The hip kits market size is projected to be valued at US$ 6,810 Million in 2022 and is expected to rise to US$ 11,310 Million by 2032. The sales of hip kits are expected to grow at a significant CAGR of 5.2% during the forecast period. Some of the factors propelling the sales of hip kits are:
The frequency of osteoarthritis is constantly growing and has become an economic burden in many nations throughout the world.
Hip osteoarthritis causes joint degradation and can be addressed by hip arthroplasty, driving the adoption of hip kits during the forecast period.
The treatments are becoming more common as a result of the aging population, active government assistance, and improved patient information on replacement surgery. This, in turn, has a beneficial influence on the sales of hip kits.
The prevalence of cheap healthcare facilities in developed nations, as well as technology breakthroughs in non-invasive operations, are projected to drive market expansion.
Many orthopedic firms are creating cutting-edge technology that may be utilized to provide technically sophisticated replacement prostheses, which is expected to propel the demand growth.
Attributes
Details
Hip Kits Market Value (2022)
US$ 6,810 Million
Hip Kits Market Forecast Value (2032)
US$ 11,310 Million
Hip Kits Market CAGR (2022 to 2032)
5.2%
The global healthcare climate is taking a paradigm shift. The entire industry is adapting to new challenges and trying to build up an ecosystem which can balance the supply and demand ratio in the healthcare industry. Skilled manpower, post hospitalisation treatments (homecare) and parity in healthcare are some of the long pending challenges which the industry is facing and combating for decades.
The entire healthcare had adapted to a plethora of new ideas to meet the imminent challenges. One of the emerging segments of healthcare is homecare or post op care which is economically fertile and has a large global market.
The Hip kits market is directly attached to this new emerging segment of healthcare and it has an immense scope of growth. Estimated $215 billion healthcare industry is growing at an average rate of 8 percent and the growth rate will soar by the end of this decade. The hip kit market is flanked by the booming healthcare market and the growth of the healthcare market will directly impact the surge if the global healthcare market.
The demand of the adult homecare is exploding in Asian and European countries. Which is again fuelling the growth and sustenance of the emerging Hip kits market in this region Apart from U.S., Europe, China, Japan, Indian healthcare demographics are changing fast which is encouraging the mushrooming of start-ups and the growth of home care in the billion dollar market of India.
Which is a boon for the Hip Kits industry. These regions will have maximum demands of Hip kits as the mother industries like healthcare and homecare is growing fast. A report predicts that the healthcare device market will touch approximately $15 billion by 2017 which will also pull up the revenue of the Hip kits market f this region.
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Favorable Health Reimbursement to Act as a Sales Driver
Adequate health coverage and health reimbursement policy change for joint replacement surgeries are expected to drive demand for hip kits. The governments of various nations have created various health reimbursement programs for joint replacement procedures to provide inexpensive and high-quality treatment to all citizens. As a result, the number of persons receiving hip arthroplasty has increased, boosting the market.
Rapid Adoption of Customized Hip Prostheses to Bring Out Lucrative Growth Prospects for Players
The market for hip kits is expected to grow in response to the rising demand for personalized implants for both men and women. As each patient has a unique anatomy, implant sizes vary. For patient-specific implants, several hip kit manufacturers are focused on 3D printing technology.
The use of 3-D printing technology to make orthopedic implants resulted in a massive increase in the number of personalized implants. Non-metal materials, such as polymer and ceramic, are intended to assist address difficulties associated with traditional devices, such as increased metallic ions in patients' bloodstreams and implant degradation over time. Newer surgical procedures have reduced the hospital stay after total hip replacement surgery to fewer than four days.
Furthermore, the increased number of younger people suffering from degenerative illnesses is predicted to boost income throughout the projection period. The increasing number of robot-assisted operations has enhanced the success rate of minimally invasive procedures, which is expected to give attractive development avenues shortly.
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Hip Kits market: Drivers
The swelling adult population and the emerging home care industry and the changing scene of modern healthcare are some of the massive growth components which can assure a stable future for this hip kits industry. The growth curve of the Hip Kits market is mounting.
The hip kits market’s growth is bolstering globally as it is complimented by the massive wave of elderly population which will reach to 1.4 billion by 2050 according to UN. The healthcare markets of Japan is one of the biggest which is riding on a massive sum of $100 billion.
The Chinese market is crowded with 85 billion and the entire healthcare and homecare industry stands at $ 3 billion. The Indian healthcare industry is a $2.3 billion industry and it is growing at a steady rate of 18 percent annually. All these potential markets are favourable business grounds for Hip kits producers.
Hip kits are predominantly used by patients who are recovering from Hip, knee or back surgery. The kit is packed with dressing stick, 2 pairs of Perma-Ty Elastic Shoe Laces- 30" White and 24" Black, Raptor Reacher, Shoehorn with T handle, Scrubbies Round Sponge, Deluxe sock and stocking aid.
Hip Kits market: Restraints
The Hip kits industry is beaming with new inventions and modernization. But the cost and availability and healthcare awareness in the south-East Asian markets such as India, and China are some of the biggest factors which are puncturing the growth of this industry.
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Hip Kits market: Key Regions
The fast expanding healthcare markets of China, Japan, India, US and Europe are pushing the growth of Hip Kits market in this region. Most of the producers and manufacturers of Hip Kits are based in U.S.A., Japan, China. The export market of Hip kits is crowded with manufacturers from India, China and U.S. and Canada and Japan.
Though there is a gulf of difference in the pricing and in the quality of the products produced in the Asian hip kits market and in the international Hip kits market.
Hip Kits market: Key Players
There are multiple players who are dominating the hip kits markets spread across the globe some of them are based in U.S. such as Stryker corp, and they have earned almost $0.7 billion revenue from the global market. Apart from that Smith and Nephew from London, Medi Touch Limited in Israel, Surgitech, Dubai, Orthomax India, India are some of the standard Hip Kits producers in the hip kits international markets.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, types and applications.
The report covers exhaustive analysis on
Market Segments
Market Dynamics
Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies involved
Technology
Value Chain
Regional analysis includes
North America (U.S., Canada)
Latin America (Mexico. Brazil)
Western Europe (Germany, Italy, France, U.K, Spain)
Eastern Europe (Poland, Russia)
Asia Pacific (China, India, ASEAN, Australia & New Zealand)
Japan
Middle East and Africa (GCC, S. Africa, N. Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
