Sports Medicine Devices Market to Reach $12.73 Bn, Globally, by 2025 at 7.3% CAGR, Says Allied Market Research
PORTLAND, Oregon, September 26, 2018 /PRNewswire/ --
Rise in incidence of sports-related injuries, supportive government initiatives, and increase in awareness about physical fitness are anticipated to boost the growth of the global sports medicine devices market.
Allied Market Research published a report, titled, Sports Medicine Devices Market by Product (Orthopedics Devices, Body Reconstruction & Repair, Body Support & Recovery, Body Monitoring & Evaluation, And Accessories), and Application (Hand-wrist Injury, Shoulder Injury, Ankle-foot injury, Arm-elbow Injury, Knee Injury, Back-spine Injury, and Hip-groin Injury): Global Opportunity Analysis and Industry Forecast, 2017-2025. The report offers an extensive analysis of the changing trends, key market segments, drivers and opportunities, competitive landscape, top investment pockets among others. According to the report, the global sports medicine devices market accrued $7.17 billion in 2017 and is expected to reach $12.73 billion by 2025, growing at a CAGR of 7.3% from 2018 to 2025.
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Rise in incidence of sports-related injuries, increase in awareness about physical fitness, and supportive government initiatives drive the growth of the industry. However, dearth of skilled professionals and lack of guidance on appropriate administration of sports medicines hinder the market growth. On the other hand, surge in demand for minimally invasive surgeries would create new opportunities for the market players in near future.
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Body reconstruction & repair segment to lead throughout the forecast period
The body reconstruction & repair segment contributed more than one-third of the total market share in 2017 and is expected to continue its dominance throughout the forecast period. This is due to the rise in demand for surgical equipment in body reconstruction & repair procedures. However, the body monitoring & evaluation segment would grow at the fastest CAGR of 9.9% from 2018 to 2025, owing to increase in inclination of people toward latest body monitoring and evaluation devices. The other segments analyzed in the study include orthopedic devices, body support & recovery, and accessories.
Knee injury segment to remain lucrative through 2025
The knee injury segment accounted for about one-fourth of the total market share in 2017 and will maintain its lion's share throughout the forecast period. This segment would register the fastest CAGR of 8.6% from 2018 to 2025. As knee injury is one of the most common injuries a sportsperson is prone to, this segment offers lucrative prospects for the market during the forecast period. The other applications analyzed in the study include hand wrist injury, shoulder injury, ankle foot injury, arm elbow injury, back spine injury, and hip groin injury.
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North America to dominate in terms of revenue by 2025
North America contributed nearly half of the total market share in 2017, owing to early adoption of advanced sports medicine devices in the region. This segment will remain dominant throughout the forecast period. However, Asia-Pacific would grow at the fastest CAGR of 12.2% from 2018 to 2025, owing to the rapidly changing healthcare infrastructure in developing nations including India and China, rise in awareness among people regarding fitness, and significant increase in the number of athletes.
Torchbearers of the market
The report analyzes key market players namely, Smith & Nephew Plc, Johnson & Johnson (Depuy Mitek), Stryker Corporation, Conmed Corporation, Arthrex, Inc., Breg, Inc., Zimmer Biomet Holdings, Inc., DJO Global, Inc., Mueller Sports Medicine, Inc., and Wright Medical Group N.V. These players have adopted various strategies such as mergers & acquisitions, partnerships, expansions, collaborations, joint ventures, and others to attain a strong foothold in the industry.
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