Hip replacement market growth is predicted to expand globally over the course of the projected period due to an increase in the prevalence of musculoskeletal issues. For instance, the median proportion of years lived with disability due to musculoskeletal disorders increased from 11.8% in 2000 to 13.5% (9.6-16.6) in 2015, according to the study "Osteoarthritis year in review 2019: epidemiology and therapy" published in the journal Osteoarthritis and Cartilage in January 2020. Additionally, rising knee arthroplasty surgeries are anticipated to support market expansion. For instance, approximately 1 million patients and over 1.4 million hip and knee arthroplasty surgeries were documented in 2018 by the American Academy of Orthopaedic Surgeons (AAOS) and the American Joint Replacement Registry (AJRR). The growing geriatric population is anticipated to provide competitors in the worldwide hip replacement market with lucrative growth prospects. For instance, the World Health Organisation predicts that the number of seniors will increase from 900 million in 2015 to 2 billion by 2050. A rise in accidents is also projected to encourage market expansion. For instance, 10,511 fatalities were reported in the United States in 2018, according to 2018 Fatal Motor Vehicle Crashes: Overview by the National Highway Traffic Safety Administration, a U.S. federal agency.
According to Coherent Market Insights, by the end of 2027, the market for Hip Replacement is anticipated to be worth US$10,311.3 million.
Prominent Companies in the Hip Replacement Industry:
1. Stryker
The company was started in 1941 and is located in Kalamazoo, Michigan, United States. The Stryker Corporation creates, produces, and sells specialised surgical and healthcare products. The corporation announced in January 2022 that it will purchase Vocera Communications, a digital care company, for about $3 billion. Stryker announced in January 2021 that it will buy OrthoSensor, Inc., a joint replacement technology company.
2. B. Braun Melsungen
The company was founded in 1839 and has its main office in Melsungen, Germany. The business sells instruments, trocar systems, ligation clips, light sources, anaesthesia tools, electrosurgical, suction, and equipment for wound closure, blood glucose monitoring, and insulin injection. In March 2022, B. Braun acquired Intermedt Medizin & Technik GmbH, a leader in the development of dialysis concentrates.
3. Microport Scientific Corporation
The firm was founded in 1998 and is based in China. The business creates minimally invasive and interventional surgical tools. In addition to creating treatments to treat diabetic and orthopaedic ailments, the company's goods are utilised to treat vascular illnesses.
4. Depuy Synthes (Johnson & Johnson)
The company was started in 1895 and is based in United States. DePuy Orthopaedics creates, produces, sells, and distributes goods for mending and reconstructing catastrophic skeletal injuries as well as products for replacing diseased or damaged joints. An orthopaedic and neurosurgical franchise is DePuy Synthes.
5. Zimmer Biomet
The company was started in 1927 and is located in Warsaw, Indiana, U.S. Zimmer creates, develops, produces, and sells orthopaedic products, such as dental prosthetics and artificial knee, hip, shoulder, elbow, foot, and ankle joints. The business declared its desire to purchase Embody, Inc. for $155 million in January 2023.
6. Smith & Nephew
The company was started in 1856 and is based in London, United Kingdom. Advanced medical device development and marketing are done by Smith & Nephew plc. The Group works on advanced wound management, endoscopy, and orthopaedics. In January 2022, Smith & Nephew paid $135 million for Engage Surgical, a company that manufactures partial knee implants and is situated in Florida.
7. Exactech Inc.
The company was founded in 1985 and has its headquarters in Florida, United States. Exactech, Inc. creates, produces, distributes, and markets orthopaedic implant devices and associated surgical equipment. The business offers replacement solutions for the hip, knee, extremities, foot, and ankle as well as biologic materials.
*Definition: An artificial prosthetic implant is used to replace the hip joint during a hip replacement treatment. The method is known as hip arthroplasty. The procedure is typically performed to repair hip joint injury caused by physical trauma or to cure hip fractures or joint pain (arthritis).
