Sports Medicine Devices Market foreseen to grow exponentially over 2019
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The global sports medicine devices market is fueled by several factors including a rise in number of sports medicine associations, growing awareness regarding fitness among the aged, increasing motivation for sports activities for the disabled and physically challenged, and support of online marketing. While development in performance monitoring devices and innovations in prosthetics and implants are likely to boost the sports medicine devices market in the coming years, lack of reimbursement policies for academic sports injuries and reduction in budget allocation for sports is anticipated to limit the growth of the sports medicine devices market during the forecast period.
On the basis of type of device, the sports medicine devices market is bifurcated into orthopedic products and support and recovery products. The segment of orthopedic products comprises arthroscopy devices, artificial joint implants, prosthesis, fracture repair devices, and orthobiologics. Among these, arthroscopy devices held the largest share of the sports medicine devices market. Pegged at a value of US$1.59 bn in 2012, this sub-segment is projected to develop at a 5.80% CAGR from 2013 to 2019. The market for prosthesis is anticipated to expand at a rather slow pace during the forecast period.
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The segment of support and recovery products comprises performance monitoring devices, braces, accessories, and others. Braces held the largest share in this segment of the sports medicine devices market and are forecast to have a 3.40% CAGR from 2013 to 2019. The market for accessories is predicted to expand the least by 2019.
Based on geography, the global sports medicine devices market is segmented into Asia Pacific, Europe, North America, and Rest of the World. Accounting for the largest share of the overall market in 2012, North America is projected to dominate the sports medicine devices market in terms of revenue through 2019. In 2012, this regional market was valued at US$2.47 bn. Growing awareness among the elderly regarding fitness and increasing incidence of sports injuries make Asia Pacific and the Rest of the World region the most lucrative markets for sports medicine devices.
The leading players operating in the global sports medicine devices market include ArthroCare Corporation, DJO Global, Inc., Ossur hf, BREG, Inc., OttoBock Healthcare GmbH, Smith & Nephew PLC, Zimmer Holdings, Inc., Mueller Sports Medicine, Inc., Skins International Trading AG, Wright Medical Technology, Inc., DePuy Mitek, Inc., Biomet, Inc., Stryker Corporation, 3M Company Ace Brand, Arthrex, Inc., and Conmed Corporation.
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