This point to degenerative (age related) arthritis which is also called as osteoarthritis. Osteophytes develop when there is wear and tear of cartilage. If the pain and stiffness are severe; total hip replacement is recommended. If the symptoms are mild, following would be the treatment;
1) Physical therapy; this is the mainstay of the management of the osteoarthritis. Stretching exercises, strengthening exercises, mild weight bearing exercises, swimming on the week-ends etc would be helpful.
2) Deep electrotherapy; this entails going to physical therapy center and take care of specific issues which are more painful.
3) Glucosamine and chondroitin supplements
4) Diacerin too can be tried which suppose to regenerate the cartilage.
5) Local analgesic sprays
6) Mild massage
7) Consideration of hyaluronic acid injection in the joints. Some physician may inject steroid too for the pain relief.
8) Warm shower in morning would open up the joints.
9) Capsaicin (Zostrix, ArthriCare) is an irritant derived from chili peppers that provide relief by depleting a chemical that transmits pain from nerve endings. Various strengths are available without prescription. (It causes a burning sensation thus one has to be careful while applying and should wear a disposable plastic glove).
10) Acupuncture; most popular forms of alternative or complementary medicine, particularly for pain relief.
11) Analgesic patches too are available for the pain relief.
If overweight is an issue; long term is achieved by weight reduction. High impact exercises should be avoided; like kneeling and bending.
Please feel free for your follow up questions.