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(January 17, 2018)
MarketResearchFuture.com adds “Sports Medicine Market -2017 Global Analysis, Growth, Trends and Opportunities Research Report Forecasting to 2023” reports to its database.
The report titled “Sports Medicine Market -Forecast to 2023? is a direct appreciation by Market Research Future of the market potential of the Sports Medicine Market. The report intends to provide accurate and meaningful insights, both quantitative as well as qualitative. It can be said with high confidence level, that this report will satisfy the need for comprehensive insights needed to compete and beat other players in today’s winner takes all market! Considering all these factors the market for sports medicine is expected to reach $ 9,655.6 million by the end of 2023, this market is projected to growing at a CAGR of 8.9 % during 2017-2023.
Market Scenario of Global Sports Medicine Market:
The likes of Ronaldo, Messi and others, no longer represent distinct names to be memorised in general knowledge competitions. Today’s youth and fans in even developing nations tune in to their favourite websites and channels betting on their Gods! Such has been the lure and spread of sporting culture in even traditional developing economies, no doubt the market has taken note of it. According to US centers for diseases control, around 10 % of kids and teen participating in the sports suffer from minor or major type of injury and majority of the sports injury occur during 12-16 yr. of age. Sports like Football and baseball has the highest rate of injury.
Key Players of Global Sports Medicine Market:
Key players profiled in the report are Medtronics, Stryker, Zimmer Biomet, CONMED Corporation, DePuy Synthes, GE Healthcare, Smith & Nephew plc, Arthrex, Inc. and others. There are more than 2569 companies associated with sports medicine and sports medicine devices all around the world with Arthrex, Inc being the global leader.
Brand awareness and brand loyalty plays a critical role in the global sports medicine market. Established market players must focus on the product development as well as market development strategies. Maintaining market equity is of utmost importance as the market is highly integrated and specialized. Marketing strategy plays a key role in the market with endorsements by celebrity sports person is expected to yield high growth. Thus returns on advertisement and publicity is important as advertisement is expected have a large impact on the market.
Market dynamics of Sports Medicine Market:
Sport Medicines is the medical branch that deals with the treatment, prevention and diagnosis of the injuries or illness of athletics or sportsman.
The global sport medicine market is driven by increasing incident of sports injuries, increasing number of the sports medicine association, lack of safety culture, technological development and increasing awareness. The market restraints are high cost, lack of skilled professionals especially physicians and physiotherapist and unfavourable reimbursement policies which may hamper the growth of the market. Thus sports medicine has not been considered a mainstream medicine branch, which is the most critical behavioural constrained on the market.
Considering all these factors the market for sports medicine is expected to reach $ 9,655.6 million by the end of 2023, this market is projected to growing at a CAGR of 8.9 % during 2017-2023.
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Regional Analysis of Sports Medicine Market:
Global sports medicine market, on the basis of region is segmented into North America, Europe, Asia Pacifica and Middle East and Africa. North America has the largest market share of 39% in global sports medicines market and commands the largest market share in 2016 and was valued at USD 1,883.6 Million in 2016. Latin American countries. such as Venezuela, Brazil and others have a disproportionate share of market considering their low income as compared to the U.S. The market of these nations is influenced to a considerable degree by the sports industry and culture which is among the strongest in the world. Advertisement and greater exposure seems to be the best strategy to be a market leader along with product development. The return on investment for advertisement and publicity is very high for the derma fillers market.
Europe accounts the second largest market which is followed by Asia Pacific. The market represents a clustered outlook with urban metropolitan cities especially with adjoining sports, tourism industry having an extreme lead over the rural areas. Large sports and tourism clusters such as Miami, Bangkok, Madrid, Lisbon etc. have a disproportionate share of the market as compared to the rest of their respective country region.
Asia pacific region is expected to be the fastest growing segment with the CAGR of 9.2% during the forecasted period, due to continuous development in healthcare sector and increasing awareness about health and sports.
Middle East and Africa are expected to result in poor growth due to lack of socio political conditions and low per capita income for the sports medicine market.
Segments of Sports Medicine Market:
The global sports medicine market is segmented on the basis of product. Based on the product, the market has been segmented as joint reconstructive & repair products, support & recovery products, accessories & consumables and others. Based on the application, the market has been segmented as shoulder treatment, knee treatment, hip treatment, spine treatment, and others. Based on the procedure, the market has been segmented as tendinosis, tendon to bone and cartilage repair. Based on the End User, the market has been segmented as hospitals & emergency care, trauma centers, ambulatory care, and others.
Tendinosis commands the largest share market of 54% in global sports medicine market by procedures. North America has the largest market share of 39% in global sports medicines market. Asia pacific region is expected to be the fastest growing segment with the CAGR of 9.2% during the forecasted period.
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