North America Sports Medicine Market Growing at 7.4% CAGR by 2023 with Key Insights- ARTHREX, CONMED CORPORATION, JOHNSON & JOHNSON, MEDTRONIC, MUELLER SPORTS MEDICINE, PERFORMANCE HEALTH

The North American sports medicine market is expected to register a CAGR of 7.4% during the forecast period of 2018-2023. The United States is anticipated to dominate the market during the forecast period owing to the growing healthcare infrastructure and favorable insurance coverage in the region.

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Rising Incidence of Sports-related Injuries
According to a study conducted by the Johns Hopkins University, in the United States, about 30 million children and teens participate in some form of organized sports, and more than 3.5 million injuries each year are experienced by the participants. Almost one-third of all injuries incurred in childhood are sports-related. The most common injuries are sprains and strains. Moreover, trends suggest that incidences of injuries will increase significantly in the coming years. The high rate of injury in the United States is likely to drive the sports medicine market in North America. Additionally, developments in the field of regenerative medicine, and increased adoption of minimally invasive procedures, such as arthroscopy, are further driving the market for sports medicine.

Key Developments in the Market
• May 2017: Stryker and AlloSource announced collaboration to distribute biologics for use in sports medicine procedures.
• September 2016: Stryker’s Endoscopy division acquired Ivy Sports Medicine, LLC, whose portfolio comprises of a comprehensive minimally invasive meniscal repair platform.

Major players-
ARTHREX, INC., CONMED CORPORATION, JOHNSON & JOHNSON, MEDTRONIC PLC, MUELLER SPORTS MEDICINE, INC., PERFORMANCE HEALTH, SMITH & NEPHEW PLC, STRYKER CORPORATION, WRIGHT MEDICAL GROUP, AND ZIMMER BIOMET HOLDINGS, INC., among others.

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Medical Devices Excise Tax
The Medical Device Excise Tax (MDET) on medical devices in the United States, is set to come back into force in early 2018. Originally implemented in 2013 as a part of the US Patient Protection and Affordable Care Act (ACA, or Obamacare), MDET imposed a 2.3% excise tax on manufacturers and importers of “taxable medical devices” sold in or imported to the United States. Medical device manufacturers and importers will have to report sales of taxable devices to the US Internal Revenue Service (IRS) for the first quarter of 2018, no later than April 30. The implementation of MDET on medical devices will pose a negative impact on the sale of medical devices in the United States, which is the major market in North America, and thus, may impede the growth of the sports medicine market. Additionally, the high cost of implants and devices are also likely to hinder the market.

United States to Dominate the Market
The United States dominates the sports medicine market. The factors attributing to the growth of this region are the increase in awareness among people regarding physical fitness and rise in the number of sports injuries in the region. Mexico is anticipated to grow tremendously during the forecast period owing to the growing government initiative to promote sports activity in the country.

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This release was published on openPR.