The global sports medicine market is expected to reach USD 11.6 billion by 2024, according to a new report by Grand View Research, Inc. Rising incidences of sports related injuries worldwide is anticipated to be high impact rendering driver for the lucrative growth of sports medicine market. Statistics published by the U.S. Consumer Product Safety Commission's National Electronic Injury Surveillance System (NEISS) in 2012 suggested that, around 1.9 million people encountered such injuries.
Additionally, with aid of fitness awareness initiatives from government and health organizations, people nowadays are more focused on physical exercise including gym, outdoor sports and others fitness activities. This increases the sports related injuries, hence, contributing to the remunerative growth of market. Influx of technologically advanced products such as minimally invasive surgical products is anticipated to increase the demand for these devices over the forecast period.
For instance, in March 2015, Smith & Nephew launched Q-FIX implant, which assists surgeon's flexibility for all sutures anchors along with fixation and pull-out strength equivalent to large sized anchors.
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Further key findings from the study suggest:
Body reconstruction and repair devices including surgical equipment, soft tissue repair, and bone reconstruction devices held significant share in 2015 and this segment is also anticipated to exhibit lucrative growth over the forecast period.
cost associated with reconstruction procedures and devices governed the substantial growth of body reconstruction and repair devices. Additionally, increasing R&D efforts in this area of medicine facilitated the introduction of efficient treatment methods thus, augmenting the growth of this segment.
The application segment consists of knee, shoulders, ankle and foot, back and spine, elbow and wrist, and hip. Knee-related applications held largest market share in 2015. The knee injuries are the frequently occurring one in most of the games such as soccer, basketball, bicycle, and running which supported the dominion in application segment.
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North America, was the largest regionalmarket in 2015. Improved healthcare infrastructure and higher healthcare expenditure are key factors responsible for growth. In addition, presence of organizations which are dedicated in field of sports medicine such as the American College of Sports Medicine (ACSM) facilitated availability of adequate and qualified staff.
On the other hand, Asia Pacific is expected to witness lucrative growth of around 8.0% over the forecast period. Economic developments in countries such as China and India, rising disposable income and huge population chunk opens avenues for market players to invest in this region.
Some key players in the sports medicine market include Stryker Corporation, Arthrex, ArthroCare, Tornier N.V., Wright Medical Technology, DJO Global, Otto Bock Healthcare, Ossur HF, Zimmer Holdings Inc., and Smith & Nephew Plc.
New products launches, collaborations, mergers, and acquisitions are the key initiatives undertaken by these players. For instance, in May 2014 Smith & Nephew acquired ArthroCare, a medical device company based in the U.S. specialized in tissue repair devices. This acquisition helped company to enrich their product portfolio.
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