The Worldwide “Sports Medicine Market” is Majorly Driven by Increasing Number of Sports Medicine Associations, Growing Instances of Sports Injuries, Increasing Awareness about Sports Medicines, and Technological Advancements.
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.
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Sports Medicine Market: Overview
The market for sports medicine is likely to reach USD 9,655.6 million by 2023. The market is anticipated to grow at a CAGR of 8.9% during 2017-2023. Sports Medicine is the branch of medicine that deals with prevention, treatment, and diagnosis of the ailments or injuries suffered by athletes or sportsmen. Sports medicines play a crucial part in sports. The global market for sports medicine is likely to anticipate a steady growth over the forecast period.
The market is largely driven by the unwillingness among people to go under the knife. In case of injuries, medicines are preferred any day over surgeries. Increased need for a fit and healthy lifestyle makes people hit the gym, work out, jog, run, and lift weights. This often leads to fractures, unsolicited sprains, dislocations and tennis elbows. Such instances boost the market for sports medicine since surgeries can be time consuming and expensive. Sports medicines come with lesser complications and side effects. Besides, sports medicine has gained popularity among the aging population.
Sports medicines are also preferred by coaches and trainers as they come with lesser side effects and complications. Additionally, the scope for manufacturing trustworthy medicines has witnessed a sharp rise with each passing year. The sports medicines market is also anticipated to grow considering the increased interest in sports among young generations and taking it as a profession. However, lack of trained professionals for treating injuries and the high cost of the medicines are likely to affect the market growth in an adverse way. Also, the complex reimbursement policies in the context of medical treatments affect the sports medicines market negatively.
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.
Worldwide sports medicines market has been segmented into Asia Pacifica, Europe, North America, and Middle East and Africa. North America holds the largest share of the sports medicines market. North America represents almost 39% of the global sports medicine market. In 2016, it was valued at USD 1,883.6 million. Increasing number of sports medical centers in North America coupled with high prevalence of sports injuries drive the market growth in the region. Europe holds the second largest market share globally followed by Asia Pacific.
Organized sports are trending in Europe and over 700,000 sports associations are present in the region. Additionally, the European Federation of Sports Medicine Associations plays an active role in promoting sports medicine all over Europe. Asia pacific is likely to be the fastest growing sports medicines market with a CAGR of 9.2% over the forecast period. The growth is owing to continuous advancement in healthcare sector and rising awareness about health and sports. AP-SMART plays a significant role in nurturing the awareness level of the people associated with sports and medicines. These initiatives actively educate the population and helps in propelling the growth of the sports medicines market.
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Major TOC FOR Global Sports Medicine Market Research Report- Forecast To 2023:
1.2 SCOPE OF STUDY
1.2.1 RESEARCH OBJECTIVE
1.2.2 ASSUMPTIONS & LIMITATIONS
1.3 MARKET STRUCTURE
2 RESEARCH METHODOLOGIES
2.1 RESEARCH PROCESS
2.2 PRIMARY RESEARCH
2.3 SECONDARY RESEARCH
3 MARKET DYNAMICS
3.4 MACROECONOMIC INDICATORS
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