Hip replacement is a surgical procedure to replace the hip joint with an artificial implant intended to relieve pain and improve mobility. Hip implants consist of a femoral ball attached at one end of the implant stem, and an acetabular cup designed to fit in the pelvic socket to replace the natural hip joint. A growing population of elderly who are opting for hip implants to stay mobile and lead an active life is driving significant demand for hip replacement surgery.

The global Hip Replacement Market is estimated to be valued at US$ 7.0 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The opportunity in active aging is expected to boost the hip replacement market substantially over the forecast period. With developments in implant technologies and surgical techniques, hip implants today last longer and enable improved mobility for a significantly long period post-surgery. This has encouraged more people above 60 years to opt for hip replacement in order to continue their active lifestyle and engagement in sports and physical activities. As people are living longer globally, the demand for hip implants that support independent and active aging is growing. The increasing focus on active aging is likely to offer lucrative growth opportunities for players in the hip replacement market.

Porter's Analysis
Threat of new entrants: Low barrier to entry with regulation as a major entry barrier. Bargaining power of buyers: Individual customers have low bargaining power due to inelastic demand for hip replacement surgeries. Bargaining power of suppliers: Suppliers of raw materials and components have moderate bargaining power due to availability of substitutes. Threat of new substitutes: Low threat as hip replacement surgery is standard procedure with no close substitutes. Competitive rivalry: High rivalry among existing players due to presence of large multinational companies.

SWOT Analysis
Strengths: Large player base with strong brand names and R&D capabilities. Weaknesses: Risk of product recalls and lawsuits. Opportunity: Developing countries provide scope for market expansion. Threats: Threat from local suppliers in emerging markets.

Key Takeaways
The global hip replacement market is expected to witness high growth over the forecast period of 2023 to 2030. North America currently dominates the market due to supportive reimbursement scenarios and availability of advanced healthcare facilities. The presence of major players and early adoption of new technologies also contribute to market growth. Europe and Asia Pacific also have significant shares aided by growing geriatric population suffering from osteoarthritis and other such diseases in countries like Japan, China and India.

Key players operating in the hip replacement market are Depuy Synthes (Johnson & Johnson), Microport Scientific Corporation, Zimmer Biomet Company Highlights, Exactech Inc, DJO Global Inc, Stryker Corporation, B. Braun Melsungen, Smith & Nephew. Regional players cater to local opportunities by providing cost-effective solutions. Collaborations between global and local players are anticipated to expand market reach.

Development of 3D-printed implants and computer-assisted surgeries also provide new avenues for growth. However, availability of alternative treatment methods can hamper demand to some extent over the forecast period.