North America is anticipated to dominate the market during the forecast period owing to the growing healthcare infrastructure and favorable insurance coverage in the region.
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Global sports medicine market is expected to register a CAGR of 7.5% during the forecast period of 2018–2023.
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Key Leading Major Companies Mentioned:
Arthrex, Inc., Conmed Corporation, Johnson & Johnson, Medtronic Plc, Mueller Sports Medicine, Inc., Performance Health, Smith & Nephew Plc, Stryker Corporation, Wright Medical Group, Zimmer Biomet Holdings, Inc.
Rising Incidence of Sports-related Injuries
According to a study conducted by The Johns Hopkins University, in the United States, about 30 million children and teens participate in some form of organized sports, and more than 3.5 million injuries each year are experienced by the participants.
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The most common injuries are sprains and strains. Moreover, trends suggest that incidences of injuries will increase significantly in the coming years.
Additionally, the rate of injury is expected to increase in the developing part of the world, as sports is gaining significance in the region. The high rate of injury in the developed countries, along with increasing incidences of injury in developed and developing countries is expected to drive the sports medicine market across the globe.
Additionally, consistent innovation of new products and treatment modalities and the rising demand for minimally invasive surgeries, such as arthroscopy, are further driving the market for sports medicine.
Dearth of Proper Sports Ecosystem
Lack of sports medicine ecosystem is a major hurdle, especially in the developing nations. Several Asian countries face a dearth of a proper ecosystem through which these products and services could reach the end users.
In India, although numerous sports are played, and prevalence of injuries is high, sports medicine does not reach where it is needed the most. Factors such as lack of centers of excellence in sports medicine, no proper liaison between sports bodies and government in availing services for sports medicine specialists, and no super specialty seats for sports medicines in universities are holding back the progress of sports medicine in developing countries.
Additionally, the high cost of implants and devices are likely to impede the market.
North America to Dominate the Market
North America dominates the sports medicine market. The factors attributing to the growth of this region are the increase in awareness among people regarding physical fitness and rise in the number of sports injuries in the region.
Asia-Pacific is anticipated to grow tremendously during the forecast period owing to factors, such as growing government initiatives to promote sports activity, and favorable government support in reimbursement policies for sports treatment.
Key Developments in the Market
May 2017: Stryker and AlloSource announced collaboration to distribute biologics for use in sports medicine procedures.
September 2016: Stryker’s Endoscopy division acquired Ivy Sports Medicine, LLC, whose portfolio comprises of a comprehensive minimally invasive meniscal repair platform.
Reasons to Access the Report
Follow the current and future global sports medicine market in the developed and emerging markets.
Analysis of various perspectives of the market with the help of Porter’s Five Forces Analysis.
Identify the segment that is expected to dominate the market.
Identify the regions that are expected to witness the fastest growth during the forecast period.
Identify the latest developments, market shares, and strategies employed by the major market players.
3 months analyst support along with the Market Estimate sheet (in Excel).
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