The global sports medicine market is expected to reach USD 12.5 billion by 2025, according to a new report by Hexa Reports. Rising incidences of sports related injuries worldwide is anticipated to be high impact rendering driver for the lucrative growth of sports medicine market.
As per data published by the U.S. Consumer Product Safety Commission’s National Electronic Injury Surveillance System (NEISS) in 2012, around 1.9 million people encountered such injuries. Additionally, with aid of fitness awareness initiatives from government and health organizations, people nowadays are more focused on physical exercise including gym, outdoor sports and others fitness activities. With this people are more prone to injuries, hence contributing to the remunerative growth of market.
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Additionally, influx of technologically advanced products such as minimally invasive surgical products is anticipated to increase the demand for these devices over the forecast period. For instance, in March 2015, Smith & Nephew launched Q-FIX implant which assists surgeon’s flexibility for all sutures anchors along with fixation and pull-out strength equivalent to large sized anchors.
Similarly, in May 2014 Smith & Nephew acquired ArthroCare, a medical device company based in the U.S. specialized in tissue repair devices. This acquisition helped the company to enrich its sports medicine product portfolio.
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Further key findings from the study suggest:
- Body reconstruction and repair devices consisting of surgical equipment, soft tissue repair, and bone reconstruction devices held significant share in 2016 and also this segment is anticipated to exhibit lucrative growth rate over the forecast period.
- Knee-related applications held largest market share in 2016.The knee injuries are the most frequent in most of the games such as soccer, basketball, bicycle, and running which supported the dominion in application segment.
- In the therapeutic segment, cardiology, IVD, and drug delivery are the top performing segments. Rising incidences of cardiac failures, infectious diseases and high research activity in the field of drug delivery are certain vital impact rendering factors.
- North America, held commanding shares in global sports medicine market. Improved healthcare infrastructure and high healthcare expenditure are key factors responsible for growth. In addition, presence of organizations which are dedicated in field of sports medicine such as the American College of Sports Medicine (ACSM) facilitated availability of adequate and qualified staff.
- The key players of the industry include Stryker Corporation, Arthrex, ArthroCare, Tornier N.V., Wright Medical Technology, DJO Global, Otto Bock Healthcare, Ossur HF, Zimmer Holdings Inc., and Smith & Nephew Plc.
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