Westford, USA, Oct. 12, 2022 (GLOBE NEWSWIRE) -- The demand for hip replacement market is growing rapidly as the population ages. More and more people are living longer and staying active later in life, which is putting greater strain on their hips. In addition, advances in medicine and technology have made hip replacement surgeries much safer and more effective, resulting in more people opting for this treatment. Also, improving economic situation in many countries is leading to an increase in the number of people who can afford to pay for this type of surgery.
As the baby boomer generation ages, the growth of the global hip replacement market is expected to rise. According to SkyQuest, the number of people age 65 and older is projected to grow from 46 million in 2016 to 98 million by 2060. This increase, combined with an aging population's greater likelihood of developing conditions requiring hip replacement surgery, such as osteoarthritis, means that the demand for hip replacements will continue to grow.
The rising prevalence of obesity is also driving the demand for hip replacements. Obesity increases the risk of developing osteoarthritis, which is a leading cause of hip replacement surgery. Our study estimates that "the number of obese adults in the US is expected to increase from 39% in 2021 to 45% by 2030.
Hip replacement surgery involves replacing the damaged or worn-out hip joint with an artificial implant. This can be done using either a total hip replacement (THR) or a partial hip replacement (PHR). THR is the most common type in the global hip replacement market, and involves replacing the entire hip joint with an artificial implant. PHR is less common, and involves replacing only the damaged portion of the hip joint with an artificial implant.
According to one estimate, the number of people undergoing hip replacement surgery will reach 4 million by 2030. This growing demand means that more people than ever will benefit from this life-changing procedure.
The number of hip replacements is expected to grow rapidly in developed countries, such as the United States, Canada, and Japan. In contrast, growth of the global hip replacement market in developing countries is expected to be more moderate.
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Stem Cell Therapy Has Potential to Threaten Growth of Hip Replacement Market
According to SkyQuest stem cell therapy could become a serious threat to the demand for hip replacement surgery within the next decade. The main reason for this is that stem cell therapy can potentially regenerate damaged tissue and bone, which would negate the need for hip replacement surgery. In addition, stem cell therapy is much less invasive than surgery, and thus carries far fewer risks.
Our analyst says that the number of hip replacement surgeries could drop by as much as 50% within 20 years if stem cell therapy becomes widely available. This would obviously have a major impact on the hip replacement market, as well as on the companies that manufacture them.
The therapy involves injecting stem cells into the damaged area of the hip joint, which then begin to repair and regenerate the tissue. This can not only improve symptoms but also potentially reverse the damage caused by avascular necrosis, meaning that patients may no longer need hip replacement surgery.
While more research is needed to confirm the efficacy of this therapy, it offers hope for a less invasive and more effective treatment for avascular necrosis. If successful, stem cell therapy could threaten the demand for hip replacement surgery, which is currently one of the most common orthopedic procedures performed.
It should be noted that SkyQuest’s report is based on current trends and does not take into account any potential breakthroughs in stem cell research that could make the technology even more effective in treating joint damage.
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Top 4 Players in Hip Replacement Market Holds Over 43% Market Share
There are many different companies that manufacture hip replacement parts, and each has its own strengths and weaknesses. Some of the major players in the hip replacement market include Zimmer Biomet, DePuy Synthes, Stryker, and Smith & Nephew.
Zimmer Biomet is one of the largest manufacturers of orthopedic products in the world, and their hip replacement products are some of the most popular on the market. Their products are known for being durable and long-lasting, although they can be on the pricey side. We believe that Zimmer Biomet is a strong competitor in the hip replacement market and will continue to grow at a healthy pace.
Zimmer Biomet has a strong portfolio of products and services, which gives it a competitive advantage in the hip replacement market. The company has a wide range of products that cater to different patient needs, and its product offerings are backed by robust clinical evidence. In addition, Zimmer Biomet has a strong track record of successful launches in the market.
Therefore, Zimmer Biomet is well-positioned to capitalize on the favorable demographics for hip replacement procedures and the continued shift towards minimally invasive surgeries. The company's focus on innovation, quality, and customer service should help it maintain its leading position in the hip replacement market.
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DePuy Synthes is another leading manufacturer of hip replacement parts. Their parts are often less expensive than those from other companies, but they can sometimes be less reliable.
Stryker is a well-respected company that makes a wide variety of medical devices, including hip replacement parts. Their products are usually very reliable, but they can be more expensive than those from some other manufacturers.
Smith & Nephew is a UK-based company that also produces a wide range of orthopedic products, including hip replacement parts. Their products are typically very high quality, but they can be somewhat more expensive than those from some other companies.
Top Players in Global Hip Replacement Market
- Zimmer Biomet (U.S.)
- DePuy Synthes Companies (Johnson & Johnson Services, Inc.) (U.S.)
- Smith & Nephew (U.K.)
- Stryker (U.S.)
- Exactech, Inc. (U.S.)
- Gruppo Bioimpianti s.r.l (Italy)
- Conformis (U.S.)
- MicroPort Scientific Corporation (China)
- B. Braun Melsungen AG (Germany)
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