Technological Advancements And The Development Of New Products To Support Sports Medicine Market GrowthSports Medicine Physicians & SurgeonsUpdated on Nov 14, 2019 View more like this | Visit CHICAGO, IL | Contact Ritika Tyagi |
Growth in the sports medicine market is mainly driven by factors such as the continuous influx of new products &s treatment modalities, the increasing incidence of sports injuries, and developments in the field of regenerative medicine.
Body support & recovery products expected to grow at the highest rate during the forecast period
On the basis of products, the market is segmented into body reconstruction products (fracture & ligament repair products, arthroscopy devices, implants, prosthetics, orthobiologics), body support & recovery products (braces & support, physiotherapy equipment, and compression clothing), and accessories. The body support & recovery products segment is expected to witness the fastest growth during the forecast period. Products such as braces, supports, and physiotherapy equipment are required before and after procedures involving reconstruction. Thus, the demand for these devices is growing due to the increasing number of sports injuries globally.
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Knee Injuries segment held the largest share of the sports medicine market in 2018
Sports medicine is widely used for the prevention of sports injuries as well as for the cure, recovery, and rehabilitation of athletes. The sports medicine applications market is segmented into knee injuries, shoulder injuries, foot & ankle, elbow & wrist, back & spine, hip & groin, and other injuries. The knee injuries segment held the largest share of the market in 2018, a trend that is expected to continue during the forecast period. The large share of this segment can be attributed to the fact that a large number of knee injuries are recorded across major sports, globally, accounting for approximately 40% of all injuries due to sports.
North America is expected to hold a significant share in the sports medicine market during the forecast period
Geographically, North America is expected to dominate the global sports medicine market in 2018, while the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high growth in this region can be attributed to the growth of the sports industry and overall participation in sports. Sporting events such as the 2008 Beijing Olympics, 2018 Winter Olympics in Korea, and the upcoming 2020 Summer Olympics in Japan have increased the level of interest in sports in Asia.
Key Market Players
The major vendors in the global sports medicine market include Arthrex, Inc (US), Smith & Nephew plc (UK), Stryker Corporation (US), Breg Inc. (US), DJO Global, Inc. (US), Mueller Sports, Inc. (US), Wright Medical Group N.V. (US), Medtronic (Ireland), RTI Surgical (US), Performance Health International Limited (US), KARL STORZ (Germany), and Bauerfeind AG (US).
Arthrex, Inc. (US), in 2018, held the dominant position in the sports medicine market. This can be attributed to its extensive sports medicine portfolio in the areas of the shoulder, knee, elbow, hand & wrist, foot & ankle, hip, and orthobiologics. The firm strives to maintain its leading position by engaging in inorganic and organic growth strategies such as product launches, expansions, and partnerships. The company’s focus on patient safety and clinical outcomes enable it to expand in fields of orthobiologics and arthroplasty. The company has been expanding its engagement with universities & other organizations for the purpose of enhancing its innovation, research, and development. For instance, in 2018, the firm signed a multi-year distribution agreement with CellRight Technologies, a subsidiary of Tissue Regenix Group, US, for CellRights innovative orthobiologics.
Smith & Nephew (UK) held the second-largest share of the sports medicine market in 2018. The company holds a strong geographical footprint with presence in over 100 countries around the world spanning the Americas, Europe, Asia, Australasia, and the Middle East & Africa. Smith & Nephew sells its products and services with the assistance of customer-service professionals, e-commerce, and third-party distributors. The firm operates under three dedicated franchises, namely, Orthopaedics, Sports Medicine & ENT, and Advanced Wound Management. In 2018, the company recorded a substantial sales growth of more than 130% in its sports medicine division. Smith & Nephew focuses on strengthening its position in the market by engaging in expansions, acquisitions, and product launches. For instance, in 2019, Smith & Nephew acquired Osiris Therapeutics, US, with the aim of strengthening its presence in the fast-growing regenerative medicine market.
Stryker Corporation (US) held the third-largest share of the sports medicine market in 2018. The strong foothold of the company in this market can be attributed to its robust and innovative portfolio of sports medicine products. The company has a strong global presence with sales networks in more than 100 countries of the world. The company sells its products in over 100 countries through company-owned sales subsidiaries and branches as well as third-party dealers and distributors.
