HIP REPLACEMENT MARKET ANALYSIS

Global Hip Replacement Market is estimated to be valued at US$ 7.0 billion in 2023 and is expected to exhibit a CAGR of 5.5% during the forecast period (2023-2030).

Analysts’ Views on Global Hip Replacement Market:

Hip arthroplasty, often known as hip replacement, is a surgical surgery used to treat hip pain. Artificial implants are used during the operation to replace some of the hip joint. A ball (located at the top of the femur, also known as the thigh bone), and a socket (located in the pelvis, also known as the hip bone), make up the hip joint. For instance, on May 25, 2023, DePuy Synthes, orthopaedic trauma devices, part of the Johnson & Johnson, a medical devices company states Reality Based Navigation across Europe with the aim of increasing accuracy in hip replacement. Reality Based Navigation enables surgeons to use a straightforward, low-cost procedure to provide more reproducible results, guaranteeing that every patient has access to the same high standard of treatment. In order to decrease the number of outliers in component location, Reality Based Navigation was created, which might improve accuracy during hip replacement.

Figure 1. Global Hip Replacement Market Share (%), by product Type, 2023

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Global Hip Replacement Market– Driver

Development in Product launch

Product launch create a great impact on Global Hip Replacement Market but development in launched products create a greater impact on Global Hip Replacement Market. For instance, on October 9, 2021, Microport, a medical device company in China, orthopedics receives 510(k) approval from US Food and Drug Administration (FDA) for marketing in U.S. for two hip products which are Dynasty Dual Mobility Acetabular Liners and the E-Class Vitamin E Blended Dual Mobility Inserts. The Dynasty Dual Mobility Acetabular Cup System is an artificial joint designed and developed to mimic the physiological anatomy of the human hip joint. Polyethylene material mixed with vitamin E can prevent oxidation of the acetabular cup liner and increase wear resistance. It is especially recommended for elderly people with hip fractures or revision hip replacements requiring repair surgery, and for patients with neuromuscular disease have high risk of dislocation.

Figure 2. Global Hip Replacement Market(US$ Billion), by Region, 2023

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Global Hip Replacement Market- Regional Analysis

The North American region is expected to dominate Global Hip Replacement Market due to reducing risk of postoperative infections. For instance, on February 9, 2022, Mayo clinics, U.S., which is based on clinical practice, education and research has launched a multidisciplinary effort to reduce the risk of postoperative infections in patients with underlying medical conditions and hip or knee replacements. The most common underlying conditions that increase this risk are obesity and diabetes.

Global Hip Replacement Market– Impact of Coronavirus (COVID-19) Pandemic

During COVID, the disease has spread to over 100 countries across the globe and the World Health Organization has declared it a public health emergency. According to the World Health Organization report, the manifestation of coronavirus (COVID-19) has resulted in more than 765 million confirmed cases and over 6.9 million deaths globally as of May 31, 2023.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others, are facing problems with the transportation of drugs from one place to another.

Moreover, various healthcare regulatory authorities have issued guidelines for patients who require critical care during the COVID-19 pandemic. According to National Center for Biotechnology Information (NCBI) on February 18, 2022, 132 of the 239 COVID-19 positive patients had total hip replacement surgery. In a multivariate analysis, the diagnosis of COVID-19 was linked to an elevated risk of deep vein thrombosis, pulmonary embolism, and all sequelae. The risk of deep vein thrombosis and pulmonary embolism increased in direct proportion to the interval between the COVID-19 diagnosis and the surgical surgery. All complications showed a similar association.

Global Hip Replacement Market Segmentation:

The Global Hip Replacement Market is segmented into product type, components and end user.

Based on product type, the global hip replacement market is segmented into Total Hip Replacement Implant, Partial Hip Replacement Implant, Hip Resurfacing, Revision Hip Implant. Out of which, total hip replacement implant is expected to dominate the market over the forecast period by improved function, pain relief, and advanced quality of life.

Based on components, the global hip replacement market is segmented into Hip Stem Systems, Acetabular Cup Systems, Revision Accessories and Components. Out of which, Acetabular Cup Systems is expected to dominate the market over the forecast period by various applications and technologies.

