Sports Medicine: Key market research findings
- Increasing need for outpatient techniques for the treatment of sports injuries
- Widespread adoption of point-of-care testing in sports medicine market
- Key vendors—Arthrex, ConMed, Depuy Synthes, Smith & Nephew, and Stryker
Technavio’s market research analysts predict the global sports medicine market to grow at a CAGR of over 8% between 2016 and 2020. The increased demand for minimally invasive techniques to treatthe sports injuries related to knees, hips, shoulders, elbows, and spines is the fundamental growth driver for this market. The minimally invasive surgeries enable sports medicine physicians to carry out surgeries with small cuts by using power tools. Such procedures shorten the hospital stay after surgery, reduces bleeding and recovery time, and enables a faster return to normal activities. In 2015, the MEA accounted for around 30% of the overall market share to dominate the global sports medicine market. The growing popularity of bodybuilding and sports activities, coupled with various bodybuilding championships in this region are some of the factors that will drive growth in the sports medicine market in MEA during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the sports medicine segments by product type.
“The rise in point-of-care testing is an ongoing trend in the market. Point-of-care testing comprises of a broad range of product types and diagnostic applications. This method evaluates the baseline condition and the functional cost of exercise in specific conditions and regulates the metabolic activity of the body related to sports-specific conditioning such as speed and strength. This increase in the adoption of point-of-care testing is expected to reflect positively on the market during the forecast period,” says Abhay Sinha, Lead Analyst, New Coverage, Technavio Research.
In 2015, the global sports medicine market was dominated by the reconstructive products segment with a market share of more than 58%. This segment includes arthroscopy, orthobiologics, prostheses and joint implants, and fracture repair. Technological advancements and increased investments in research and development by many vendors are factors that will boost growth in the reconstructive sports medicine market in the coming years.
The key vendors in the global sports medicine market include Arthrex, ConMed, Depuy Synthes, Smith & Nephew, and Stryker. The market is characterized by the presence of diverse international and regional providers. Vendors in the market compete on various factors such as price, availability, brand, and variety. The vendors are focusing on developing efficient production techniques to minimize product costs and prevent cost overruns, thereby boosting their profit margins. Competition in the market is expected to intensify during the forecast period with an increase in product or service extensions, product innovations, and M&A.
A more detailed analysis is available in the Technavio report, Global Sports Medicine Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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