Artificial hip implants, also known as hip prostheses, are medical devices implanted into the body to replace damaged or diseased hip joints. Hip implants are made of durable and corrosion-resistant materials such as metals, ceramics and polymers. They allow patients suffering from severe joint pain and mobility issues to walk comfortably again.

The global artificial hip implant 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: Expanding Geriatric Population

The market opportunity lies in the expanding geriatric population globally which is more prone to suffer from mobility issues due to age-related wear and tear of hip joints. People aged 65 years and above are expected to outnumber children under 5 years of age by 2020. Further, by 2050, there will be more than doubled number of people aged above 60 years compared to 2015. This rapid growth of aging population will increase the demand for hip replacement procedures to improve quality of life. Hip implants represent a reliable option to regain mobility for older adults suffering from severe hip pain. Therefore, growing prevalence of hip fractures and joint disorders among the expanding elderly base around the world presents lucrative prospects for players in the artificial hip implant market.

Porter's Analysis
Threat of new entrants: The threat of new entrants to the hip replacement market is moderate due to high initial capital investment required for R&D and manufacturing of hip implants. However, new companies catering to developing nations with lower priced products pose some threat.
Bargaining power of buyers: The bargaining power of buyers is moderate as hip replacement surgeries are crucial for patients suffering from arthritis or other hip disorders. However, price transparency and availability of various product options provide some negotiation power.
Bargaining power of suppliers: Suppliers of raw materials like titanium, ceramics and polymers have moderate to high bargaining power due to requirements of specialized biomaterials for implants and limited number of credible suppliers.
Threat of new substitutes: There is low threat from new substitutes due to limited product development and innovation in the bone replacement market. Hip resurfacing is an alternatve but accounts for a niche market share.
Competitive rivalry: The competitive rivalry is high among established players due to their strong brand identity, extensive distribution networks and focus on new product technologies.

SWOT Analysis
Strengths: Proven clinical efficacy and safety records, strong brand recognition, advanced product portfolios with customized implants.
Weaknesses: High R&D costs, stringent regulatory policies, reimbursement risks in select regions.
Opportunities: Untapped markets in developing nations, growing geriatric population driving demand, additive manufacturing for customized implants.
Threats: Price wars among low-cost producers, biosimilar approvals, data privacy & security risks.

Key Takeaways

The global artificial hip implant 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. Rising prevalence of osteoarthritis and other joint disorders coupled with increasing global geriatric population are major market drivers.

Regional analysis: North America dominates the global market with the highest hip replacement procedures due to growing obesity rates and an advanced healthcare system. Asia Pacific region is anticipated to grow at the fastest rate due to large patient pool, improving access and rising medical tourism.

Key players: Key players operating in the hip replacement market include Depuy Synthes (Johnson & Johnson), Microport Scientific Corporation, Zimmer Biomet Company, Exactech Inc, DJO Global Inc, Stryker Corporation, and B. Braun Melsungen, Smith & Nephew. Companies are investing in new technologies like customized implants, minimum invasive procedures and stem cell therapy to strengthen their market presence.