(PharmaNewsWire.Com, July 08, 2020 ) Growth in the sports medicine analysis market can be attributed to factors such as the increasing incidence of sports injuries, continuous influx of new products & treatment modalities, and developments in the field of regenerative medicine. On the other hand, the high cost of implants and other devices and the dearth of skilled professionals are expected to limit market growth to a certain extent during the forecast period.
What the Market Looks Like?
Predicted to grow at a CAGR of 6.5% during the forecast period, the global sports medicine market is estimated to reach USD 9.1 Billion by the end of 2024. Factors such as the rising popularity of sports and physical activity, increasing awareness regarding the prevention & treatment of sports injuries, and growing investments in sports medicine are driving the North American market.
On the basis of products, the sports medicine market is segmented into body reconstruction products (fracture & ligament repair products, arthroscopy devices, implants, prosthetics, orthobiologics), body support & recovery products (braces & support, physiotherapy equipment, and compression clothing), and accessories. The body support & recovery products segment is expected to witness the fastest growth during the forecast period. Products such as braces, supports, and physiotherapy equipment are required before and after procedures involving reconstruction. Thus, the demand for these devices is growing due to the increasing number of sports injuries globally.
Sports medicine is widely used for the prevention of sports injuries as well as for the cure, recovery, and rehabilitation of athletes. The sports medicine applications market is segmented into knee injuries, shoulder injuries, foot & ankle, elbow & wrist, back & spine, hip & groin, and other injuries. The knee injuries segment held the largest share of the market in 2018, a trend that is expected to continue during the forecast period. The large share of this segment can be attributed to the fact that a large number of knee injuries are recorded across major sports, globally, accounting for approximately 40% of all injuries due to sports.
What Drives the Market?
The growth of the global market for sports medicine is primarily influenced by the following factors:
+ Increasing Incidence of Sports Injuries + Continuous Influx of New Products and Treatment Modalities + Developments in the Field of Regenerative Medicine
Geographical growth scenario of Sports Medicine Market:
Geographically, North America is expected to dominate the global sports medicine market in 2018, while the Asia Pacific region is expected to register the highest CAGR during the forecast period.
The high growth in this region can be attributed to the growth of the sports industry and overall participation in sports. Sporting events such as the 2008 Beijing Olympics, 2018 Winter Olympics in Korea, and the upcoming 2020 Summer Olympics in Japan have increased the level of interest in sports in Asia.
Leading market players and strategies adopted:
The major players operating in the sports medicine market include Arthrex, Inc (US), Smith & Nephew plc (UK), and Stryker Corporation (US). Other players involved in this market include Breg Inc. (US), DJO Global, Inc. (US), Mueller Sports, Inc. (US), Wright Medical Group N.V. (US), Medtronic (Ireland), RTI Surgical (US), Performance Health International Limited (US), KARL STORZ (Germany), and Bauerfeind AG (US).
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