Market Landscape
The recent report by Market Research Future (MRFR) asserts that the North American Sports Therapies, Medicine, and Betting Market 2020 is slated to acquire a substantial market valuation at a moderate 8.6% CAGR over the review period.
Drivers and Restraints
Many drivers and restraints are projected to affect market growth during the forecast period. With the rise in inclination towards sports, the need for diagnosis, prevention, and treatment of sports injuries has also increased. The growing number of sports associations has accelerated awareness about the benefits of sports medicines and their availability, which has driven the growth of the market. Rising prevalence of sports injuries and increasing health awareness, followed by the increasing adoption of sports by the elderly population, are the major drivers for market growth. Moreover, growing per capita healthcare expenditure will fuel the market during the forecast period. Research & development activities undertaken by the notable players, coupled with the launch of new products catering to the need for various injuries, have catalyzed the revenue generation in the market. On the other hand, complex reimbursement policies, the dearth of proper awareness about sports safety measures, lack of skilled professionals, and the high cost of the sports injury treatment may restrain the growth of the market.
Segmental Analysis
Sports Therapies, Medicine, and Betting is segmented on the basis of product into helping fractures heal, surgical devices, arthroscopy devices, orthopedic braces. Helping fractures heal are further sub-segmented into bone graft substitutes, bone morphogenetic proteins, viscosupplementation, PRP, bone marrow concentrate, and others. Surgical devices are sub-segmented into plates, screws, and others. Orthopedic braces are sub-segmented into knee braces, foot braces and supports and others.
On the basis of the area of application, the market is segmented into the spine, foot and knee, hip, shoulder and elbow and other. On the basis of procedures, the North American Sports Therapies, medicine and betting market is segmented into tendon to bone, tendinosis, and cartilage repair. And on the basis of end-user, they are segmented into hospitals & emergency care, trauma centers, ambulatory care and others.
Regional Analysis
North America commands the highest market for sports medicines across the globe. North America sports medicine market is driven by the increasing prevalence of sports injuries, and growing health awareness amounts the individuals. Rising adoption of sports by the elderly population and rising health care expenditure per person is also contributed to the growth of the market in the near future. The augmented rate of sports activities in the region has covered the way for the upward shift in the demand arc of sports medicines owing to the rising count of sports injuries. Additionally, increasing awareness on the consumer’s side, coupled with the growth strategies of key players, has also driven the market expansion in the region. The US commands the highest market for the sports medicine market. The US acquires 65 % of the total North American sports medicine market. This growth is attributed due to technology advanced healthcare market in the region, increase sports-related injuries, increase in the physically challenging sports and increasing government initiatives. According to research shoulder and elbow is the most common type of sports injury.
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Competitive Landscape
The prominent market players identified by MRFR in the North American Sports Therapies, Medicine and Betting market are Smith & Nephew plc (UK), DePuy Synthes (US), Medtronics (UK), Zimmer (US), Arthrex, Inc. (the US), Stryker Corporation (US), Breg, Inc. (the US), CONMED Corporation (US), Tornier N.V. (US), DonJoy, Inc. (US), Mueller Sports, Inc.(US), Ottobock Healthcare GmbH (Germany), DJO Global (US), Cramer, Inc.(the US). International players who are progressively expanding their footprint in the emerging economy, making it difficult for regional vendors to compete with them, particularly in terms of features product portfolios, quality, and pricing. The market is observing the intensified competition, which is expected to get more strengthened further through the forecast period. The intense competition established in the market commands the consolidation among market players.
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