The global sports medicine market value is expected to reach around US$ 13 billion by 2026 and growing at a CAGR of 7% throughout the forecast period 2019-2026.
Sports Medicine is a genetic disorder that causes structural abnormalities in hemoglobin molecules. Hemoglobinopathies are hereditary single-gene diseases which are the most common type of Sickle Cell disease. In Africa, South East Asia and the Mediterranean basin, hemoglobinopathies are highly prevalent. Critical cases of Sports Medicine lead to anemia, dysfunction of the organ or death if left untreated. The diagnostic tests for the presence of hemoglobinopathies involve Gel electrophoresis and complete blood count. The disease has no permanent cure this has led to an increased demand in the pharmaceutical sector for new product innovations. The high prevalence of disease and the national control programme, in developing economies, also drive the need for drug therapy.
The report provides analysis of global Sports Medicine market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
Due to changing lifestyles and rising cases of sports injuries globally, the demand for sports medicine is rising. Shift to healthy lifestyles and the growing number of people who choose sport as a career are expected to fuel growth. Growing prevalence of chronic diseases around the globe has promoted a healthy lifestyle for most people. Therefore, people of different ages take part in different sports. In 2018, for example, around 66.0.0% were involved in fitness sports, compared to approximately 60.1% in 2013, according to the Physical Activity Council. Smoking, increased acceptance of west diet, lack of physical activity and alcohol consumption can lead to life-threatening diseases are some of the main lifestyle concerns. Awareness of these diseases is expected to promote the participation of people in various sports.
The number of healthy people who adopt a healthier lifestyle is expected to increase awareness of the harmful effect of these habits and the continuing efforts of NGOs and health ministers such as organizing camps and marathons. According to the United States The Physical Activity Council, which had a positive effect on sport medicine growth, saw the degree of inactivity in 2016 in the US population decline by 0.2 per cent.
Increase career opportunities in sports lead also to a rapid increase in the number of athletes and a rapid demand in the management of sports injuries. For example in 2015, around 61.0 percent of the participants took part in team sports, which rose to about 61.9 percent in 2018, according to the Aspen Institute Sports Program. The market should be propelled during the forecast period in such cases.
The reconstruction and repair of the body will be based on the product and will retain the highest share of revenue over the forecast period. The reconstruction and repair segment comprises equipment like surgical equipment, repair equipment for soft tissues and rehabilitation devices for bones. This segment accounted for the largest share of the market in 2018 due to the growing use in minimally invasive surgeries for fractures and ligaments and arthroscopic devices.
The reconstructive segment consists of implants such as knee, shoulder, foot, hip and others for anatomical components that have been affected. In this segment other products are covered by interference screws, fasteners, clamps, caps, connecting bars, fasteners, and design frames. Surgical equipment represented an important part of body reconstruction and repair.
The largest market share in 2018 was in knee equipment. Due to increasing knee surgery, this segment is expected to retention its leading position. The high costs and longer follow-up periods of these devices are the major growth factors. In addition, the approval process for orthopedic devices is slowed down by rigorous regulatory guidelines for Class III approvals.
During the prediction period, the knee and foot segment will show significant CAGR. The introduction and prevention of innovative products such as orthopedic shoes is expected to boost the segment growth during the prediction period.
Over the forecast period, North America is expected to lead the market. Improved health infrastructure and increased focus on trauma and related injuries by health workers are some of the drivers of high impact. Furthermore, it is anticipated, during the forecast period, that high operational costs, good coverage of repayments, and the availability of skilled professionals will boost sports medicine demand.
The fastest growth in the forecast period is anticipated in Asia Pacific. Increased demand is expected to stimulate growth from development countries like China, India, and Japan. In these countries, the rapidly expanding medical tourism industry can also be attributed to increasing regional demand during the forecast period. In addition, the APKASS (Asia Pacific Knee) works to promote research and the creation of a means of education and awareness. It organizes annual conferences on the recent transformations to educate health professionals.
Global Sports Medicine Market, By Product
Global Sports Medicine Market, By Application
Global Sports Medicine Market, By Geography
The market research study on “Sports Medicine Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers detailed insights on global Sports Medicine market segments with market dynamics and their impact. The report also covers basic technology development policies.
The report provides an analysis of the latest industry trends from 2015 to 2026 in all sub-segment segments and forecasts revenue and volume growth on the global, the regional and country levels.
Key Players & Strategies
Stryker Corporation; Arthrex are prominent market players. Other includes Wright Medical Technology; DJO Global Inc.; and Tornier N.V.; are involved in the adoption and partnership adoption of strategies such as mergers and acquisitions.
For example, in July 2015, during the Annual Meeting of the American Orthopedic Society of Sports Medicine (AOSSM), Mitek Sports Medicine, a division of DePuy Orthopedics, Inc. launched a VAPR radio frequency device. In these instances, the global reach of the company is expected to increase.