Global Sports Medicine Market – Overview
Considering
the rapid expansions the market is perceiving currently and the potential this
market holds to grow further, Market Research Future (MRFR) recently published
a study report, giving out a complete global Sports Medicine Market
Overview for the period 2022 – 2030. In its analysis, MRFR asserts
that the global Sports Medicine market share will reach up to 7.65 % CAGR
during the review period (2022 – 2030).
Sports
Medicine is an individual branch of medical dealing with the treatments,
prevention, and diagnosis of the injuries and illness of athletics or
sportsman. The global Sports Medicines market is well-established and growing
pervasively. Increasing number of athletes and sportsmen coupled with the
increasing incidences of sports injuries, increasing number of the sports
medicine association, technological development and increasing awareness
worldwide pushes the market to further heights.
Additionally,
factors such as growing population, and urbanization coupled with the awareness
towards the availabilities of Sports Medicines and its benefits are fostering
market growth. Improving economic conditions across the globe enable access to
the quality life, improving the healthcare, are providing impetus to the market
Moreover,
R&D expenditure to bring novelties in the surgical instruments and
development of better and effective materials for medical devices, etc. are
driving the market growth to an extent. In the US & UK, among some other
developed countries, medical treatments are quite costly, which, in turn, fuels
the market growth of medical tourism in the developing economies such as India
and Malaysia & others.
Conversely,
factors such as unfavorable reimbursement policies are expected to inhibit the
market growth of Sports Medicine, especially in the developed economies. Also,
the majority of the people are unaware of the availability of sports medical
centers coupled with the lack of skilled professionals for treating pediatric
sports injuries are impeding the market growth. Availability of the limited
number of well- experienced and trained physician and doctors in sports
medicines is a growth hindering factor for the market.
Global Sports Medicine Market –Competitive Analysis
The
global Sports Medicine market players appears to be fiercely competitive and
fragmented with many well-established having the global presence. Brand
reinforcement, mergers & acquisitions, and innovation remain the popular
trends for the key players in the market.
Global Sports Medicine Market –Segmentations
MRFR
has segmented the Sports Medicine Market
Report into Five key dynamics
By Products : Comprising
Flavors Support
& Recovery Products, Joint Reconstructive & Repair Products, and
Accessories & Consumables, among others.
By Applications
: Knee Treatment, Shoulder Treatment, Hip Treatment, and Spine Treatment,
among others.
By Procedures
: Tendon to Bone, Tendinosis, and Cartilage Repair, among
others.
By End-Users : Trauma Centers, Hospitals & Emergency
Care, and Ambulatory Care, among others.
By Regions
: North America, Europe, APAC and Rest of the
World.
Segment
Tendinosis by procedures commands the largest share market of 54% in global
sports medicine market.
Global Sports Medicine Market -Geographical Analysis
Geographically,
North America accounted for the leading market for Sports Medicine, capturing
39 % of market share, valuing USD 1,883.6 Million in 2016, followed by the
markets of Europe & Asia Pacific, respectively. The market is growing due
to the significant contributions from the burgeoning market of the US backed by
the high expenditure on healthcare coupled with the increasing prevalence of
sports injuries and increasing number of sports medical centers. Moreover,
growing demand for the Sports Medicine provides impetus to the market growth.
Continuing with the same trends, the North America market is expected to create
a larger revenue pocket in the global market by 2023.
On
the other hand, Europe, the world’s second-largest market for Sports Medicine
is driven by the high per capita income and well-established healthcare
penetration in the region. The strong market growth in the countries like
Germany & France drives the regional market growth large scale. With the
increasing investment in healthcare and rising number of sports injuries, the
market is projected to register a phenomenal CAGR.
Asia
Pacific market for the Sports Medicine is expected to perceive an exponential
growth owing to the growing markets of India & China backed by the vast
population and the increasing number of sports medical centres in the region.
Vietnam, Thailand, and Malaysia among the other South East Asian countries are
projected to contribute significantly to the regional market growth. With the
growing Medical Tourism markets in India & Malaysia, the APAC region will
register a CAGR during the review period.
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