Global Sports Medicine Market – Overview
Sports Medicine is an individual branch of medical dealing with the treatments, prevention, and diagnosis of the injuries and illness of athletics or sportsman. The global Sports Medicines market is well-established and growing pervasively. Increasing number of athletes and sportsmen coupled with the increasing incidences of sports injuries, increasing number of the sports medicine association, technological development and increasing awareness worldwide pushes the market to further heights.
Considering the rapid expansions the market is perceiving currently and the potential this market holds to grow further, Market Research Future (MRFR) recently published a study report, giving out a complete market insight for the period 2017 – 2023. In its analysis, MRFR asserts that the global Sports Medicine market will reach up to USD 9,655.6 Million by 2023 with 8.9 % CAGR during the review period (2017 – 2023).
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Additionally, factors such as growing population, and urbanization coupled with the awareness towards the availabilities of Sports Medicines and its benefits are fostering the market growth. Improving economic conditions across the globe enable access to the quality life, improving the healthcare, are providing impetus to the market growth. Seminal efforts &investments by the market players to develop innovative medicines & treatments are paying off well, driving the market growth.
Moreover, increased R&D expenditure to bring novelties in the surgical instruments and development of better and effective materials for medical devices, etc. are driving the market growth to an extent. In the US & UK, among some other developed countries, medical treatments are quite costly, which, in turn, fuels the market growth of medical tourism in the developing economies such as India and Malaysia & others.
Conversely, factors such as unfavorable reimbursement policies are expected to inhibit the market growth of Sports Medicine, especially in the developed economies. Also, the majority of the people are unaware of the availability of sports medical centers coupled with the lack of skilled professionals for treating pediatric sports injuries are impeding the market growth. Availability of the limited number of well- experienced and trained physician and doctors in sports medicines is a growth hindering factor for the market.
Industry Segments
The market for sports medicine is segmented on the basis of application, product, procedure and end users. The product based segmentation of the market consists of support & recovery products, joint reconstructive & repair products, accessories & consumables and others. The market segmentation on application basis consists of knee treatment, shoulder treatment, spine treatment, hip treatment, and others. Tendinosis, tendon to bone and cartilage repair are the segments of the market on the basis of procedure. The tendinosis segment has a large share in the market of around 54% in the sports medicine market by procedures globally. The end users of the market can be segmented into ambulatory care, trauma centers, hospitals & emergency care, and others.
Regional Overview
During the study period, the rising popularity of sports and increased knowledge about the treatment of sports injuries are expected to be major factors driving the regional market. The growing investment in North America is expected to boost the region's sports medicine market size. The availability of technologically advanced medical facilities to treat a variety of orthopedic injuries is expected to drive regional trade in the near future. During the review period, the United States, Canada, and Mexico are expected to make substantial contributions.
Due to an increasing interest in sports, Europe is expected to gain the second-largest market share during the forecast period. During the forecast era, the government's growing initiatives to expand the sports medicine devices market are expected to boost the market.
During the assessment period, the increasing demand for sports medicine devices in developing countries such as India, China, and Japan is expected to play a critical role in the development of the regional market. Furthermore, the regulatory framework for product approvals in these countries is comparatively less rigorous, facilitating the entry of new products and shortening the review period.
Due to the prevalence of underdeveloped countries and a lack of sports culture, MEA is expected to grow slowly over the forecast period. However, there are a number of untapped business opportunities that are likely to present lucrative market expansion opportunities. Because of the growing popularity of sports, Latin America is expected to develop at a significant CAGR during the assessment period. During the evaluation period, Brazil is expected to be a profitable market.
Key Global Players
Key players profiled in the report are Medtronics, Stryker, Zimmer Biomet, CONMED Corporation, and DePuy Synthes. There are more than 2,569 companies associated with sports medicines all around the world; with Arthrex, Inc. leading the global market.
Brand awareness & loyalty play a critical role in the industry. Established players must focus on product innovations and expansion strategies. The maintenance of market equity is of utmost importance, as the industry is highly integrated and specialized.
Marketing strategies, like endorsements from sports persons and celebrities, strongly drive further expansion. Hence, publicity and advertisement returns are imperative, as they largely impact the industry.
1 INTRODUCTION
1.1 DEFINITION
1.2 SCOPE OF STUDY
1.2.1 RESEARCH OBJECTIVE
1.2.2 ASSUMPTIONS & LIMITATIONS
1.2.2.1 ASSUMPTIONS
1.2.2.2 LIMITATIONS
1.3 MARKET STRUCTURE:
2 RESEARCH METHODOLOGY
2.1 RESEARCH PROCESS:
2.2 PRIMARY RESEARCH
2.3 SECONDARY RESEARCH:
3 MARKET DYNAMICS
3.1 DRIVERS
3.2 RESTRAINTS
3.3 OPPORTUNITIES
3.4 MACROECONOMIC INDICATORS
4 MARKET FACTOR ANALYSIS
4.1 PORTERS FIVE FORCES MODEL
4.2 BARGAINING POWER OF SUPPLIERS
4.3 BARGAINING POWER OF BUYERS
4.4 THREAT OF NEW ENTRANTS
4.5 THREAT OF SUBSTITUTES
4.6 INTENSITY OF RIVALRY
5 GLOBAL SPORTS MEDICINE MARKET BY PRODUCT
5.1 INTRODUCTION
5.2 JOINT RECONSTRUCTIVE & REPAIR PRODUCTS
5.2.1 IMPLANTS
5.2.2 LIGAMENT REPAIR DEVICES
5.2.3 FRACTURE
5.2.4 ARTHROSCOPY DEVICES
5.2.5 PROSTHETIC DEVICES
5.2.5 OTHERS
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