Hip Reconstruction Devices Market Size

Hip Reconstruction Devices Market Analysis

The hip reconstruction devices market is expected to register a CAGR of 6.4% over the forecast period.

The COVID-19 pandemic had an adverse impact on the hip reconstruction devices market initially, with the temporary delay or cancellation of non-COVID treatment and surgical interventions. The risk of the virus reduced the number of patients visiting the hospital for non-COVID issues. For instance, a study published in the Arthroplasty in August 2022 highlighted that the volume of total hip arthroplasty (THA) decreased by 24.5% from the pre-pandemic period due to the outbreak of SARS-CoV-2. However, in the post-pandemic period, the market is expected to grow at a normal pace with the resumption of elective, non-COVID, and non-urgent procedures. For instance, in January 2022, the hospital system in Indiana, United States, resumed elective surgeries, such as hip replacements and tonsillectomies, that were postponed during the pandemic. Thus, the COVID-19 outbreak adversely impacted the market's growth in its preliminary phase. Moreover, the market is expected to grow further at a normal pace with the resumption of elective surgeries and the increasing demand for hip reconstruction devices globally.

Further, the hip reconstruction devices market is expected to grow with the increasing incidences of hip fractures, hip osteoarthritis, and the expanding geriatric population. The incidence of hip fractures and hip osteoarthritis has been increasing and is expected to increase the demand for hip reconstruction surgeries for the management of any hip injury, pain, and other symptoms. For instance, a study published in the Irish Journal of Medical Science in April 2022 stated that the number of hip fractures increased by 12.88% in Ireland in 2021. Further, as per the data published by the OECD stats in 2023, over 46,368 and 13,815 procedures of hip replacements were performed in Turkey and Denmark, respectively, in 2021. Thus, with the increasing cases of hip fractures, the demand for hip reconstruction surgeries is anticipated to increase, which is expected to drive the growth of the hip reconstruction devices used in surgeries globally.

Furthermore, the expanding geriatric population has a major impact on the hip reconstruction devices market. The aged individuals have a high risk of developing hip osteoarthritis and getting a hip injury, which requires hip reconstruction surgery for the management of the condition. For instance, as per the data published by Eurostat in 2022, the percentage of individuals aged 65 years and above has been increasing in the European Union region. The source stated that in 2021, the share of individuals aged 65 years and above out of the total population was 20.7%, and in 2022, it increased to 21.0% in France. The same source also mentioned that the share of individuals aged 65 years and above out of the total population was 19.8%, and in 2022, it increased to 20.1% in Spain. Thus, with the expanding geriatric population and the high risk of hip fracture and hip osteoarthritis, the demand for hip reconstruction surgeries is expected to increase, which would drive the demand for hip replacement devices.

Also, the recent developments by the key players are expected to boost the growth of the market. For instance, in June 2022, Smith+Nephew stated that the first successful surgery with its preoperative spinopelvic assessment tool, RI. HIP MODELER for the total hip arthroplasty (THA) procedure was performed at Duke University, United States. Such positive results with the usage of devices are expected to contribute to an increase in the adoption of devices and hence boost the growth of the market. Further, in March 2022, Johnson & Johnson MedTech acquired the portfolio of CUPTIMIZE hip-spine analysis by the Orthopaedics Company of Johnson & Johnson DePuy Synthes. The acquisition of the CUPTIMIZE hip-spine analysis portfolio would enhance the surgical solution portfolio of DePuy Synthes. The system offers an easy-to-use tool for a better understanding of the abnormal motion between the spine and pelvis. The system would also enhance the surgical planning capabilities of the DePuy Synthes' VELYS digital surgery platform.

Therefore, owing to the aforementioned factors, including the high burden of hip fracture, expanding geriatric population, and the recent developments by the key players, the studied market is anticipated to witness growth over the analysis period. However, the high cost of the treatment is likely to impede market growth.