Rise in incidence of sport related injuries will augment the market growth
Increasing cases of bone fractures, trauma due to fall, and others, require medical intervention (orthopedics), thus, augmenting the need for sports medicine products. In 2012, according to the National Institute of Health, knee is the most commonly injured joint by adolescent athletes with an estimated 2.5 million sports-related injuries presenting to emergency departments, annually in the U.S. This number is expected to increase significantly over the forecast period. Increasing adoption of minimally invasive techniques by healthcare professionals owing to long-term benefits of this surgery is also expected to propel growth of the sports medicine market. Minimally invasive surgeries such as arthroscopy of the knees, shoulders, elbows and ankles has become the standard method for care. However, lack of skilled professionals in this field and high costs associated with the devices may hamper growth of the sports medicine market.
The global sports medicine market is expected to be valued at US$ 7,308.24 million in 2017 and is expected to witness a CAGR of 7.6% over the forecast period (2017 – 2025).
Sports medicine is the treatment and prevention of sports related injuries. These injuries include strain, sprain, musculoskeletal injuries, soft tissue damage joint dislocation, and fractures. Increasing participation in various sports, globally is expected to fuel adoption of sports medicine over the forecast period. The field of sports medicine has a wide variety of disciplines, from physiotherapy and orthopedics, to public health and psychiatry. It aids in enhancing the physical fitness and overall performance of the athletes.
New product launches by manufacturers is a prominent factor fueling market growth
Manufacturers are focusing on introducing cost-effective and wear- reducing quality products in order to enhance their product offerings and increase market share. For instance, in September 2017, Smith and Nephew partnered with Imperial College London to develop enhanced surgical techniques relating to ligament function, biomechanics, and soft tissue injuries of the knee, including the most common injuries of torn menisci and anterior cruciate ligament rupture.
North America accounted for the largest market share, followed by Europe in 2016, owing to rise in number of osteoporotic fractures in the U.S. and high adoption of technology such as computer-assisted and robotic-assisted surgeries in the medical settings, providing precision, and accuracy in the sports related injuries. For instance, according to the National Osteoporosis Foundation (NOF), over 1.3 million osteoporotic fractures occur each year in the U.S. The market in Asia Pacific is also expected to witness substantial growth. This is owing to increasing government and private initiatives to create awareness about the healthy living and rise in medical tourism. Ministry of Health (MOH), Singapore and Health Promotion Board (HPB) have set up programmes such as Lose to Win, STEP (Strength Training Exercise Programme), and OPTIMAL (Osteoporosis Patient Targeted and Integrated Management for Active Living Programme) to promote healthy lifestyle in the community in order to minimize the risk of developing bone and cartilage disorders.
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Competitors in the sports medicine market are focused on new product development to enhance is market share. For instance, in July 2015, Mitek Sports Medicine — part of DePuy Synthes Companies of Johnson & Johnson — introduced two new arthroscopic surgery radiofrequency devices, The VAPR TRIPOLAR 90 Suction Electrode and the VAPR ARCTIC Suction Electrode, to enhance soft tissue ablation and coagulation during arthroscopy surgery.
Some of the key players in sports medicine market are Zimmer Biomet, Smith & Nephew Plc, Johnson & Johnson, Breg, Inc., Wright Medical Group N.V., Medtronic Plc, Stryker Corporation, Mueller Sports Medicine, Inc., DJO, LLC, Conmed Corporation, and RTI Surgical, Inc.
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