Sports Medicine Market to Surge to US$ 13.17 Billion at expected CAGR 7.6% between 2017-2025
The Global Sports Medicine Market, by Product Type (Body Reconstruction Products, Body Support and Recovery, and Accessories), by Application (Hip and Groin Injuries, Knee Injuries, Back and Spine Injuries, Ankle and Foot Injuries, Elbow and Wrist Injuries, Shoulder Injuries, and Other Injuries) was valued at US$ 7,308.24 million in 2017 and is projected to exhibit a CAGR of 7.6% over the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights.
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Sports medicine involves treatment and prevention of injuries related to sports or exercise. It involves the use of various instruments, technologies, and implants to perform minimally invasive surgeries of the joints, including the repair of soft tissue injuries and degenerative conditions of the knee, hip and shoulder. In 2015, Smith & Nephew launched iQ-FIX All-suture anchor for procedures such as rotator cuff repair in the shoulder and labral repair in the shoulder and hip. Continuous development of new products by medical device companies in sports medicine is also expected to boost the sports medicine market growth over the forecast period (2017–2025). In July 2015, Mitek Sports Medicine — part of DePuy Synthes companies of Johnson & Johnson — introduced two new arthroscopic surgery radiofrequency devices, the VAPR TRIPOLAR 90 Suction Electrode and the VAPR ARCTIC Suction Electrode, to enhance soft tissue ablation and coagulation during arthroscopy surgery.
Asia Pacific market is expected to witness highest growth in the global sports medicine market over the forecast period. This is owing to increasing participation of people in the region in various international sports events and rising awareness regarding healthy lifestyle. Events such as the 2008 Beijing Olympics has led to increasing inclination of people in the country towards sports. The upcoming 2018 Winter Olympics in Korea and 2020 Summer Olympics in Japan are expected to be factors further leading to growth of the sports industry in the Asia Pacific region. The market is gaining traction on the back of increasing number of sports events in India. These include various sports events such as Indian Premiere League (IPL), Indian Super League (ISL), and Pro Kabaddi. This in turn creates a conducive environment for growth of the market for sports medicine.
Sports professionals and athletes are early adopters of novel treatment methods. They focus on less invasive methods of injury management for faster recovery. Therefore, minimally invasive and small incision replacement surgery are gaining significant traction for improved rehabilitation and pain management to accelerate post-surgery recovery. Moreover, benefits of minimally invasive replacement procedure, which includes less damage to soft tissues aids in quick and less painful recovery.
Key players in the market are engaged in strategic acquisitions and collaborations to increase their product portfolios and to introduce new platform technologies. For instance, in April 2016, Zimmer Biomet Holdings, Inc. entered into a definitive agreement to acquire — Arizona-based Cayenne Medical, Inc. — to strengthen Zimmer Biomet’s Sports Medicine capabilities and portfolio of technically advanced soft tissue reconstruction solutions for knee, shoulder, and extremities procedures.
Browse 29 Market Data Tables and 33 Figures spread through 165 Pages and in-depth TOC on “Sports Medicine Market, by Product Type (Body Reconstruction Products, Body Support and Recovery and Accessories), and by Application (Hip and Groin Injuries, Knee Injuries, Back and Spine Injuries, Ankle and Foot Injuries, Elbow and Wrist Injuries, Shoulder Injuries, Other Injuries) – Global Forecast to 2025”
To know the latest trends and insights related to sports medicine market, click the link below: https://www.coherentmarketinsights.com/market-insight/sports-medicine-market-1116
Key Takeaways of the Sports Medicine Market:
The global sports medicine market is expected to exhibit a CAGR of 7.6% over the forecast period (2017–2025). This is attributed to increasing collaborations among medical device companies across various regions and increasing popularity of sports, globally. Among product types, body reconstruction product segment is expected to account for the largest share in the global sports medicine market over the forecast period. This is attributed to increasing use of fracture and ligament devices and arthroscopy devices for minimally invasive surgeries. Among applications, knee injuries segment accounted for the largest share in 2016, and this is owing to increasing incidence of knee related sports injuries. According to the American Academy of Orthopedic Surgeons, 2014, 90% of the people undergoing knee replacement surgery experience a dramatic reduction of knee pain and a significant improvement in the ability to perform common activities of daily living. Some of the major players in the global sports medicine market are Zimmer Biomet, Smith & Nephew Plc, Johnson & Johnson, Breg, Inc., Wright Medical Group N.V., Medtronic plc, Stryker Corporation, Mueller Sports Medicine, Inc., DJO, LLC, Conmed Corporation, and RTI Surgical, Inc.
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