Overview
The upswing in the popularity of sports such as football, cricket, etc has increased the demand for sports medicine. Market intensive reports related with the healthcare industry among others recently have been made available by Market Research Future which issues reports on this industry. The market for sports medicine is projected to achieve revenues worth $ 9,655.6 million by the end of 2023 while developing at a CAGR of 8.9 percent in the forecast period.
The high rate of investments in sports has created ample opportunities for growth of the sports medicine market. The achievement of performance training and optimal health goals has enhanced the growth potential of the market. The prospects of growth in the market have increased due to the rising incidence of injuries in the sports sector. Facilities for sports medicine are highly sought-after by athletes which have led to significant development of the market. Evolving areas in the sports medicine market are expected to comprise of advances in the diagnosis and treatment of injuries with newer devices, stem cell therapies and rehabilitation modalities.
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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.
Detailed Regional Analysis
Geographically, North America accounted for the leading market for Sports Medicine, capturing 39 % of market share, valuing USD 1,883.6 Million in 2016, followed by the markets of Europe & Asia Pacific, respectively. The market is growing due to the significant contributions from the burgeoning market of the US backed by the high expenditure on healthcare coupled with the increasing prevalence of sports injuries and increasing number of sports medical centers. Moreover, growing demand for the Sports Medicine provides impetus to the market growth. Continuing with the same trends, the North America market is expected to create a larger revenue pocket in the global market by 2023.
On the other hand, Europe, the world’s second-largest market for Sports Medicine is driven by the high per capita income and well-established healthcare penetration in the region. The strong market growth in the countries like Germany & France drives the regional market growth large scale. With the increasing investment in healthcare and rising number of sports injuries, the market is projected to register a phenomenal CAGR.
Asia Pacific market for the Sports Medicine is expected to perceive an exponential growth owing to the growing markets of India & China backed by the vast population and the increasing number of sports medical centers in the region. Vietnam, Thailand, and Malaysia among the other South East Asian countries are projected to contribute significantly to the regional market growth. With the growing Medical Tourism markets in India & Malaysia, the APAC region will register a CAGR of 9.2% during the review period.
Global Competitive Analysis
The existing players in the global sports medicine market are pursuing a variety of growth strategies, including partnership, mergers, and acquisitions. As people become more interested in sports, there is a greater need for new and safe ways to treat injuries, and key players are focused on expanding their scope. The growing number of expansion initiatives is likely to increase market competition in the near future. The notable players are Smith & Nephew plc, Stryker, CONMED Corporation, DePuy Synthes, GE Healthcare, Arthrex, Inc., Medtronics, and Zimmer Biomet are prominent players in the global sports medicine market.
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
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