The global sports medicine market was valued at USD 5.9 billion in 2015 and is expected to grow at a CAGR of 7.8% over the forecast period. Augmenting growth for the orthopedic industry and rising incidences of sports related injuries are some vital impact rendering drivers.
According to the Orthopedic Annual Report 2013, the need for orthobiologics and musculoskeletal care is expected to rise over the next decade owing to rising awareness and geographical expansion. As of 2013, the companies majorly focus on regions such as the U.S., Japan and Europe which are estimated to contribute about 80.0% of the revenue in the orthopedic market.
These injuries form a substantial portion of the orthopedic market with rising incidences of dislocations, hip fractures, ligament, and tendon tears. Furthermore, innovation in prosthetics and implants along with development of performance monitoring devices is expected to further fuel growth over the forecast period.
For instance, Arthrex, a key market player, introduced their Birmingham Biceps Implant System indicated to be used for reducing the possibility of post-operative humeral fracture. The system was developed in collaboration with the Andrew Sports Medicine and Orthopedic Center. Furthermore, in 2014, Arthrex signed an exclusive agreement with Osiris to develop Cartiform, a cartilage repair solution based on cellular regenerative technology.
Demand for minimally invasive surgeries and technological advancement in implants, technologies and instruments for joint repair is expected to further promote the sport medicine market growth.
Based on product, the segmentation includes body reconstruction and repair, body support and recovery, body performance monitoring and evaluation devices, and accessories.
Body reconstruction and repair devices are expected to contribute the largest revenue owing to the ongoing R&D innovation and product up gradation strategies taken up by key players. Furthermore, innovation in surgical procedures and the technological advancement in surgical equipment are expected to boost the growth.
For instance, in December 2013, Stryker Corporation acquired Mako Surgicals to strengthen its orthopedic portfolio. Mako Surgical has technology platforms for knee-replacement and hip-replacement procedures.
The aforementioned segments are further sub-segmented in order to study the market thoroughly including the niche segments. Body reconstruction and repair devices are classified into surgical equipment, soft tissue repair product, and bone reconstruction devices. Surgical equipment is anticipated to drive the segment’s growth over the forecast period.
For instance, Stryker acquired Pivot Medical in 2014 to expand its product portfolio for sports medicine market. Pivot Medical is a well-established manufacturer of implants and hip surgical equipment.
Body support and recovery devices are further segmented into braces, compression clothing, and hot and cold therapy products. Body performance monitoring and evaluation devices are further segmented into cardiac, hemodynamic, respiratory, musculoskeletal and others. Similarly, accessories are segmented into bandages, disinfectants, tapes, wraps and others.
Based on application, the market has been classified into knees, shoulders, ankle and foot, back and spine, elbow and wrist, hips and other sites. Knees based applications are expected to dominate the segment over the forecast period owing to the increasing incidences of knee injuries caused in sports.
For instance, according to a study published in the British Journal of Sports Medicine, knees followed by shoulder are the most routinely injured body parts in a game of ice hockey. It stated that about 31.0% of all injuries are related with the knees and 34.0% are related with the neck, head and shoulder.
The U.S., Japan, and EU countries are estimated to contribute over 60.0% share as of 2015. Furthermore, North America is expected to dominate the industry over the forecast period. Improvement in the healthcare infrastructure and increasing focus of healthcare providers, towards trauma and related injuries are anticipated to be the vital impact rendering drivers.
Asia Pacific is expected to be the fastest growing region over the forecast period with about 15.0% share as of 2015. Increasing adoption of sports as a career and rising awareness regarding injuries is expected to propel growth.
The Asia Pacific Knee, Arthroscopy and Sports Medicine Society (APKASS) works on promoting research, and creating a medium for education and awareness. It conducts a conference annually to educate healthcare professional about the recent transformations in this field.
Competitive Market Share Insights
Major players operating in the sports medicine market include, Stryker Corporation, Zimmer Biomet, Smiths & Nephew, DePuy Mitek, Arthrex, Tornier N.V., Ossur HF, ArthroCare, Otto Bock Healthcare, Wright Medical Technology and DJO Global. Other players include; Conmed, Aesculap AG, Argomedical AG, Acumed LLC, and BioPro Inc.
The aforementioned companies are predicted to undergo consolidation leading to development of an oligopolistic market with focus on areas of marketing, advertising and product differentiation.
For instance, ArthroCare was acquired by Smiths & Nephew in May 2014. Post the acquisition, complementary product portfolio was organized, expected to increase revenue and broaden the product pipeline.
The scope of the study encompasses products, applications and regional representation of the sports medicine market. Estimates and forecasts are based on triangulation of information acquired or analyzed using multiple approaches. Furthermore, primary responses were collected to validate the analysis performed through approaches such as the QFD model.
The study has been carefully designed to help clients gain insights regarding the product availability, company strategies and regional presence and growth trends of these devices. However, it can be further customized according to stakeholder requirements.
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