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Considering all these factors the market for sports medicine is expected to reach $ 9,655.6 million by the end of 2023, this market is projected to growing at a CAGR of 8.9 % during 2017-2023.
The report titled “Sports Medicine Market -Forecast to 2023″ is a direct appreciation by Market Research Future of the market potential of the Sports Medicine Market. The report intends to provide accurate and meaningful insights, both quantitative as well as qualitative. It can be said with high confidence level, that this report will satisfy the need for comprehensive insights needed to compete and beat other players in today’s winner takes all market!
North America leads the global market for sports medicines with a market share of 39% valued at USD 1,883.6 Million in 2016. The U.S. accounts for the largest market stake of the North American market owing to its large economy.
Europe accounts for the second largest market led by Germany, France, Spain and Italy. The growing popularity of Soccer has led to a growth in the market of European and Latin American nations. Asia pacific region is anticipated to be the fastest growing market at a CAGR of 9.2% led by China, India, South Korea and Japan. Middle East and Africa are expected to generate moderate growth owing to limited sporting events and culture.
The dominant players are CONMED Corporation, Medtronics, Stryker, Smith & Nephew plc, DePuy Synthes, Zimmer Biomet, GE Healthcare, Arthrex, Inc. and others. Although there are some 2569 companies in the global sports medicine market Arthrex, Inc. is the market leader.
Sports medicine or exercise medicine deals with physical fitness treatment, prevention and diagnosis of sports and exercise related injuries. The global sports medicine market is anticipated to generate USD 9,655.6 million with a CAGR of 8.9 % during the forecast period of 2017 to 2023.
Increase in popularity of sports and the concurrent increase in sports related injuries and number of sportspersons is the critical driver for the market. Increase in the number of the sports related association, technological advancements such as development of advanced devices such as pneumatic compression devices and increasing awareness are other drivers of the market.
The advent and growing popularity of adventurous sports such snowboarding, mountain biking, are other drivers of the market due to greater propensity of suffering injuries. According to U.S. centers for diseases control estimates about 10 % of kids participating in the sports suffer from injury with an injuries peaking during 12-16 years of age. Lack of safety culture and safety gears during games is another major reason for the growing market. The growing influence of media and tourism also indirectly propels the market by raising the popularity of sports.
The report for Global Sports medicine Market by Market Research Future comprises of extensive primary research along with the detail analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain a deeper insight of the market and industry performance. The report gives a clear picture of current market scenario which includes past and estimated future market size with respect to value and volume, technological advancement, macro economical and governing factors in the market. The report provides detail information about and strategies used by top key players in the industry. The report also gives a broad study of the different market segments and regions.
- Global Sports medicine solutions providers, manufacturers & suppliers
- Research and development (R&D) companies
- Market research and consulting service providers
- Academic institutes and universities
Lack of awareness in underdeveloped regions, scarcity of skilled professionals, concerns over the effectiveness and efficacy of devices used in the treatment of sport medicines and uncertainty over the medical devices taxes are restraints acting on the market.
There is uncertainty of healthcare reforms prompting U.S. medical devices players to obtain marketing approval of new products in Europe. The food and drug administration (FDA) classifies medical devices into Class I, II, and III with concurrent increase in regulatory control from Class I to Class III. Class III devices require premarket approval (PMA). PMA requires valid scientific evidence about the probable health benefits from the intended use of a device which must outweigh the probable risks.
- 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.
The global sports medicine market is segmented by product, application, procedure, end user and regions to have a better understanding of the market.
Product – joint reconstructive & repair products, support & recovery products, accessories & consumables and others.
Application – shoulder treatment, knee treatment, hip treatment, spine treatment, and others.
Procedure – tendinosis, tendon to bone and cartilage repair. Tendinosis accounts for the largest market share of 54% in the global sports medicine market by procedures.
End User – hospitals & emergency care, trauma centers, ambulatory care, and others.
Regions – North America, Europe, Asia Pacifica and Middle East and Africa
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