dynamics:

The biomedical hip replacement market is mainly driven by the increasing geriatric population globally. As per UN projections, by 2050 approximately 16% of the world's population will be over 65 years of age. Since the risk of developing hip osteoarthritis and other joint disorders increases with age, this rising elderly population base is expected to propel the demand for hip replacement procedures. Additionally, technological advancements are leading to the development of advanced hip implants with improved biomechanics and durability. Newer materials like ceramic and cross-linked polyethylene provide enhanced wear resistance and reduce the need for revision surgeries. This is allowing more younger patients to opt for hip replacements.

SWOT Analysis

Strength:
- Rising geriatric population suffering from osteoarthritis and other bone-related disorders is increasing the demand for hip replacement surgeries.
- Advances in surgical techniques and technologies are reducing surgery complexity and recovery time.
- Growing demand for minimally invasive surgeries is boosting the adoption of innovative implants.

Weakness:
- High costs associated with implantation procedures restrict market growth.
- Potential risks of implant failure and unnecessary revisions affect patient acceptance.

Opportunity:
- Growing medical tourism in low-cost countries offers lucrative opportunities for manufacturers and hospitals.
- Rising healthcare spending of emerging economies offers scope for market expansion.

Threats:
- Stringent regulatory norms delay new product approval and market entry.
- Availability of substitute treatment methods like drugs and physical therapy limits full market potential.

Key Takeaways

The Global hip replacement market Size is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing prevalence of osteoarthritis and bone disorders. The market size for 2023 is estimated to reach US$ 7.0 Bn.

Regional analysis:

North America dominates the global hip replacement market currently and is estimated to continue its dominance over the forecast period. This is attributed to the rising geriatric populace and favorable reimbursement policies in the region. The Asia Pacific region is expected to grow at the fastest pace due to growing healthcare infrastructure and patient awareness in major countries like China, India, and Japan.

Key players:

Key players operating in the hip replacement market are Depuy Synthes (Johnson & Johnson), Microport Scientific Corporation, Zimmer Biomet Company Highlights, Exactech Inc, DJO Global Inc, Stryker Corporation, B. Braun Melsungen, Smith & Nephew. These players are focusing on new product launches and acquiring smaller companies to strengthen their market position.

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