The upswing in the popularity of sports such as football, cricket, etc has increased the demand for sports medicine. Market intensive reports related with the healthcare industry among others recently have been made available by Market Research Future which issues reports on this industry. The Sports Medicine Market is projected to achieve revenues worth $ 9,655.6 million by the end of 2023 while developing at a CAGR of 8.9 percent in the forecast period.
The high rate of investments in sports has created ample opportunities for growth of the sports medicine market. The achievement of performance training and optimal health goals has enhanced the growth potential of the market. The prospects of growth in the market have increased due to the rising incidence of injuries in the sports sector. Facilities for sports medicine are highly sought-after by athletes which have led to significant development of the market. Evolving areas in the sports medicine market are expected to comprise of advances in the diagnosis and treatment of injuries with newer devices, stem cell therapies and rehabilitation modalities.
Global Sports Medicine Market – Key Players
Key players profiled in the report are
- Zimmer Biomet
- CONMED Corporation
- DePuy Synthes
- GE Healthcare
- Smith & Nephew plc
- Arthrex, Inc.
Global Sports Medicine Market – Competitive Analysis
The competitors in the market are persistently trying to establish leading market positions through new policies and strategies. The experienced management in the companies operating in the market are creating business models which can bring about a fruitful phase of development. The key trends and players have established a positive tone for development. The competitors in the market are trying to succeed commercially by ensuring demand and supply are in balance. The contenders in the market are also leveraging their competitive advantages to secure their growth in the market. The momentum of the market’s growth has altered the competitive backdrop of the market. The market development by competitors also comprises of strong risk management.
Medtronic is one of the significant players in the market. The company is U.S. based and is one of the global leaders in providing cardiovascular products. The company enhances its products sales across the globe by the strategy of acquisitions, collaboration which is followed by product launches to tap the growing markets of the middle and low income countries. In 2016, the company’s revenue was about USD 28,833 million and R&D expenditure accounted for 7.7% of the total revenue.
In October, 2016 Medtronic got an approval for its suite of cardiac rhythm and heart failure. This advancement gave patients SureScan MR-conditional pacemakers, implantable cardioverter-defibrillators (ICDs) and cardiac resynchronization therapy-defibrillators (CRT-Ds).
In August 2016, Stryker Orthopaedics received the U.S. FDA approval for MAKO total knee application. This helped the company to expand its current MAKO offering for partial knee and total hip applications and it also provided a comprehensive solution in the robotic reconstructive service line of Stryker.
In July 2016, Zimmer Biomet acquired LDR Holding’s innovative spine business. The followed combination created a spine company with the scale, talent and technology portfolio which became a leader in the $10 billion global spine market.
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- The Global Sports Medicines Market is expected to reach USD 9,655.6 million by 2023
- Tendinosis commands the largest share market of 54% in global sports medicine market by procedures.
- North America has the largest market share of 39% in global sports medicines market.
- Asia pacific region is expected to be the fastest growing segment with the CAGR of 9.2% during the forecasted period.
- There are more than 2569 companies associated with sports medicine and sports medicine devices all around the world.
- Arthrex, Inc is the global leader for the global sports medicine market.
Global Sports Medicine Market – Segmentation
The global sports medicine market is segmented on the basis of product. Based on the product, the market has been segmented as joint reconstructive & repair products, support & recovery products, accessories & consumables and others. Based on the application, the market has been segmented as shoulder treatment, knee treatment, hip treatment, spine treatment, and others. Based on the procedure, the market has been segmented as tendinosis, tendon to bone and cartilage repair. Based on the End User, the market has been segmented as hospitals & emergency care, trauma centers, ambulatory care, and others.
Global Sports Medicine Market – Regional Analysis
The global market for sports medicine covers regions such as Middle East, Africa, North America, Europe, and Asia Pacific. The North American region has been assessed as having the main market share of about 39 percent in the sports medicines market and globally and as of 2016 was commanding the largest market share in the market. The value of the market is estimated to be worth USD 1,883.6 Million as of 2016. Growing prevalence of sports injuries and swelling number of sports medical centers in the North American region is accountable for the development of the market. The European region is accredited as the second chief market which is followed by the Asia Pacific region. The Asia Pacific region is anticipated to be a rapidly growing segment with a CAGR of 9.2 percent through the forecasted period, owing to constant development in the healthcare sector and growing awareness about sports and health. The Africa and Middle East region generates the minimum income level for the sports medicine market.
Major Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope of the Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
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