Synopsis of Global Sports Medicine Market Research Report- Forecast To 2023:
Sports medicines deal with the treatment, prevention, and diagnosis of injuries/illnesses among athletes or sportsmen. The Sports Medicine Market is driven by increasing sports injuries & sports medicine associations. It is also propelled by technological developments, lack of safety measures, and escalating awareness.
However, the industry restraints include high costs, lack of skilled physicians & physiotherapists, and unfavorable reimbursement policies. Thus, sports medicines have not been considered a ‘mainstream medicine’ branch, preventing the market from growing further.
Taking these factors into account, the market for sports medicines is expected to reach $ 9,655.6 million by the end of 2023. The industry may grow at a CAGR of 8.9 % during 2017-2023. According to the ‘Centers for Disease Control and Prevention’ (based in the U.S.), around 10 % of the kids & teens participating in sports suffer from minor or major injuries. Also, majority of these injuries occur during 12-16 years of age. Sports, like football and baseball have the highest injury rates.
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The Global Sports Medicines Market is split on the basis of products, applications, procedures, end users, and geographical regions. Based on products, the industry is segmented into joint reconstructive & repair, support & recovery, accessories & consumables, and others. Shoulder treatment, knee treatment, hip treatment, spine treatment, and others constitute the applications. By procedures, the market is trifurcated into tendinitis, tendon to bone, and cartilage repair. Tendinitis commands 54% shares (the largest).
Regional Analysis: The Global Sports Medicines Market, on the basis of regions, is divided into North America, Europe, Asia Pacific, and Middle East & Africa. North America occupied the largest (over 38%) shares in 2016. It stood at nearly USD 1,884 million that year. Asia Pacific is projected to be the fastest growing region, at a CAGR of around 9% over the forecast period. The same would be credited to constant medical developments and health/sports awareness.
Europe accounted for the second largest shares, followed by Asia Pacific. It represents a clustered outlook and its urban cities with sports & tourism facilities are way ahead of the rural areas. Large sports and tourism centres; such as Miami, Bangkok, Madrid, and Lisbon have disproportionate shares as compared to their other respective regions. The Middle East and Africa are expected to witness poor growth due to the lack of socio-political norms and low per capita incomes (in sports medicines).
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.
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Major TOC Sports Medicine Market:
1.2 SCOPE OF STUDY
1.2.1 RESEARCH OBJECTIVE
1.2.2 ASSUMPTIONS & LIMITATIONS
1.3 MARKET STRUCTURE
2 RESEARCH METHODOLOGIES
2.1 RESEARCH PROCESS
2.2 PRIMARY RESEARCH
2.3 SECONDARY RESEARCH
3 MARKET DYNAMICS
3.4 MACROECONOMIC INDICATORS
… T.O.C Continued
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