Sports Medicine Market Information; By Product (Joint Reconstructive & Repair Products, Support & Recovery Products, Accessories & Consumables, Others), By Application (Shoulder Treatment, Knee Treatment, Hip Treatment, Spine Treatment, Others), By Procedure (Tendinosis, Tendon to Bone, Cartilage Repair) and By End-User (Hospitals & Emergency Care, Trauma Centers, Ambulatory Care, Others) - Global Forecast to 2027
Global Sports Medicine Market – Overview
The upswing in the popularity of sports such as football, cricket, etc has increased the demand for sports medicine. Market intensive reports related with the healthcare industry among others recently have been made available by Market Research Future which issues reports on this industry. The market for sports medicine is projected to achieve revenues worth $ 9,655.6 million by the end of 2023 while developing at a CAGR of 8.9 percent in the forecast period.
The high rate of investments in sports has created ample opportunities for growth of the sports medicine market. The achievement of performance training and optimal health goals has enhanced the growth potential of the market. The prospects of growth in the market have increased due to the rising incidence of injuries in the sports sector. Facilities for sports medicine are highly sought-after by athletes which have led to significant development of the market. Evolving areas in the sports medicine market are expected to comprise of advances in the diagnosis and treatment of injuries with newer devices, stem cell therapies and rehabilitation modalities.
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Industry Segments
The market for sports medicine is segmented on the basis of application, product, procedure and end users. The product based segmentation of the market consists of support & recovery products, joint reconstructive & repair products, accessories & consumables and others. The market segmentation on application basis consists of knee treatment, shoulder treatment, spine treatment, hip treatment, and others. Tendinosis, tendon to bone and cartilage repair are the segments of the market on the basis of procedure. The tendinosis segment has a large share in the market of around 54% in the sports medicine market by procedures globally. The end users of the market can be segmented into ambulatory care, trauma centers, hospitals & emergency care, and others.
Detailed Regional Analysis
The global market for sports medicine covers regions such as Middle East, Africa, North America, Europe, and Asia Pacific. The North American region has been assessed as having the main market share of about 39 percent in the sports medicines market and globally and as of 2016 was commanding the largest market share in the market. The value of the market is estimated to be worth USD 1,883.6 Million as of 2016. Growing prevalence of sports injuries and swelling number of sports medical centers in the North American region is accountable for the development of the market. The European region is accredited as the second chief market which is followed by the Asia Pacific region. The Asia Pacific region is anticipated to be a rapidly growing segment with a CAGR of 9.2 percent through the forecasted period, owing to constant development in the healthcare sector and growing awareness about sports and health. The Africa and Middle East region generates the minimum income level for the sports medicine market.
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Global Competitive Analysis
The competitors in the market are persistently trying to establish leading market positions through new policies and strategies. The experienced management in the companies operating in the market are creating business models which can bring about a fruitful phase of development. The key trends and players have established a positive tone for development. The competitors in the market are trying to succeed commercially by ensuring demand and supply are in balance. The contenders in the market are also leveraging their competitive advantages to secure their growth in the market. The momentum of the market’s growth has altered the competitive backdrop of the market. The market development by competitors also comprises of strong risk management.
Stryker, Medtronics, CONMED Corporation, Zimmer Biomet, GE Healthcare, Smith & Nephew PLC, DePuy Synthes, Arthrex, Inc., and others are the other significant key companies profiled in the report.
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