Sports Medicine Devices Market size is estimated to reach $11.20 Billion by 2025 and is poised to grow at a CAGR of 5.33% during the forecast period 2020-2025. Sports medicine devices are the specialized devices widely accepted in the fields of physical fitness and sports medicine for the prevention and promotion of rehabilitation for sports-related injuries such as fractures, sprains, soft tissue damage, joint dislocations, strains, and muscle and bone injuries. Portable and wearable sports devices are becoming more popular and readily available to the general public and sports teams owing to increased exposure to commercial media, lower costs, increased availability, and advances in personal computing devices such as smartphones and digital watches. The growth of the global sports medicine devices market is driven by increased demand for sports medicine devices, owing to the high incidence of sports-related injuries along with increased awareness among people towards physical fitness. Additionally, government initiatives related to sports medicines devices are increasing around the world, which is estimated to fuel the growth of the Global Sports Medicine Devices Market over the forecast years 2020-2025.
Sports Medicine Devices Market Segment Analysis – By Type
The global Sports Medicine Devices Market based on Mode of Type, can be further segmented into Orthopedic, Support and Recovery, Body Repair and Reconstruction, Body Evaluation and Monitoring, and Accessories. Body Repair and Reconstruction segment registered for the highest revenue in 2019 and is estimated to grow at highest CAGR over the forecast years 2020-2025. This is owing to the maximum revenue generated from using surgical equipment to treat sports injuries across the world. However, Body Evaluation and Monitoring segment is set to grow with a fastest CAGR of 6.23% during the forecast period 2020-2025. This is owing to the shift in preference for using the latest body monitoring and evaluation equipment.
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Sports Medicine Devices Market Segment Analysis – By Application
The global Sports Medicine Devices Market based on Mode of Application, can be further segmented into Knee Injuries, Shoulder Injuries, Ankle & Foot Injuries, Spine Injuries, Elbow & Wrist Injuries, and others. The Knee Injuries segment registered for highest revenue in 2019 and projected to grow at the highest CAGR during the forecast period 2020-2025 owing to the highest number of knee injuries faced by an athlete and thus implies widespread use of sports medicine devices.
Sports Medicine Devices Market Segment Analysis – By Geography
The global Sports Medicine Devices Market based on Geography, can be further segmented into North America, Asia-Pacific, Europe, and Rest of World. North America registered for the highest revenue in 2019 with share of 37.8%. This is owing to the high adoption rate of sports drugs and the increase in the number of treatment procedures. However, Asia-Pacific is estimated to outpace all the regions by clocking the highest CAGR during the forecast period 2020-2025 owing to the increase in athlete population, increased awareness towards health, increased affordability, and improved healthcare facilities in the region.
Sports Medicine Devices Market Drivers
Rise in Demand
The global Sports Medicine Devices market is driven by the increasing incidence of sports-related injuries, increased government initiatives and increased awareness about fitness are factors driving market growth. In addition, the high penetration of the sports medicine devices in emerging countries owing to improved infrastructure of healthcare, new innovative treatments and increased affordability owing to the higher per capita income is also estimated to boost the market growth. Moreover, the rise in technological advances, the focus on developing cost-sensitive treatment methods, and the increasing importance of sport activities among the youth and the elderly are the key factors for the growth of the Global Sports Medicine Devices Market over the forecast years 2020-2025.
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Sports Medicine Devices Market Challenges
Lack of skilled professionals
Price volatility of Sports Medicine Devices is one of the major restraint factors in the Sports Medicine Devices market. However, the lack of skilled professionals and the inadequate management and guidelines on sports medicine devices is acting as a major challenge for the growth of the Sports Medicine Devices Market during the forecast period 2020-2025.
Sports Medicine Devices Market Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Sports Medicine Devices Market. Key companies of this market Stryker Corporation, Smith & Nephew Plc, Arthrex Inc, Conmed Corporation, Zimmer Biomet Holdings Inc, Mueller Sports Medicine Inc, Richard Wolf GmbH, Ceterix Orthopaedics, DePuy Synthes, Osiris Therapeutics, Inc., and NuVasive, Inc.
In March 2019, Smith & Nephew Plc announced that it has completed the acquisition of Brainlab orthopedic joint reconstruction business. This acquisition accelerated both the company’s research and development activities in the areas of digital surgery and augmented reality.
In August 2018, DePuy Synthes announced an agreement with SERF (Société d’Etude, de Recherche ET de Fabrication), France, in order to strengthen its hip portfolio by adding a dual-mobility acetabular cup in hip implants.
Geographically, the North America area is poised to see extraordinary development owing to the high adoption rate of sports drugs and the increase in the number of treatment procedures in the region and is set to continue during forecast period 2020-2025.
The global demand for the Sports Medicine Devices Market is owing to high incidence of sports-related injuries along with increased awareness among people towards physical fitness around the globe.
The lack of skilled professionals is estimated to restrain the market growth during the forecast period 2020-2025.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Sports Medicine Devices Market report.
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