Sports Medicine Market USD 9,655.6 Mn Revenue Expected by 2023 | Increasing Awareness on Sports Injury to Drive Bright Future
Pune, India, Aug. 29, 2018 (GLOBE NEWSWIRE) — Market Research Future® has recently published its Premium Report on Global Sports Medicine Market which reveals that the sports medicine market is projected to grow at a promising CAGR of 8.9% during the forecast period of 2017 to 2023. Sports medicine is a necessary part of the sports and athletics sector due to its use in ensuring sportspeople and athletes are in the right physical condition to perform. The global sports medicine market is expected to reach an estimated USD 9,655.6 Mn by the end of 2023.
Global and regional sporting & athletic events have become highly commonplace with thousands of individuals participating in some capacity or the other. Recreational sports are often part of most curriculums in schools where participation is highly encouraged. Injuries in the line of extensive physical activities are inevitable. The global population is at an all-time high, and as such, growing incidences of sports injuries have been recorded which has increased the demand for sports medicine. Moreover, in response to rising sports-related injuries, there has been a noticeable increase in the number of sports medicine associations, thus driving market growth. Increasing awareness with regards to sports medicine as a niche part of the healthcare sector and rapid technological advancements in the healthcare sector is expected to be some other important drivers of the market.
High costs associated with sports medicine and unfavorable reimbursement policies are expected to hinder market growth. Lack of skilled professionals in sports medicine for the treatment of pediatric sports injuries is expected to pose a challenge to market growth. However, with growing awareness, the market represents untapped opportunities which are likely to expand the market, particularly in pediatric sports medicine in the coming years.
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Key Players Overview Mentioned
MRFR has analyzed the competitive landscape of the global sports medicine market to reveal the various strategies employed by leading market players. Spreading awareness, the establishment of new sports medicine centers, and investments in research & development are some of the market strategies prominent players employ. Market players of note that have been included in the report are Smith & Nephew, Stryker, Medtronic, Zimmer Biomet, CONMED Corporation, Arthrex Inc., GE Healthcare, DePuy Synthes, and others.
Latest Industry News
- The U.S based BWHealth, a sports injury prevention and treatment organization has received investments of USD 600,000 toward the scaling of its newest line of injury prevention products.
- Stryker has acquired MITA LLC, a startup set up with the intention to offer a post free hip distraction system. The novel system carries great potential in sports medicine market.
Market Segmentation
MRFR’s segmental analysis has been performed on the basis of product, application, procedure, end-user, and region. By product, the Sports Medicine Market is segmented to include joint reconstructive & repair products, accessories & consumables, support & recovery products and others. The joint reconstructive & repair products segment has been sub-segmented into ligament repair devices, implants, fracture, prosthetic devices, arthroscopy devices, and others. The support and recovery products segment has been further divided to include topical pain relief products, monitoring devices, thermal therapy devices, braces & support, monitoring devices, and others.
By application, the market is divided into spine treatment, hip treatment, knee treatment, shoulder treatment, and others.
By procedure, the market is categorized into tendon to bone, cartilage repair, and tendinosis. The tendinosis segment accounts for over half of the total market share. Tendinosis is chronic in nature and afflicts tendons which experience continuous stress over time which is highly common is sportspeople and athletes who carry the same sporting activities for years on end.
By end user, the market is segmented into ambulatory care, trauma centers, hospitals & emergency care and others.
Globally, the market has been segmented region-wise into North America, Europe, Asia Pacific and the Middle East & Africa.
High Number of Sports Medicine Centers Boost North America to Leading Position
North America, with its inclusion of the U.S, accounts for a market share of 39%, thus making it the most significant region in the global sports medicine market. Sports and athletics possess high importance in this region with sports like football and baseball being highly popular. Physical education and athletics are encouraged from a young age and children often participate in various sporting activities. As a result, there is an increasing number of sports medical centers being established in the region to treat the rising occurrences of sports injuries thus augmenting market growth.
Meanwhile, the Asia Pacific is growing at the highest CAGR of 9.2% during the assessment period. The regions healthcare sector is witnessing swift growth, and awareness regarding sports injury and the growing importance of physical education has provided the sports medicine market with opportunities for growth.
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