Market Trends of Hip Replacement Industry
Total Hip Replacement Segment is Expected to Hold Significant Share Over the Forecast Period
Total hip replacement is a procedure in which the damaged hip is removed and replaced with a prosthesis of metal, ceramic, or plastic components or a combination of both. Hip replacement is the option when joint damage is irreparable and hinders the joint's function.
Osteoarthritis and hip injuries are the primary reasons for total hip replacement. The prevalence of osteoarthritis and hip injuries is increasing due to the aging population and other related factors like obesity. The rising total hip replacement procedures for the treatment of these diseases are expected to enhance market growth. For instance, according to the data published by the American Joint Replacement Registry in 2022, an estimated 6,806 revision hip arthroplasty or hip replacement procedures took place in the United States in 2021. Thus, due to the high prevalence of hip injuries, there is an increasing demand for total hip replacement procedures, thus driving the market.
Moreover, launching new products in the segment will also boost the market studied. For instance, in February 2021, OrthoGrid Systems, Inc. launched the OrthoGrid Hip, which is a distortion-correcting, implant-agnostic, intraoperative-alignment technology for direct anterior hip total hip arthroplasty.
Moreover, in February 2021, MicroPort Orthopedics launched the availability of its Profemur Gladiator HA Collared Stem and Profemur Gladiator Cemented Collared Stem. Combined with its current Profemur Gladiator Plasma Stem, the Gladiator Hip Stem System offers a wide range of indications in treating high-demand total hip arthroplasties.
Additionally, rising research and development studies used to evaluate the efficiency of products in total hip replacement procedures are further expected to drive market growth. For instance, in April 2022, Hip Innovation Technology, LLC (HIT) received FDA Investigational Device Exemption (IDE) approval to initiate a pivotal clinical study to evaluate further the company's Reverse Hip Replacement System (Reverse HRS) for use in primary total hip arthroplasty (THA).
Thus, due to the above-mentioned factors, such as the rising prevalence of osteoarthritis and the increasing developments by market players, the studied segment is expected to contribute to the significant growth of the market.
North America is Expected to Hold a Significant Market Share Over the Forecast Period
The primary driving factors for the growth of the North American hip replacement market are the growing burden of osteoarthritis in the country, increasing injury cases, increasing prevalence of obesity, increasing product approvals, growing investments, and key initiatives taken by the key market players.
The United States within North America is expected to grow significantly during the study period. The rising hip replacement procedures for the treatment of various diseases are expected to enhance the market growth. For instance, according to the data published by the American Joint Replacement Registry in 2022, an estimated 71,079 primary total hip arthroplasty or hip replacement procedures took place in the United States in 2021. Thus, the high rate of hip replacement procedures is expected to boost the usage of hip replacement products.
Moreover, the rising geriatric population is also a major factor in market growth. For instance, according to the data published by Statistics Canada in July 2022, it is estimated that around 7,330,605 people are 65 years of age or older in Canada, which accounts for 18.8% of the total population.
Launching products and services in the region will also drive the market significantly. For instance, in January 2022, Smith+Nephew expanded the indications on its CORI Surgical System, a handheld robotic solution in total hip arthroplasty (THA). Smith+Nephew's RI HIP NAVIGATION is designed to help maximize accuracy and reproducibility by delivering patient-specific component alignment for THA. Moreover, in August 2021, Zimmer Biomet Holdings, Inc. received United States FDA 510(k) clearance of the ROSA Hip System for robotically-assisted direct anterior total hip replacement.
Therefore, due to the above-mentioned factors, such as the rising prevalence of osteoporosis and the increasing developments by key players, the studied market is expected to lead to lucrative growth of the market in North America.
