Rise in the incidence of sports related injuries primarily drives the growth of the sports medicine market. Sport-related injuries have upraised in the young generation owing to the increase in participation in sports. In addition, active participation of government for promoting sports activities and growth in demand for minimally invasive surgeries boost the market growth.
Portland, OR -- (SBWIRE) -- 06/08/2017 -- According to a new report published by Allied Market Research, titled, "Sports Medicine Market by Product, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global sports medicine market was valued at $6,615 million in 2016, and is projected to reach $11,172 million by 2023, growing at a CAGR of 7.7% from 2017 to 2023. The body reconstruction & repair segment accounted for about half of the global market in 2016.
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Sports medicine is a branch of healthcare industry that deals with physical fitness of people involved in sports. Sports medicine involves prevention and treatment of injuries related to sports and exercise. Common sport injuries include anterior cruciate ligament (ACL) tears, ankle sprains, muscle cramps, and shin splints. Demand for sports medicine has increased owing to active participation of athletes in different kind of sports across different countries. Various aspects of sports medicine such as indulging in sports activities for fitness, recommendations for physical training, sports injury prevention, and treatment contributes to the market growth.
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The demand for sports medicine has witnessed an increase over the years owing to the rise in injuries among athletes. In addition, various technological advancements such as, orthobiologics, and novel treatment devices are expected to boost the growth of sports medicine in near future. Further, easily accessible and advanced treatment products related to sports medicine for quick and easy recovery supplements the growth in demand for sports medicine. However, lack of skilled professionals as well as inappropriate administration and guidelines in the field of sports medicine hampers the growth of the market. Furthermore, rise in adoption of regenerative sports medicine offers profitable opportunities for the expansion of this market.
The body reconstruction & repair segment is anticipated to maintain its dominance during the forecast period. Body reconstruction & repair products such as implants, arthroscopy devices, and orthobiologics assist in the treatment, and prevention of sport-related injuries. Orthobiologics is the fastest growing segment of body reconstruction & repair products registering a CAGR of 9.3% during the forecast period. In addition, braces & support is the highest revenue contributor to body support & recovery products accounted for five ninths share in 2016. Sports medicine is largely employed in the treatment of knee injuries owing to the increase in incidence of meniscus tear among sportsperson. Moreover, knee injuries are growing at the highest CAGR of 8.4% from 2017 to 2023, as such injuries occurs most frequently in athletes playing all kinds of sports, among all age groups.
Key Findings of the Sports Medicine Market:
-The body reconstruction & repair segment is anticipated to generate the highest revenue during the forecast period.
-The cardiac monitoring and evaluation devices segment dominated the body monitoring and evaluation market, accounting for one third of the total share in 2016.
-North America dominated the market, accounting for maximum share of overall market in 2016.
-Asia-Pacific is exhibited to grow at a high rate of 10.6% during forecast period, owing to the increase in awareness regarding physical fitness in various countries in this region.
-The braces and support products dominate the body support & recovery segment during the forecast period.
-Shoulder injuries accounted for one sixth of the total share in 2016, with a CAGR of 6.7%.
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Asia-Pacific witnessed highest growth rate for sports medicine market, and is expected to continue this trend. This is attributed to the increase in active participation in sports by people in various countries of this region. In addition, various market players focus on the opportunities offered by sports industry of this region.
Key players operating in the sports medicine market have adopted product launch as their key developmental strategy, and focus on launching innovative products to cater to the consumer requirements and strengthen their market share. The major companies profiled in the report include Smith & Nephew Plc, Stryker Corporation, Johnson & Johnson (Depuy Mitek), Arthrex, Inc., Conmed Corporation, Zimmer Biomet Holdings, Inc., Breg, Inc., Mueller Sports Medicine, Inc., DJO Global, Inc., and Wright, Medical Group N.V.