The global sports medicine devices market is progressing at a CAGR of 4.4% within a forecast period of 2013 to 2019. This market was recorded at US$6.1 bn in 2012 and is expected to reach US$8.28 bn by the end of 2019, according to leading market intelligence company, Transparency Market Research.The research report released by TMR, titled “Sports Medicine Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019,” perfectly encapsulates the critical factors responsible for the growth of this market. The report considers present age facts and augments them according to expected market trends in order to reach the given market predictions for 2019.
According to the report, the main driver for the growth of the global sports medicine devices market is the increasing count of sports injuries occurring around the world. This is caused by the proliferation of sports equipment, apparel, and facilities into the consumer markets, allowing a greater number of people to participate in sporting activities. People from different ages are increasingly becoming a part of sporting clubs or taking up physical activities due to the promotion of fitness products and apparel.
Other reasons for the growth of the global sports medicine devices market include the increasing attention paid to making treatment as cost-effective as possible, the growing percentage of the geriatric demographic, and the increasing disposable income among people.
However, the global sports medicine devices market is currently hindered by the unfavorable medical insurance coverage of sports-related injuries in developed economies.
The two major segments of the global sports medicine devices market are orthopedic products, and recovery and support products.
Orthopedic products are further divided into orthobiologics, prosthesis, fracture repair devices, arthroscopy devices, and artificial joint implants. In 2012, the worth of arthroscopy devices was close to US$1.59 bn, and this segment is progressing at a high CAGR of 5.8% from 2013 to 2019. Conversely, the slowest growth rate was attributed to the segments of prosthesis and accessories.
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The report divides recovery and support products into performance monitoring devices, braces, recovery accessories, and other devices.
Geographically, the report segments the global sports medicine devices market into four major regions of North America, Europe, Asia Pacific, and the Rest of the World. In 2012, North America led the revenue generation charts in the global sports medicine devices market, with a net worth of US$2.48 bn. Investors and major players are currently looking to the developing economies of Asia Pacific and the Rest of the World, as these regions are showing promise of a rapidly expanding sports industry.
The key players in the global sports medicine devices market are Zimmer Holdings, Inc., Wright Medical Technology, Inc., Stryker Corporation, Smith & Nephew PLC, Skins International Trading AG, OttoBock Healthcare GmbH, Ossur hf, Mueller Sports Medicine, Inc., DJO Global, Inc., DePuy Mitek, Inc., Conmed Corporation, BREG, Inc., Biomet, Inc., ArthroCare Corporation, Arthrex, Inc., and 3M Company Ace Brand.
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