The hip replacement market involves surgical procedures that replace the hip joint damaged by arthritis, injury or other joint disorders. Hip replacements are generally made up of a prosthetic joint that consists of a plastic or ceramic dome that replaces the ball of the femur and a metal stem attached to the plastic dome that fits into the femur. Hip replacements help restore mobility by reducing pain and improving function of the hip joint. The growing geriatric population suffering from osteoarthritis and other joint related issues has significantly increased the demand for hip replacements globally.

The Global artificial hip replacement market is estimated to be valued at US$7.5 billion in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024-2029.

Key Takeaways

Hip Replacement Market Companies are Zimmer Biomet, Johnson Johnson, Stryker Corporation, Smith Nephew and Medacta.

Key opportunities: Advancements in 3D printing technology is enabling customized implants tailored to patient’s anatomy which is expected to open new opportunities for hip replacement manufacturers. Growing medical tourism in developing countries for hip replacement surgeries is another key growth opportunity.

Technological advancements: Significant research is ongoing in the development of 3D printed and bio-resorbable implants. Customized 3D printed implants help achieve a better fit and longer implant life. Bio-resorbable implants dissolve safely in the body post healing thus eliminating risks of long term complications.

Market Key Trends

 Rising elderly population prone to age-related hip injuries is a major Hip Replacement Market Trend driver. Growing prevalence of lifestyle diseases like obesity increasing joint issues will further propel the demand. Increasing number of hip fracture cases due to osteoporosis is another key factor boosting the need for hip replacements.

The aging population has emerged as the key driver of the hip replacement market. Increased life expectancy has significantly increased the number of individuals suffering from age-related complications like osteoarthritis. As per estimates, over 30% of the global population will be aged 60 and above by 2050. This massive geriatric demographic will continue to propel the demand for joint replacement surgeries in the long run.

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