(Health-NewsWire.Net, March 14, 2019 ) According to the new market research report "Sports Medicine Market by Product (Implants, Arthroscopy, Prosthetic, Orthobiologics, Braces, Compression Clothing, Physiotherapy (Thermal, Ultrasound), Bandages & Tapes), Application (Knee, Shoulder, Elbow) - Global Forecast to 2022", published by MarketsandMarkets™, analyzes and studies the major market drivers, restraints/challenges, and opportunities in North America, Europe, Asia-Pacific, and the Rest of the world (RoW).
The key factors driving the growth of this market include increasing incidence of sports injuries, continuous influx of new products & treatment modalities, and developments in the field of regenerative medicine. However, the high cost of orthopedic implants may hinder the growth of this market to a certain extent.
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Sports medicine pertains to the treatment and prevention of injuries resulting from sports and athletic activities. Sports injuries involve both bone and soft tissue (ligament, tendon & muscle) injuries and sports medicine therefore includes devices that are used to cure & prevent sports injuries. The sports medicine market includes devices that are used for the prevention of sports injuries as well as for the cure, recovery and rehabilitation of such injuries. Implants, arthroscopic devices, and braces & support devices are used in various non-sports medicine applications. Therefore, only those devices that are directly involved in sports medicine have been included in the overall market.
The sports medicine market has been segmented, on the basis of product, into body reconstruction products, body support & recovery and accessories. The body reconstruction products segment is estimated to command the largest share of 46% of the global sports medicine market in 2017 and is projected to register the highest CAGR of 8.0% during the forecast period. The high adoption of implants and arthroscopy devices by sports medicine surgeons and orthopedic surgeons for sports-related injuries contribute to the rapid growth of this market.
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The sports medicine market in APAC is expected to grow at the highest CAGR during the forecast period. APAC is the fastest-growing market for sports medicines. The growth in Asian economies, and healthcare reforms & investments in APAC countries has increased the growth of sports medicine market in this region. The increasing penetration of sports medicines and the influx of global players, along with the emergence of native players, are contributing to the growth of the market. As a result, APAC holds a significant share of ~16% in the overall sports medicine market.
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The high cost or orthopedic implants is a major factor restraining the growth of the market. Orthopedic implants are used in various surgeries, such as knee and hip replacement surgeries and shoulder surgeries. However, the cost of these implants is a major concern for market growth in regions such as India, where only a small section of the population is under insurance coverage (according to the IRDA, in 2017, 76% of the Indian population was uninsured).
Similarly, in China, even after achieving near to universal health coverage in the recent years, benefits are low, and the extent of care and coverage vary widely. Also, copays are often very high and out-of-pocket expenses are insufficiently reimbursed. With an overall average cost of more than USD 12,000 in other developing countries, affording such a costly treatment is still a big challenge for most of the population. Moreover, customization of implants according to the specific frame of the patient adds to their cost.
The sports medicine market comprises a network of players involved in the research and product development; raw material supply; component manufacturing; distribution and sale; and post-sales services. Key players considered in the analysis of the sports medicine market are Arthrex, Inc (US) Smith & Nephew plc (UK), DePuy Synthes (US), Stryker Corporation (US), CONMED Corporation (US), and Zimmer Biomet Holdings, Inc. (US).
Mr. Shelly Singh