Rising awareness of health problems due to physical inactivity is impelling people to get involved in certain sports or physical activity. Further, statistics of sports participation has also been rising over the recent years. As a result, demand for sports medicine is also increasing.
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All the aforementioned factors are likely to push horizon of sports medicine devices market in coming years.
Moreover, people are inclining more towards preventive care when compared to proactive care. Trend of wearable devices such as pulse oximeter, fitness band, and others assist in monitoring stress load. These gadgets have various use, including avoiding fatigue related injuries in athletes. This, in turn, has supported growth of sports medicine devices market.
For example, Athletigen Technology Inc., which is a performance- based equipment company in Nova Scotia, works with several sportsmen. The company collects information on DNA. The information, further, is utilized to improve health and performance of athletes. This, subsequently minimizes the incidence of sports-related injuries. Such technologies are anticipated to boost sports medicine devices market in forthcoming years.
In recent years, young as well as older population are getting involved in sports activities. This is resulting in expansion of sports medicine devices market horizon. Companies operating in the market are focusing on development of cost-conscious treatment methods.
With rising involvement of elderly population in sports activities, demand for arthroscopic procedure is expected to grow in forthcoming years around the globe. This, in turn, is expected to be one of the key drivers of the market.
On the other hand, unfavorable reimbursement policies in developed countries are likely to restrain growth of the target market.
Meanwhile, lack of well-developed healthcare infrastructure in underdeveloped and developing countries might limit growth of sports medicine device market. Moreover, lack of sports culture is one of the major factors restricting adoption of sports devices in these countries.
Sports medicine devices in medical field are used to treat and prevent sports and exercise related injuries. Various injuries caused due to sports and general exercise include head, knee and ankle injuries, muscle cramps, sprains and strains and ligament ruptures. These devices are either surgically implanted, externally attached or used for minimally invasive procedures such as arthroscopy. These also involve use of performance monitoring devices and various accessories products such as wraps, tapes and slings. The recovery products comprises hot and cold packs, electro stimulators and compression clothing.
Rise in technological advances and growing importance of sports activities among the young as well as the older population as well as focus on developing cost-conscious treatment methods currently form major drivers for the growth of this market. Demand for arthroscopic procedures is expected to grow in the near future owing to the increase in geriatric population and sports injuries across the globe. A rise in disposable incomes in developing countries has boosted the confidence of OEMs towards these regions. However, unfavorable reimbursement policies in developed countries are expected to have negative impact on the market growth across the globe. The global sports medicine devices market was valued at USD 6,100.6 million in 2012 and is expected to grow at a CAGR of 4.4% from 2013 to 2019, to reach an estimated value of USD 8,284 million in 2019.
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The sports medicine devices include orthopedic products and recovery and support products. Orthopedic products are further segmented into artificial joint implants, arthroscopy devices, fracture repair devices, prosthesis and orthobiologics. On the other hand, the recovery and support products are classified as braces, performance monitoring devices, accessories and other recovery products. The arthroscopy devices in orthopedic products accounted for the largest market and was valued to be around USD 1,593.8 million in 2012. This segment is expected to grow at a CAGR of 5.8% during the forecast period. The braces/orthotics market in recovery and support products, forms the second largest market segment and is expected to grow at the growth rate of 3.4% from 2013 to 2019. Whereas, the prosthetics market and accessories market is estimated to have the slowest growth in the total sports medicine devices market during the forecast period.
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Geographically, North America accounted for the largest share in the global sports medicine devices market in 2012 and is expected to continue to lead in terms of revenue generation throughout the forecast period. The market in North American region was valued at USD 2,478.2 million in the year 2012. Asia-Pacific and the rest of the world regions are considered as the most lucrative market for sports medicine devices owing to the increase in incidences of sports injuries and rising awareness for fitness in the elderly population through 2019. The leading players in the market for sports medicine devices market are Arthrex, Depuy Mitek, Ottobock, Stryker, Smith & Nephew and Arthocare amongst various others.
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