Sports Medicine Market – Insights:
Global sports medicine market is set to proliferate at a steady CAGR of 8.9% over the forecast period 2017 to 2023. With the rise in inclination towards sports, the need for prevention, diagnosis, and, treatment of sports injuries has also increased. Market Research Future (MRFR) has unfolded in its latest report that the.
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However, the dearth of proper awareness about sports safety measures, lack of skilled professionals for treating sports injuries, complex reimbursement policies, etc. are projected to be the major restraints of market growth.
The increasing number of sports associations has accelerated awareness about the benefits of sports medicines and its availability which has fueled the growth of the market. The rising incidences of sports injuries are favoring the expansion of the market. Research & development activities undertaken by the key players coupled with the introduction of new products catering to the need for different injuries have catalyzed the revenue generation in the market.
The key players competing in the market have been profiled by MRFR to draw a deeper insight into the market which includes Medtronic, Zimmer Biomet, DePuy Synthes, Smith & Nephew plc, Stryker, CONMED Corporation, GE Healthcare, Arthrex, Inc., among others. The players strive to tap the unexplored opportunities in the market by devising strategies such as expansion of product portfolio, research & development activities, innovative partnership, agreements, establishment of technically advanced manufacturing plants, acquisitions & mergers, etc. Presently, there are more than 2569 players participating in the competitive landscape of the market.
Arthrex, Inc, which is the global leader for the sports medicine market, is establishing 122-foot tower in North Naples as a part of its expansion plan. The new office will be the company’s new event and administration building for supporting the manufacturing growth of sports devices and medicines.
CoRehab, based in Trento, Italy, has signed a distribution agreement with Zimmer Biomet, an industry leader in the sports medicine market. Zimmer Biomet will be distributing modules of CoRehab’s sports medicine and physical therapy platform. The marketing and sales of the products will occur under the Zimmer Biomet trade name of Smartmove.
By region, the global sports medicine market has been segmented into North America, Europe, Asia Pacific, and, Middle East and Africa. North America is the leading market globally and accounted for 39% of the market size in 2016 with a market valuation of USD 1,883.6 Mn. According to a report published by the Centers for Disease Control (CDC), the U.S., high school athletes accounts for around 2 million sports injuries every year. The rising count of sports injuries in the region is one of the key drivers of the market.
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Europe holds the second spot in terms of market size and is poised to retain its influence throughout the forecast period. The accelerated rate of sports activities in the region has paved the way for the upward shift in the demand curve of sports medicines owing to rising count of sports injuries. Furthermore, increasing awareness on the consumer’s side coupled with the growth strategies of key players has also fueled the market expansion in the region.
Asia Pacific region is set to thrive saliently over the assessment period at a robust CAGR of 9.2% and will demonstrate the steepest rise in the growth curve. The factors favoring market expansion in the region are developments in the healthcare sector, increasing sports associations, rising awareness about health and sports medicines, etc. Middle East & Africa market will grow at the slowest pace with the least market share over the next couple of years.
By product, global sports injuries market has been segmented into joint reconstructive & repair products, support & recovery products, accessories & consumables and others.
By application, the market is segmented into shoulder treatment, knee treatment, hip treatment, spine treatment, and others.
By procedure, the market is segmented into tendinosis, tendon to bone, and cartilage repair. The tendinosis segment is poised to captivate the most substantial fraction of market revenue during the projection period.
By end-user, the market has been segmented into hospitals & emergency care, trauma centers, ambulatory care, and others.
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