Sports Medicine Market to Register a CAGR of 5.8% and Hit USD 9.86 billion by 2026; Acquisition of Ivy Sports Medicine by Stryker to Boost Market Expansion, says Fortune Business Insights™
Key Prominent Players Covered in the Sports Medicine Market Research Report Are Arthrex, Inc., Smith & Nephew, Stryker, CONMED Corporation, Zimmer Biomet, Johnson & Johnson Services, Inc., KARL STORZ SE & Co. KG and other key market players.
Pune, India, Dec. 02, 2020 (GLOBE NEWSWIRE) -- The global sports medicine market size is predicted to USD 9.86 billion by 2026, exhibiting a CAGR of 5.8% during the forecast period. The sports medicine market stood at USD 6.26 billion in 2018. Combined with the market analysis capabilities and knowledge integration with the relevant findings, the report has foretold the robust future growth of the market, and all articulated with geographical and merchandise segments. North America stood at USD 2.60 billion in 2018 and is expected to grow rapidly during the forecast period. The increasing number of medical sports centers will aid the expansion of the market in North America.
*INDUSTRY DEVELOPMENT:*
· March 2019: Arthrex entered into a partnership with Clemson University, US, with an aim to provide 10 scholarships worth USD 7500 each, for students who will take courses and internships specifically tailored to the needs of the surgical device industry
· September 2016: Stryker acquired Ivy Sports Medicine, LLC., with am aim to strength company’s product portfolio is comprised of a comprehensive minimally invasive meniscal repair platform.
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*Acquisition of Ivy Sports Medicine by Stryker will Enable Speedy Market Expansion*
The announcement of Stryker's Endoscopy division, a visualization platform enabling distinguish anatomy across all minimally invasive procedures, acquired Ivy Sports Medicine, LLC, medical equipment production company. The acquisition will enable Stryker to provide customers with a complete meniscal platform to better serve their patients.
The agreement between the companies will boost the sports medicine market share owing to the portfolio of the company, which includes the only FDA-approved collagen meniscus implant (CMI) on the market a reliable and innovative all-inside repair device, as well as an inside-out meniscal suturing platform. In addition, the developing sports infrastructure, along with the growing patient pool in hospitals, will facilitate the growth of the market.
According to the EU IDB catalog of sports, about 4.5 million people aged 15 and above have been treated in hospital for a sports injury each year. In addition, the presence of opportunities such as corporate funding & scholarships for students will bode well for the market in the forthcoming years.
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*Rising Number of Medical Sports Centres will Accelerate Revenue in North America*
North America stood at USD 2.60 billion in 2018 and is expected to grow rapidly during the forecast period. The increasing number of medical sports centers will aid the expansion of the market in North America. The growing participation in sports and physical activities by children will augment the healthy growth of the market in the region.
Asia Pacific is predicted to grow significantly in the forthcoming years. The rising demand for sports medicine from developing countries such as China, India, and Japan will boost the sports medicine market trends. Furthermore, increasing government initiatives to educate healthcare professionals and promote research will further facilitate growth in the region.
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*List of the Major Companies in the Sports Medicine Market Include:*
· Arthrex, Inc.
· Smith & Nephew
· Stryker
· CONMED Corporation
· Zimmer Biomet
· Johnson & Johnson Services, Inc.
· KARL STORZ SE & Co. KG
· Other players
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*Global Sports Medicine Market Segmentations:*
*By Device Type*
• Surgery Devices
• Bone Reconstruction Devices
• Body Support Devices
• Others
*By Application*
• Knee
• Head & Neck
• Shoulder
• Ankle & Foot
• Wrist & Elbow
• Others
*By End User*
• Hospitals
• Specialty Clinics
*By Geography*
• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, and Rest of Latin America)
• Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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*SECONDARY DATA SOURCES THAT WE REFER TO:*
· Annual reports, investor presentation, SEC filings, and press releases of companies operating in the market
· Studies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.
· Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, Clinics
· Industry journals and paid databases
*SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:*
· Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
· Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
· Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
· Number of procedures and average price of procedures
· Replacement rate and pricing of capital equipment
· Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
· Market & technological trends, new product developments, product pipeline.
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