Global Sports Medicine Market Expected to Reach USD 35.8 billion by 2024


Posted August 27, 2018 by pankajukey1

Trends and Forecast to 2022”, has accounted a market value of USD 35.8 billion by 2024, from USD 18.1 billion in 2016 growing at a CAGR of 8.9% during the forecast period of 2017 to 2024

 
According to Data Bridge Market Research new Market report “Global Sports Medicine Market,
By Product Type-(Orthobiologics (Bone Graft Substitutes, Viscosupplementation, BMC, PRP), Surgical Devices (Plates and Screws), Arthroscopy Devices, Orthopedic Braces and Supports)
By Body Area-(Knee, Hip, Shoulder & Elbow, Foot & Ankle, Wrist & Hand)
By End Users-(Orthopedic Clinics, Hospitals, Ambulatory Surgical Centers, Others)
By Geography-(North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) – Trends and Forecast to 2022”, has accounted a market value of USD 35.8 billion by 2024, from USD 18.1 billion in 2016 growing at a CAGR of 8.9% during the forecast period of 2017 to 2024
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Sports medicines are used to prevent, diagnose, treat, and rehabilitate injured patients related to sports, exercise, or any other physical activity. Factors such as rising incidence of sports injuries, new product launches and innovations, developments in the field of regenerative medicine, and expansion by key players in the emerging economies are expected to drive the growth of the sports medicine market. The rising trend of arthroscopic surgeries is expected to drive the sports medicine market in the forecast years. With increasing trend towards sports as a profession the relevance of sports medicine is constantly increasing along with the investment in research and development of these products.
There is coming change in the sports medicine landscape from surgeries being mechanical is now shifting to cellular regeneration. Presently arthroscopy procedures are the best solution in sports medicine but are due to change in coming years with more emphasis being laid in biologics and regenerative technologies to treat broken bones and cartilages. Technologies such as bone marrow concentrate, platelet rich plasma and other upcoming technologies are expected to drive the sports medicine market in the future. Due to high regulations on research of biologics and very low clinical evidences the arthroscopy procedures will still dominate the market in the forecast period to 2022.
Market Segmentation: Sports Medicine Market
•On the other hand the surgical devices majorly constitute of plates and screws and other accessories. The arthroscopy devices segment is expected form a major part of the market owing to the paradigm shift towards minimally invasive procedures. The arthroscopy devices is further segmented into arthroscopy implants, arthroscopes (video and HDD), visualization systems, arthroscopy pumps and resection equipments. The orthopedic braces and supports are used in post operation rehabilitation or minor sports injuries. They are categorized into knee braces and supports (soft and hinged), foot and ankle braces and supports, spinal orthoses, upper extremity braces and supports and others.
•The global sports medicine market is also segmented based on body area into knee, hip, shoulder and elbow, foot and ankle and, hand and wrist. The hip and knee segment is expected to dominate the market with more than 55% market share in 2016, and this trend is expected to continue in the forecasted years 2016 to 2022.
•Based on end-users the market is segmented into hospitals, orthopedic clinics, ambulatory surgical centers and others. The orthopedic clinics segment is expected to hold the major share of this market in 2015, owing to increased day care surgeries over inpatient arthroscopy procedures in developed markets. The report also includes surgery numbers by country for knee arthroscopy procedures, hip arthroscopy procedures, shoulder and elbow arthroscopy procedures, foot and ankle arthroscopy procedures and, hand and wrist arthroscopy procedures.
•Based on geography the report covers data points for 52 countries across multiple geographies namely North & South America, Europe, Asia-Pacific and, Middle East & Africa. Some of the major countries covered in this report are U.S., Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa and, Brazil among others. North America spearheaded by U.S. is expected to dominate the global sports medicine market with 43.3% market share in 2016, and will continue to be the leader in the forecast period 2016 to 2022.
•Asia Pacific is expected to grow at the highest CAGR, owing to the increasing incidence of sports injuries in China, India, South Korea and ASEAN regions. Also Japan being the one of the forerunner in advanced cellular therapies used in sports medicine is expected to fuel the growth of the Asia-Pacific Sports medicine market.
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Competitive Landscape: Sports Medicine Market
The sports medicine market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. Some examples of recent strategies/developments are: DePuy Synthes Mitek Sports Medicine introduced radiofrequency devices for use in arthroscopic surgical procedures, U.S, Smith & Nephew plc acquired the trauma and orthopedics business of DeOst LLC, Zimmer Holdings, Inc. acquired Biomet, Inc., DePuy Synthes acquired Olive Medical Corporation, a U.S.-based privately held provider of HD visualization systems for minimally invasive surgery, Smith & Nephew plc acquired Arthocare among many others. The report includes market shares of sports medicine market for global, Europe, North America, Asia Pacific and Rest of the World.
Some of the major players operating in this market are-
1. Arthrex, Inc.
2. Smith and Nephew,
3. Medtronic,
4. Depuy Synthes,
5. Stryker, Conmed Corporation,
6. Zimmer, Inc.,
7. DJO Global,
8. Ossur Corporate,
9. Ottobock Healthcare GmbH,
10. Breg, Inc.,
11. Tornier, Inc.,
12. Mueller Sports Medicine,
13. Cramer Products,
14. RTI Surgical among others.
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Last Updated August 27, 2018