The global sports medicine market
has witnessed rapid expansion since the 1970s, due to increased interest of the common populace in physical fitness and amateur sports programs. According to a market research firm, the global sports medicine devices market is expected to be worth US$8,284.0 million by 2019. The market will exhibit a 4.4% CAGR during the forecast period of 2013 to 2019. The global sports medicine devices market was worth US$6,100.6 million in 2012. Here’s a look at the factors that will drive or suppress the growth of the global sports medicine devices market.
Market Driver: Growing Awareness for Health Fitness
The growing incidence of sports injuries coupled with the rising awareness about fitness across all age groups will drive the global sports medicine devices market. In Western markets, the elevated recognition related to the dangers of sports has resulted in high activity in the sports medicine sector.
Market Driver: Increasing Marketing Fueling Support and Recovery Products Demand
The global market for sports medicine devices is broadly segmented into orthopedic products and sports and recovery products. Increasing online marketing has effectively boosted the growth of the support and recovery products, which will in turn boost the global sports medicine devices market.
The orthopedic products segment is further divided into fracture repair devices, artificial joint implants, arthroscopy devices, prosthesis, and orthobiologics. In 2012, arthroscopy devices dominated the global sports medicine devices market and total value of the sector was estimated at US$1,593.8 million. This segment is expected to show a CAGR of 5.8% during the forecast period. The second largest segment in the global sports medicine devices market was recovery and support products, which is projected to expand at a 3.4% CAGR during the forecast period.
Market Driver: Rising Number of Sports Medicine Associations
The growing number of sports medicine associations around the world will also fuel the global sports medicine devices market. In the U.K., after 2007, several academic institutions have established programs in sports and exercise medicine.
Market Restraint: Reimbursement Issues for Academic Sports Injuries
The declining reimbursement for academic sports injuries will suppress the growth of the global sports medicine devices market. Moreover, reduction in budget allocation to sports will also constrain the global sports medicine devices market.
Market Restraint: Dominance of Local Players
Geography-wise, the global sports medicine devices market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Presently, North America dominates the global sports medicine devices market and accounted for US$2,478.2 million in revenue in 2012. A majority of sports medicine devices market players around the world are based in North America. The dominance of local players manufacturing recovery and support products in sports medicines is expected to suppress the market.
Market Opportunity: Innovations in Technology
The growing number of innovations in prosthetics and implant technology is expected to provide good growth opportunities to companies operating in this market. Moreover, players will also benefit from the market opportunity of development in performance-monitoring devices in the global sports medicine devices market.Key players operating in the global sports medicine devices market are ArthroCare, Ottobock, DePuy Mitek, Stryker, Arthrex, and Smith & Nephew.