Sports medicines are known as the branch of medicines that deals with the physical health and curing or prevention of sports relates injuries. In almost a last decade it has been noticed that people are more aware about health. Increasing health education in school and different programmes on social media has led to increase the awareness about health. People have started adopting sports as the mean to maintain the health and as extracurricular activity. Not only young but elderly people have also adopted sports. This has led to increase the number of sports related injuries across the globe. This increasing number of sports injuries and sports medicine centres are the major reason for the growth of sports medicines market across the globe. On the other hand lack of skilled professionals for treating pediatric sports injuries and high cost of treatment may hamper the growth of the market.
The global sports medicines market is majorly segmented on the bases of product type, procedures, application, end user and regions.
The global sports medicines market on the basis of product type is segmented into reconstructive products, support and recovery products and accessories. Joint reconstructive & repair products segment accounts the largest market share of the global sports medicine market by product type. Continuous innovation in research and development, technological advances and introduction of new and better surgical procedures has led to increase the market for reconstruction product.
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Sport medicines is a medical branch which deals with the treatment, prevention, and diagnosis of the injuries of the athletes. Sports medicines plays an important part in the sports. Many drivers and restrains affects the growth of the market during the forecast period. Increasing prevalence of sports injuries, increasing number of sports medicine associations, rising awareness alongside of the technological development are the major drivers for the market. From last couple of decades, more people are attracted towards different sports. Increasing awareness about fitness made people from different age groups to participate and join different sports clubs. This lead to more frequent sports injuries. According to the Centers for Disease Control and Prevention, on an average about 8.6 million sports and recreation related injuries episodes were reported in 2016. Moreover, it was estimated that males and people aged from 5 years to 24 years accounted for more than one-half of the injury episodes. On the other hand, factors like lack of skilled labours along with high cost may restrain the market growth during the forecast period. However, the presence of opportunities like rise in influx of athletes and technological advances in sports medicines have the potential for the market growth.
The global sports medicine market is growing with the rapid pace. According to a recent study report published by the Market Research Future, the global sports medicine market is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2014 – 2023).
Medtronic, Stryker, Zimmer Biomet, CONMED Corporation, DePuy Synthes, GE Healthcare, Smith & Nephew plc, and Arthrex, Inc. are some of the prominent players at the forefront of competition in the global sports medicine market and are profiled in MRFR Analysis.
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Characterized by the presence of several well-established and small players, the global sports medicine market appears to be a highly competitive and fragmented market. International players who are increasingly expanding their footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of features product portfolios, quality, and pricing. The market is witnessing intensified competition which is expected to get more intensified further during the forecast period. The intense competition prevalent in the market dictates the consolidation among marketers.
Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position.
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 North America leads global sports medicine market. This can be attributed due to the technology advanced healthcare market within the region. The North America is followed by Europe. Countries like the U.K, France, Germany and Russia within the region are extensively grows the market in the presence of the developed healthcare sector. The Asia Pacific is the fastest growing market. On the other hand, Middle East & Africa have the least share of the market.
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