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).
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.
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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.
Key Players:
The global sports medicine market is dominated by key players such as Stryker, Medtronics, CONMED Corporation, Zimmer Biomet, GE Healthcare, DePuy Synthes, Arthrex, Inc., Smith & Nephew plc, and others.
Global Sports Medicine Market –Competitive Analysis
The global Sports Medicine market appears to be fiercely competitive and fragmented with many well-established players having the global presence. Brand reinforcement, mergers & acquisitions, and innovation remain the popular trends for the key players in the market.
Industry/ Innovation/ Related News:
May 01, 2018 – Doctors at Western Orthopedics and Sports Medicine, US announced that they would be joining the team of Community Hospital in Grand Junction from July 01, 2018. In other words, the Community Hospital has acquired the Western Orthopedics and Sports Medicine including its facility & the staff. The deal will help the hospital to keep costs down without charging any extra fees for service which would otherwise result in the higher health care costs.
Market Segmentation:
The global sports medicine market has been segmented based on the product, procedure, end user, and application. Based on product, the market has been segmented into repair and joint reconstructive products, consumables & accessories, recovery & support solutions, and others. Based on procedure, the market has been segmented into cartilage repair, tendon to bone repair, and tendinosis. Based on end user, the market has been segmented into trauma care, ambulatory care, hospitals & emergency units, and others. Based on application, the market has been segmented into knee treatment, shoulder treatment, spine treatment, hip treatment, and others.
Regional Analysis:
By region, the sports medicine market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Middle East and Africa. Of these, North America will have mammoth share in the market over the predicted years. This is due to growing number of sports medical centres and growing occurrence of sports injuries in this region. The sports medicine market in the European region will have the second major share in the market followed by the APAC region. The sports medicine market in the APAC region is anticipated to grow at the fastest pace over the predicted years owing to increasing awareness regarding health and sports coupled with constant development in the healthcare sector. On the other hand, the sports medicine market in the Middle East and African region is poised to have minimal share over the predicted years.
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