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Rising Geriatric Population Will Drive Growth in the Hip Replacement Market Owing to Increase in Orthopedic Diseases

Saya Bonde
Rising Geriatric Population Will Drive Growth in the Hip Replacement Market Owing to Increase in Orthopedic Diseases

The hip replacement market is primarily driven by the growing geriatric population suffering from osteoporosis and other orthopedic conditions that damage hip joints. Hip replacement implants help restore mobility in patients by replacing arthritic or damaged hip joints. Key product types available in the market include total hip replacement (THR) implants which replace both the acetabular cup and femoral stem, and partial hip replacement (PHR) implants which replace either femoral stem or acetabular cup individually.

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 Highlights, Exactech Inc, DJO Global Inc, Stryker Corporation, B. Braun Melsungen, Smith & Nephew. Growing demand for hip replacement surgeries, especially in developing nations of Asia Pacific and Latin America is expected to open new growth avenues for players. Technological advancements in 3D printing and robotic-assisted surgeries are finding increased usage in hip replacement procedures to improve outcomes.

Market Trends

Customized and personalized implants: Advancements in 3D printing and personalized medical imaging allow for patient-specific customized implants with precise anatomical fitting for improved outcomes. Computer-aided designs generated from CT scans help produce implants tailored to an individual patient's anatomy.

Advanced bearings and resurfacing techniques: New bearing technologies use innovative materials like highly cross-linked polyethylene and oxidized zirconium femoral heads that reduce friction and wear between implant components. Resurfacing techniques perform bone-conserving partial replacements for younger, active patients.

Market Opportunities

Expanding patient demographics: A fast-growing geriatric population and increasing prevalence of lifestyle diseases in developing nations present significant growth opportunities. The Asian hip reconstruction device market is projected to reach $2.3 billion by 2024.

Improving access in low-income countries: Partnerships with governments and insurance providers can help overcome infrastructure and affordability barriers in underpenetrated emerging markets and make procedures accessible to broader patient segments.

Impact of COVID-19 on Hip Replacement Market Growth

The COVID-19 pandemic has significantly impacted the hip replacement market. In the initial months of the pandemic, most elective surgeries like hip replacements were postponed to avoid unnecessary exposure and conserve medical resources for critical COVID-19 patients. This led to a steep decline in the number of hip replacement procedures performed globally. According to reports, hip replacement procedures reduced by over 25-30% during the first half of 2020 as compared to the same period in previous years.

However, as the pandemic situation gradually stabilized, hospitals resumed non-emergency surgeries while following strict safety protocols. While the demand is recovering, it is still below the pre-pandemic levels. The fear of contracting infection in hospitals and economic uncertainties have made some patients delay their procedures. Virtual consultations and remote rehabilitation services helped in continued care of existing patients during lockdowns. Companies also focused on manufacturing of personal protective equipment and medical devices to meet the rising demand from healthcare facilities.

Saya Bonde
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