Global Sports Medicine Market 2017 Future Estimations, Key Players and Regional Analysis to 2023
Sports Medicine Market Information; By Product (Joint Reconstructive & Repair Products, Support & Recovery Products, Accessories & Consumables, Others), By Application (Shoulder Treatment, Knee Treatment, Hip Treatment, Spine Treatment, Others), By Procedure (Tendinosis, Tendon to Bone, Cartilage Repair) and By End-User (Hospitals & Emergency Care, Trauma Centers, Ambulatory Care, Others) - Global Forecast to 2027
The global sports medicine market is expected to rise at a CAGR of 8.9% over the forecast period from 2017 to 2023 to reach a valuation of USD 9,655.6 million, according to the latest research report from Market Research Future (MRFR). The global sports medicine market is mainly driven by the growing awareness about the field among sporting bodies and the growing number of student athletes participating in sporting events. The increasing risk of injuries and serious bone fractures in modern college sports is likely to drive the global sports medicine market further over the forecast period.
The growing awareness about the field of sports medicine and its utility in keeping athletes in shape and free from injuries is likely to be a major driver for the global sports medicine market over the forecast period. Sports medicine, as a specialized entity, is a relatively recent invention, the product of the increasing commercial potential of sports and the increasing realization of the need for advanced, focused channels to keep athletes fit and in shape. The need for sports medicine has grown exponentially over the last few decades, as global giants as well as universities and other smaller outfits have come to recognize their immense utility. The growing interest in sports among youth, especially in North America and Europe, is likely to remain a major driver for the global sports medicine market over the forecast period.
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The increasing risk of injuries in sports is also likely to be a key driver for the global sports medicine market over the forecast period. According to the U.S. CDC, around 10% of children and teenagers participating in sports suffer from injuries, with most injuries being clustered around the 12-16 age groups and around contact sports such as football. This is likely to drive the demand for advanced sports medicine facilities that can adequately fulfill the needs in any given situation.
Competitive Analysis:
Leading players in the global sports medicine market include Arthrex Inc., Smith & Nephew plc, GE Healthcare, DePuy Synthes, CONMED Corporation, Zimmer Biomet, Stryker, and Medtronic. Arthrex Inc. holds the leading share in the global sports medicine market and is likely to retain the lead over the forecast period.
Industry Updates:
Two new sports medicine facilities opened up in the U.S. in the first half of April 2019, one in Scarsdale run by the New York Presbyterian/Columbia Medical University Medical Center, and one run by Indiana State University (ISU).
Segmentation:
The global sports medicine market is segmented on the basis of product, application, procedure, end user, and region.
Based on the product, the sports medicine market has been segmented into joint reconstructive & repair products, support & recovery products, accessories & consumables, and others.
Based on the application, the sports medicine market is segmented into shoulder treatment, knee treatment, hip treatment, spine treatment, and others.
Based on procedure, the market is segmented into tendinosis, tendon to bone, and cartilage repair. Tendinosis holds a dominant 54% share in the global sports medicine market and is likely to remain dominant over the forecast period.
By end user, the sports medicine market is segmented into hospitals & emergency care centers, trauma centers, ambulatory care centers, and others.
Regional Analysis:
North America holds the largest share in the global sports medicine market due to the high awareness among consumers in the region about the benefits of sports medicine and the growing interest in sports among youth and younger consumers in the region. The North America market accounted for 39% of the global sports medicine market in 2016 and was valued at USD 1,883.6 million. The increasing incidence of sports injuries and the increasing technological advancement in the healthcare sector are likely to drive the sports medicine market in North America over the forecast period.
Asia Pacific is expected to exhibit the fastest growth, at a 9.2% CAGR over the forecast period. The region currently doesn’t have nearly as many sports medicine facilities as North America or Europe, but the increasing interest in sports in Asian countries such as India, China, Thailand, Indonesia, Australia, and Malaysia is likely to drive their demand over the forecast period, leading to steady growth.
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