Market Dynamics
The growing cases of sports injuries, the growth of medical associations, and ongoing technological progress are expected to drive the global demand for sports medicine. Baseball and football, for example, are likely to have the highest injury rates. The rising incidences of sports injuries, as well as the growing involvement of people in sports and fitness-related activities, are driving up demand for sports medicine. Furthermore, over the projected era, the demand for sports medicine is predicted to be driven by a transition from proactive to preventive treatment for sports injuries. Another factor that is expected to improve the demand during the evaluation period is a lack of carelessness when participating in the sport. During the assessment era, the increasing incidence of ligament tears and fractures is expected to propel the industry. During the assessment period, the growing demand for injury management and recovery is expected to improve the industry globally. Furthermore, the use of wearable devices such as fitness bands and other sensors has aided in the monitoring of stress load and the prevention of fatigue-induced injuries in athletes, which has fueled the growth of the sports medicine industry.
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However, during the forecast period, adverse reimbursement policies and a lack of knowledge are likely to stymie demand growth in sports medicine. Owing to slow economic development, underdeveloped and developing countries lack well-developed healthcare facilities. In these countries, government spending on healthcare is also relatively poor, resulting in lower acceptance of these goods. The COVID-19 epidemic has had a major effect on the global sports medicine industry. Due to the lockdown, a number of tournaments were canceled. Furthermore, a lack of athletic culture is a contributing factor in these countries' sluggish growth of sports medicine. Thanks to the pandemic, the market's growth has been slowed. The sector, on the other hand, is expected to stabilize at a steady pace in the future.
Global Sports Medicine Market –Segmentations
MRFR has segmented the Sports Medicine Market into Five key dynamics
By-Products: Comprising Flavors Support & Recovery Products, Joint Reconstructive & Repair Products, and Accessories & Consumables, among others.
By Applications: Knee Treatment, Shoulder Treatment, Hip Treatment, and Spine Treatment, among others.
By Procedures: Tendon to Bone, Tendinosis, and Cartilage Repair, among others.
By End-Users: Trauma Centers, Hospitals & Emergency Care, and Ambulatory Care, among others.
By Regions: North America, Europe, APAC and Rest of the World.
Segment Tendinosis by procedures commands the largest share market of 54% in global sports medicine market.
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.
Global Sports Medicine Market -Geographical Analysis
Geographically, North America accounted for the leading market for Sports Medicine, capturing 39 % of market share, valuing USD 1,883.6 Million in 2016, followed by the markets of Europe & Asia Pacific, respectively. The market is growing due to the significant contributions from the burgeoning market of the US backed by the high expenditure on healthcare coupled with the increasing prevalence of sports injuries and increasing number of sports medical centers. Moreover, growing demand for the Sports Medicine provides impetus to the market growth. Continuing with the same trends, the North America market is expected to create a larger revenue pocket in the global market by 2023.
On the other hand, Europe, the world’s second-largest market for Sports Medicine is driven by the high per capita income and well-established healthcare penetration in the region. The strong market growth in the countries like Germany & France drives the regional market growth large scale. With the increasing investment in healthcare and rising number of sports injuries, the market is projected to register a phenomenal CAGR.
Asia Pacific market for the Sports Medicine is expected to perceive an exponential growth owing to the growing markets of India & China backed by the vast population and the increasing number of sports medical centers in the region. Vietnam, Thailand, and Malaysia among the other South East Asian countries are projected to contribute significantly to the regional market growth. With the growing Medical Tourism markets in India & Malaysia, the APAC region will register a CAGR of 9.2% during the review period.
Competitive Analysis
The existing players in the global sports medicine market are pursuing a variety of growth strategies, including partnership, mergers, and acquisitions. As people become more interested in sports, there is a greater need for new and safe ways to treat injuries, and key players are focused on expanding their scope. The growing number of expansion initiatives is likely to increase market competition in the near future. The notable players are Smith & Nephew plc, Stryker, CONMED Corporation, DePuy Synthes, GE Healthcare, Arthrex, Inc., Medtronics, and Zimmer Biomet are prominent players in the global sports medicine market.
Key Global Players
Key players profiled in the report are Medtronics, Stryker, Zimmer Biomet, CONMED Corporation, and DePuy Synthes. There are more than 2,569 companies associated with sports medicines all around the world; with Arthrex, Inc. leading the global market.
Brand awareness & loyalty play a critical role in the industry. Established players must focus on product innovations and expansion strategies. The maintenance of market equity is of utmost importance, as the industry is highly integrated and specialized.
Marketing strategies, like endorsements from sports persons and celebrities, strongly drive further expansion. Hence, publicity and advertisement returns are imperative, as they largely impact the industry.
1 INTRODUCTION
1.1 DEFINITION
1.2 SCOPE OF STUDY
1.2.1 RESEARCH OBJECTIVE
1.2.2 ASSUMPTIONS & LIMITATIONS
1.2.2.1 ASSUMPTIONS
1.2.2.2 LIMITATIONS
1.3 MARKET STRUCTURE:
2 RESEARCH METHODOLOGY
2.1 RESEARCH PROCESS:
2.2 PRIMARY RESEARCH
2.3 SECONDARY RESEARCH:
3 MARKET DYNAMICS
3.1 DRIVERS
3.2 RESTRAINTS
3.3 OPPORTUNITIES
3.4 MACROECONOMIC INDICATORS
4 MARKET FACTOR ANALYSIS
4.1 PORTERS FIVE FORCES MODEL
4.2 BARGAINING POWER OF SUPPLIERS
4.3 BARGAINING POWER OF BUYERS
4.4 THREAT OF NEW ENTRANTS
4.5 THREAT OF SUBSTITUTES
4.6 INTENSITY OF RIVALRY
5 GLOBAL SPORTS MEDICINE MARKET BY PRODUCT
5.1 INTRODUCTION
5.2 JOINT RECONSTRUCTIVE & REPAIR PRODUCTS
5.2.1 IMPLANTS
5.2.2 LIGAMENT REPAIR DEVICES
5.2.3 FRACTURE
5.2.4 ARTHROSCOPY DEVICES
5.2.5 PROSTHETIC DEVICES
5.2.5 OTHERS
5.3 SUPPORT & RECOVERY PRODUCTS
5.3.1 BRACES & SUPPORT
5.3.2 THERMAL THERAPY DEVICES
5.3.3 TOPICAL PAIN RELIEF PRODUCTS
5.3.4 MONITORING DEVICES
5.3.5 OTHERS
5.4 ACCESSORIES & CONSUMABLES
5.5 OTHERS
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