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Sports Medicine Market to Witness a Healthy Y-o-Y Growth during 2016 - 2024
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Growing activity in sports and athletic activity among young population is the major factor driving growth of the global sports medicine market. According to the American Public Health Association in October 2016, a new smart phone application has been invented in order to specialize in sports injury detection, which captures 99% more physical and mental health symptoms for college athletes than traditional sports medicine surveillance which are some novel technologies expected to gain momentum during the forecast period. Lack of clear guidelines for use in hormones and prosthetics testing methods by health practitioners are the factors limiting the growth of global sports medicine market.
Introduction of product such as drugs, hormones, prosthetics, surgical procedures which are expected to account for highest share collectively, are the commonly used sports medicine products by sports people as they increase the energy and heal the injury. The drugs and hormones product segment is expected to grow rapidly over the forecast period due to increasing adoption of surgical operations by healthcare professionals, and growth in clinical research of sports medicines among research centers. Based on the services segmentation, orthopedic segment is expected to grow at a remarkable growth rate during the forecast period of 2016-2024 due to increase higher incidences of orthopedic injuries and accidents and advancing sports medicine innovation. Based on end users, the global sports medicine market has been segmented into hospitals, orthopedic clinics, ambulatory surgical centers, diagnostic centers, home care, rehabilitation center and sports institutes. Hospital and orthopedic clinics end user segment is expected to contribute the maximum share among end users segment for the sports medicine market.
On the basis of regional presence, global sports medicine market is segmented into five key regions viz. North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to lead the global sports medicine market in terms of value due to increase in sports activity, rise in osteoporosis disease among population. According to the Clinical Journal of Sport Medicine, risk factors for injury amongst high school athletes is high in developed countries such as U.S. and U.K. Asia Pacific sports medicine market is anticipated to grow at higher CAGR during 2016-2024 due to the involvement of major key players in setting up of R& D facilities for the development of drugs and therapeutics for athletes. Increase in importance of recreational activity along with education, funding to sports association are few drivers which will effectively boost the growth of the global sports medicine market through 2024.
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Some of the major players in global sports medicine market are Blacktree Fitness Technologies, Mitek Sports Medicine, NuVasive, ZetrOZ Systems, LLC, Zimmer Biomet, Arthrex, Inc., DJO Global, Inc., Bioventus LLC, Hans Rudolph, Inc. etc.
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