Global sports medicine devices market growing 4.4% CAGR to $8.3B in 2019

Global sports medicine devices market was valued at $6.1 billion in 2012, expected to grow at a CAGR of 4.4% from 2013 to 2019, to reach an estimated value of $8.3 billion in 2019.

March 13, 2014
Manufacturing Group
Contract Manufacturing Design/Engineering Devices/Implants/Equipment People/Facilities

Albany, N.Y. - According to a new market report, "Sports Medicine Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2013 - 2019," the global sports medicine devices market was valued at $6.1 billion in 2012 and is expected to grow at a CAGR of 4.4% from 2013 to 2019, to reach an estimated value of $8.3 billion in 2019.

Sports medicine refers to a branch of medical field involving physical fitness, treatment, and prevention of sports and exercise related injuries. A growing population across the globe is creating a larger pool of talent exploited by better health, nutrition, and coaching leading to the surge in new medical device innovation in the sporting arena. New treatments aimed at preserving joint structures may protect young athletes from more invasive procedures. A large pool of elderly population and their rising awareness for health and fitness, in order to control disorders like diabetes and obesity, contribute to the rise in number of injuries. This eventually will lead to growth of the market globally. The reimbursement scenario however is posing a challenge to the market growth. Most of the medial insurances do not cover sports injuries at school and college level and have other clauses, which exclude out of state treatment. Rising cost of medical treatment and uncovered sports injuries have affected the parents support to sports activities among children in school.

The global market for sports medicine devices has been studied from the perspective of widely used orthopedic devices and number of procedures used to treat and recover from sports injuries.The report provides a detailed analysis of orthopedic products such as artificial joint implants, arthroscopy devices, fracture repair devices, prosthesis, and orthobiologics. Detailed analysis for recovery and support products has also been included in the report. These products comprise braces, performance monitoring devices, accessories, and other recovery products. The other recovery products segment includes thermotherapy, cryotherapy, ultrasound therapy, electric stimulation devices, and compression clothing.

In 2012, arthroscopy devices accounted for the largest share by revenue of the total sports medicine devices market. The global arthroscopy devices market was valued at $1.6 billion in 2012 and is expected to grow at a CAGR of 5.8% from 2013 to 2019, to reach an estimated value of $2.4 billion in 2019. This market segment is followed by artificial joint implants and fracture repair devices owing to the rise in demand for joint replacement procedures and high incidence rate of fractures. However, the product recalls caused due to factors such as corrosion, implant loosening, wear, and manufacturing errors are expected to have a major impact on the market revenue of these market segments. Braces form a major share of the recovery and support products in sports medicine contributing to around 22% of the total market share in 2012. A wide application of braces coupled with rising cost of rehabilitation has propelled the orthotics market in sports medicine.

In terms of revenue, North America forms the largest market for sports medicine devices with a share of around 40%. It is expected to maintain its position throughout the forecast period propelled by rise in injuries due to variety of sports, coupled with various increasing specialized sports medicine services. According to research conducted by Safe Kids Worldwide, around 1.3 million children were treated in emergency rooms for sports related injuries in the year 2012 in U.S. alone. Europe forms the second largest market for sports medicine devices, due to the increased demand for treatment and prevention for sports injuries. Europe being the first preference for product launch owing to favorable regulatory agency has an advantage over the more stringent U.S. FDA regulations.

Source: Transparency Market Research