Sports Medicine Market Trends to Showcase Vigorous Demand during the Period until 2027
Sports Medicine Market Information; By Product (Joint Reconstructive & Repair Products, Support & Recovery Products, Accessories & Consumables, Others), By Application (Shoulder Treatment, Knee Treatment, Hip Treatment, Spine Treatment, Others), By Procedure (Tendinosis, Tendon to Bone, Cartilage Repair) and By End-User (Hospitals & Emergency Care, Trauma Centers, Ambulatory Care, Others) - Global Forecast to 2027
Global Sports Medicine Market – Overview
Sports Medicine is an individual branch of medical dealing with the treatments, prevention, and diagnosis of the injuries and illness of athletics or sportsman. The global Sports Medicines market is well-established and growing pervasively. Increasing number of athletes and sportsmen coupled with the increasing incidences of sports injuries, increasing number of the sports medicine association, technological development and increasing awareness worldwide pushes the market to further heights.
Considering the rapid expansions the market is perceiving currently and the potential this market holds to grow further, Market Research Future (MRFR) recently published a study report, giving out a complete market insight for the period 2017 – 2023. In its analysis, MRFR asserts that the global Sports Medicine market will reach up to USD 9,655.6 Million by 2023 with 8.9 % CAGR during the review period (2017 – 2023).
Additionally, factors such as growing population, and urbanization coupled with the awareness towards the availabilities of Sports Medicines and its benefits are fostering the market growth. Improving economic conditions across the globe enable access to the quality life, improving the healthcare, are providing impetus to the market
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Moreover, R&D expenditure to bring novelties in the surgical instruments and development of better and effective materials for medical devices, etc. are driving the market growth to an extent. In the US & UK, among some other developed countries, medical treatments are quite costly, which, in turn, fuels the market growth of medical tourism in the developing economies such as India and Malaysia & others.
Conversely, factors such as unfavorable reimbursement policies are expected to inhibit the market growth of Sports Medicine, especially in the developed economies. Also, the majority of the people are unaware of the availability of sports medical centers coupled with the lack of skilled professionals for treating pediatric sports injuries are impeding the market growth. Availability of the limited number of well- experienced and trained physician and doctors in sports medicines is a growth hindering factor for the market.
Global Sports Medicine Market –Competitive Analysis
The global Sports Medicine market appears to be fiercely competitive and fragmented with many well-established players having the global presence. Brand reinforcement, mergers & acquisitions, and innovation remain the popular trends for the key players in the market.
Industry/ Innovation/ Related News:
May 01, 2018 – Doctors at Western Orthopedics and Sports Medicine, US announced that they would be joining the team of Community Hospital in Grand Junction from July 01, 2018. In other words, the Community Hospital has acquired the Western Orthopedics and Sports Medicine including its facility & the staff. The deal will help the hospital to keep costs down without charging any extra fees for service which would otherwise result in the higher health care costs.
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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.
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