Hip tendonitis refer to a condition in which single or many tendons connects various muscles to the hip bone, get damaged. The hip and pelvis joints supports the body weight in an upright position. The muscles present in this region are more bulky and strong, however, tendons are prone to damage with increasing age and changing lifestyle. During the last decade, the lifestyle of the people across the globe has changed dramatically. Increasing incident of sports injuries, rising geriatric population, increasing patients population suffering from rheumatoid arthritis & diabetes, and adoption of sedentary lifestyle have led to increase the prevalence of hip tendonitis, which significantly drives the market growth. According to the US centers for diseases control, over 10% of kids and teen participating in the sports suffer from minor or major types of injuries. Additionally, increasing government support for research & development of different drugs, changing lifestyle and lack of exercise have fuelled the market growth. However, long approval time for drugs and lack of precise treatment may slow the growth of the market.
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The global hip tendinitis market is expected to grow at a CAGR of 4.55% during forecast period 2017-2023.
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The global hip tendinitis market is segmented on the basis of types, treatment, and end users.
On the basis of types, the market is segmented into internal snapping hip, external snapping hip, and intra-articular snapping hip.
On the basis of treatment, the market is segmented into diagnosis and therapy. The diagnosis is further segmented into physical exam, imaging tests, and others. Imaging test is further segmented into ultrasound, magnetic resonance imaging (MRI) scans, and others. The therapy is segmented into pharmacological, non-pharmacological, shock wave or surgery, medical devices, and others. The pharmacological therapy is further segmented into OTC drugs, corticosteroids injections, platelet-rich plasma (PRP), and others. The medical devices are further segmented into mechanical band, support tape, pre-cut strips, continuous rolls, and others.
On the basis of end users, the market is segmented into hospitals & clinics, medical research centers, academic institutes, and others.
The global hip tendinitis market is dominated by America owing to the presence of huge geriatric population and continuous increasing number of diabetic patients. As per the report published by the population reference bureau, in 2015, the number of Americans ageing over 65 were 46 million, which is expected to reach over 98 million by 2060. Furthermore, increasing number of patients suffering form rheumatoid arthritis, changing lifestyle, and huge healthcare spending have boosted the growth of the market in America. According to the American Diabetes Association, over 30.3 million Americans population were suffering from diabetes in 2015. Additionally, increasing awareness among the people regarding different types of diseases and increasing government support is likely to contribute to the growth of the market during the review period 2017-2023.
Europe accounts for the second largest hip tendinitis market, which is followed by Asia Pacific. According to the Eurostat, in 2016, 19.2% of total European population were over age 65 years. Increasing geriatric population and adoption of sports by the people may drive the market growth. Moreover, availability of funds for research, and government support for research & development are expected to fuel the market growth.
Asia Pacific is the fastest growing region in the market due to the presence of a huge patient population, continuously developing economies, and the presence of huge opportunity in the market. On the other hand, the Middle East & Africa holds the least share in the global hip tendinitis market due to presence of poor economy, especially, in African region. The Middle East holds the major share of the Middle East & African market owing to the well-developed healthcare sector and huge healthcare expenditure.
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Key players for global hip tendinitis market
Some of the key players in the global hip tendinitis market are Almatica Pharma, Inc (U.S.), AstraZeneca (U.K.), Bayer AG (Germany), Boehringer Ingelheim Pharmaceuticals, Inc (Germany), Merck & Co., Inc (U.S.), Pfizer (U.S.), Abbott (U.S.), GlaxoSmithKline plc (U.K.), Teva Pharmaceuticals (Taiwan), Lupin Pharmaceuticals, Inc. (India), Geri-Care Pharmaceuticals. (U.S.), and Perrigo Company (U.S),
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