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Body support & recovery products expected to grow at the highest rate during the forecast period
On the basis of products, the market is segmented into body reconstruction products (fracture & ligament repair products, arthroscopy devices, implants, prosthetics, orthobiologics), body support & recovery products (braces & support, physiotherapy equipment, and compression clothing), and accessories. The body support & recovery products segment is expected to witness the fastest growth during the forecast period. Products such as braces, supports, and physiotherapy equipment are required before and after procedures involving reconstruction. Thus, the demand for these devices is growing due to the increasing number of sports injuries globally.
Download PDF Brochure @
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=751
Knee Injuries segment held the largest share of the sports medicine market in 2018
Sports medicine is widely used for the prevention of sports injuries as well as for the cure, recovery, and rehabilitation of athletes. The sports medicine applications market is segmented into knee injuries, shoulder injuries, foot & ankle, elbow & wrist, back & spine, hip & groin, and other injuries. The knee injuries segment held the largest share of the market in 2018, a trend that is expected to continue during the forecast period. The large share of this segment can be attributed to the fact that a large number of knee injuries are recorded across major sports, globally, accounting for approximately 40% of all injuries due to sports.
North America is expected to hold a significant share in the sports medicine market during the forecast period
Geographically, North America is expected to dominate the global sports medicine market in 2018, while the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high growth in this region can be attributed to the growth of the sports industry and overall participation in sports. Sporting events such as the 2008 Beijing Olympics, 2018 Winter Olympics in Korea, and the upcoming 2020 Summer Olympics in Japan have increased the level of interest in sports in Asia.
Key Market Players
The major vendors in the global sports medicine market include Arthrex, Inc (US), Smith & Nephew plc (UK), Stryker Corporation (US), Breg Inc. (US), DJO Global, Inc. (US), Mueller Sports, Inc. (US), Wright Medical Group N.V. (US), Medtronic (Ireland), RTI Surgical (US), Performance Health International Limited (US), KARL STORZ (Germany), and Bauerfeind AG (US).
Arthrex, Inc. (US), in 2018, held the dominant position in the sports medicine market. This can be attributed to its extensive sports medicine portfolio in the areas of the shoulder, knee, elbow, hand & wrist, foot & ankle, hip, and orthobiologics. The firm strives to maintain its leading position by engaging in inorganic and organic growth strategies such as product launches, expansions, and partnerships. The company’s focus on patient safety and clinical outcomes enable it to expand in fields of orthobiologics and arthroplasty. The company has been expanding its engagement with universities & other organizations for the purpose of enhancing its innovation, research, and development. For instance, in 2018, the firm signed a multi-year distribution agreement with CellRight Technologies, a subsidiary of Tissue Regenix Group, US, for CellRights innovative orthobiologics.
Smith & Nephew (UK) held the second-largest share of the sports medicine market in 2018. The company holds a strong geographical footprint with presence in over 100 countries around the world spanning the Americas, Europe, Asia, Australasia, and the Middle East & Africa. Smith & Nephew sells its products and services with the assistance of customer-service professionals, e-commerce, and third-party distributors. The firm operates under three dedicated franchises, namely, Orthopaedics, Sports Medicine & ENT, and Advanced Wound Management. In 2018, the company recorded a substantial sales growth of more than 130% in its sports medicine division. Smith & Nephew focuses on strengthening its position in the market by engaging in expansions, acquisitions, and product launches. For instance, in 2019, Smith & Nephew acquired Osiris Therapeutics, US, with the aim of strengthening its presence in the fast-growing regenerative medicine market.
Stryker Corporation (US) held the third-largest share of the sports medicine market in 2018. The strong foothold of the company in this market can be attributed to its robust and innovative portfolio of sports medicine products. The company has a strong global presence with sales networks in more than 100 countries of the world. The company sells its products in over 100 countries through company-owned sales subsidiaries and branches as well as third-party dealers and distributors.
Inquiry about Sports Medicine Market @
https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=751
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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact Us:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Visit Our Website: https://www.marketsandmarkets.com
