The Hip Replacement Market is estimated for 2023-2030 for the forecast period, as highlighted in a new report published by Coherent Market Insights.
Hip replacement surgery involves removal of damaged or diseased parts of the hip joint and replacing them with prosthetic artificial parts. It is commonly performed to treat hip fractures or osteoarthritis of the hip joint.
The hip replacement market is projected for strong growth owing to increasing geriatric population globally who are prone to orthopaedic conditions like osteoarthritis. As per estimates, over 8% of the worldwide population will be aged 65 or older by 2030. This growing pool of elderly will propel demand for hip replacement procedures in the coming years. Additionally, technological advancements introducing 3D-printed and ceramic-on-ceramic bearing options in hip implants has enhanced biocompatibility and longevity, thus positively impacting the market growth.
Major Drivers of growing hip replacement procedures due to rising geriatric population
The aging baby boomer population is one of the major drivers of the growing hip replacement market globally. As people age, they are more prone to develop osteoarthritis and other joint-related health issues requiring hip replacement surgery. According to the United Nations, by 2050 over 20% of the world’s population will be over the age of 60. This rapid growth of the geriatric population will significantly drive demand for joint replacement procedures like hip replacements to relieve pain and improve mobility in old age. As joints like hips are unable to function properly due to joint disorders, hip replacement becomes necessary.
Major Restrain slowing adoption of new hip implants
One of the major challenges faced by companies operating in the hip replacement market is navigating the stringent regulatory requirements and at times lengthy product approval process. Medical devices like hip implants are regulated by regulatory bodies like the FDA which conduct rigorous preclinical and clinical testing to analyze factors like safety, efficacy and performance of devices before approving them for market use. Any changes to materials, designs or manufacturing process may require a new approval cycle potentially lasting years. This deters quick innovation and adoption of new technologies in the market.
Major Opportunity to leverage Computer-Assisted Hip replacement surgery
Computer-assisted surgery presents a major growth opportunity for companies in the hip replacement device market. Advancements in technologies like robotics, navigation systems and 3D printing have made computer-assisted hip replacement procedures safer, less invasive and more reproducible. Computer planning with 3D models allows customizing implant size and positioning pre-operatively with high accuracy reducing risks of re-revision surgeries. As these techniques deliver better clinical outcomes, their uptake is growing. This trend will continue to offer significant revenue potential for hip device makers developing technologically advanced products aligned with computer-assisted procedures.
Major emerging Trend in using Value-Based reimbursement models
A key emerging trend impacting the hip replacement market is the gradual transition to value-based payment models in major healthcare markets. Under pressure to curb rapidly rising healthcare costs, governments and insurers are demanding better health outcomes and quality of life at controlled costs. Device manufacturers will need to not only demonstrate clinical efficacy of their products but also prove long-term cost-savings from benefits like faster recovery, reduced hospital stays and higher revision-free implant survival rates. This shift to outcome-centric reimbursement will shape competitive dynamics, compelling companies to partner with hospitals to provide bundled or case rate payments for hip procedures.
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it