APAC sports medicine market is predicted to expand at a CAGR of more than 12.4% through 2027 owing the government initiatives and support to increase participation in sports and improve focus towards physical wellness.
Selbyville, Delaware, June 24, 2021 (GLOBE NEWSWIRE) —
According to latest report “Sports Medicine Market by Products (Implants, Fracture and Ligament Repair Products, Arthroscopy Devices, Prosthetics), Injury Type (Knee Injuries, Shoulder Injuries, Foot and Ankle Injuries, Back and Spine Injuries, Hip and Groin Injuries), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of sports medicine will cross $9.5 billion by 2027. Advancement in treatment of sports injuries with increasing physical activities across the globe will boost the overall market growth.
Increasing sports activities over past years has also resulted in rising cases of injuries, thus influencing the demand for sports medicine. Growing involvements of children as well as teens in sports further contributes to prevalence of sports injuries. Moreover, integration of advanced technologies has enabled professionals to offer minimally invasive treatments. This has revolutionized the treatment of injuries and reduced recovery period. Furthermore, introduction of biologic solutions, double-bundle anterior cruciate ligament repair process technique and computer technology having ability to predict type, causes and treatment of possible injuries will continue to drive the industry growth during the forecast timeframe.
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Focus of research organizations and institutes on development in the field of sports medicine will offer growth opportunities to the sports medicine market. For instance, the American College of Sports Medicine aims to advance and integrate scientific research to provide practical and educational applications of sports medicine. Further, the companies are focused on launching new products to cater to increasing demand. Recently, in July 2020, Anika Therapeutics announced the U.S. FDA clearance for its multiple new product innovations addressing the needs of sports medicine and orthopedics.
Arthroscopy devices segment in the sports medicine market accounted for more than USD 1 billion in 2020. Recent developments in arthroscopy procedures has provided highly sophisticated and minimally invasive solutions to patients. This has reduced hospital admission time and enabled faster recovery in comparison with open surgeries. Smaller incisions, less pain, minimal trauma and low risk of infection rate are some of benefits driving preference for arthroscopy procedures. Additionally, increasing procedural volume will also escalate the demand for devices in the future.
Sports medicine market for shoulder injuries segment is estimated to register growth of 11.1% through 2027. Shoulder injuries commonly occur during most of the sports activities and specifically in throwing athletes. These are frequently caused by athletic activities that include repetitive, excessive, overhead motion such as swimming, pitching and tennis. Thus, recurrent shoulder injuries during physical and sports activities stimulate product demand for treatment. Availability of advanced devices in the market to offer effective treatment will foster the segment growth.
Asia Pacific sports medicine market is poised to attain a CAGR of over 12.4% by 2027 on account of the government initiatives and support to increase participation in sports and improve focus towards physical wellness. Expansion of well-equipped sport medicine centers network further impels the product demand in coming years. In addition, introduction of favorable policies regarding treatment will positively impact the procedural volume. For instance, Johnson & Johnson Medical (Shanghai) Limited (JJMS) entered in agreement with Taikang Online Insurance Co. Ltd. to develop an innovative sports injury-related insurance package. Rising R&D by companies to provide superior treatment therapies and business expansion of leading players in the region will offer unprecedented market expansion opportunities.
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Major companies operating in the market include Stryker Corporation, Arthrex, DJO Global, Zimmer Holdings, and Smith & Nephew, among others. Industry players are implementing various strategies such as, collaborations, new product launches and partnerships to gain competitive advantage for business expansion. Providers are constantly adopting new technologies to offer advanced products and solutions.
Table of Contents (ToC) of the report:
Chapter 3 Sports Medicine Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By injury type
3.5 COVID-19 impact analysis
3.6 Regulatory landscape
3.7 Porter’s analysis
3.8 Competitive landscape, 2020
3.9 PESTEL analysis
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Source: Global Market Insights, Inc