Based on End user, the global hip replacement market is segmented into Hospitals, Orthopedic clinics, Ambulatory surgical centres.Out of which, hospitals dominates owing to growth in number of hospitals and increasing demand of advanced treatments and surgeries.

Among all the segments, product type is dominating over the market. For instance, on May 30, 2023 DePuy Synthes, part of the Johnson & Johnson Medical Devices Company explained Choice of Using Collared Stems in total hip replacement. Both  collarless and collared versions of the CORAIL stem showed excellent long-term survival in historical cohort studies and national registries, with similar patient-reported and radiographic outcomes in prospective and retrospective comparative studies. Collared CORAIL Stem with pinnacle Cup has shown 29% reduced risk of revision.

Global Hip Replacement Market: Key Developments

On December 10, 2021, The first hip replacement procedure performed using the MicroPort AnteriorPath hip surgical technique was successfully completed in Brazil, according to a  announcement from MicroPort Orthopaedics, a orthopaedic equipment and technologies based company. AnteriorPath is an anterior, portal-assisted technique for hip replacement that is intended to encourage patient early rehabilitation and hasten the patient's return to full function.

On December 9, 2020, DePuy Synthes, part of the Johnson & Johnson Medical Devices Company, launched the Kincise surgical automated system.This system automates  implant assembly, bone preparation and positioning in hip replacement. Kincise surgical automated system is intended to take the place of the handheld surgical mallet used in total hip replacement treatments. This should result in more consistent clinical outcomes as well as a reduction in the wear and tear on the surgeon's body from manual procedures with the surgical mallet, which can contribute to work-related injuries.

Global Hip Replacement Market- Cross sectional analysis

As product base segment, consist of Devices dominates from the product base segment. For instance, an article published by National Library for Biotechnology Information (NCBI) explains BHR stands for Biremningham Hip Resurfacing. The Biremningham Hip Resurfacing is a metal on metal hip implant system that was approved by the US FDA in 2006. This approval necessitated a multicenter prospective post-market approval study. The goal is to share the results at 10 year follow-up.

Global Hip Replacement Market- Key Trends

Strategies such as choice of components in hip replacement.

The key market players are engaged in adopting inorganic strategies such as choice of components in hip replacement. For instance, on July 19, 2022 Enovis, U.S-based medical technology company driven by innovation, announced the commercial roll-out of ARVIS, a U.S.FDA-cleared augmented reality visualization and information system that has completed over 200 successful trials in the U.S. ARVIS is the only proprietary hands-free, real-time augmented reality technology specifically designed to support orthopedic surgeons in visualizing precision guidance during hip and knee surgery.

Global Hip Replacement Market: Restraint

Complications associated with hip replacement  

Complications are expected to hinder the growth of the global hip replacement market. The complications such as total hip surgery Dislocation, Periprosthetic Fracture, Aseptic Loosening, Wound Complications, Prosthetic Joint Infection. For instance, an article published by National Centre for Biotechnology Information (NCBI) on September 4, 2022 states that approximately 70% of total hip replacement occur in the first month after the index operation. The overall incidence is about 1% to 3%. Risk factors include: Previous hip surgery (most important independent risk factor for dislocation), Elderly (over 70 years), Misalignment of components: excessive anteversion causes anterior displacement and excessive retroversion causes posterior displacement, Neuromuscular disorders/disorders (eg Parkinson's disease), Drug/alcohol abuse.

Global Hip Replacement Market- Key Players

Major Key players operating in the Global Hip Replacement Market include Depuy Synthes (Johnson & Johnson), Microport Scientific Corporation, Zimmer Biomet Company Highlights, Exactech Inc, DJO Global Inc, Stryker Corporation, B. Braun Melsungen, Smith & Nephew.

Definition; Hip replacement surgery, or hip arthroplasty, is a surgical procedure, in which an orthopedist removes  diseased parts of the hip joint and replaces them with new artificial parts. During a hip replacement, the surgeon makes an incision on the side of the thigh and removes  diseased or damaged bone and cartilage from the hip joint. Next, the surgeon replaces the femoral head  and arachnoid with new artificial parts. Surgeons try to perform hip replacement surgery through as small an incision as possible  to limit the amount of  soft tissue and bone damage.