The global sports medicine market is projected to reach USD 7.2 billion by 2025 from USD 5.5 billion in 2020, at a CAGR of 5.7%. Growth in the sports medicine analysis market can be attributed to factors such as the increasing incidence of sports injuries, continuous influx of new products & treatment modalities, developments in the field of regenerative medicine, and rising demand for minimally invasive surgeries. On the other hand, the high cost of implants and other devices and the dearth of skilled professionals is expected to limit market growth to a certain extent during the forecast period.
The major players in the sports medicine analysis market include Arthrex, Inc (US), Smith & Nephew plc (UK), Stryker Corporation (US), Breg Inc. (US), DJO Global, Inc. (US), Mueller Sports, Inc. (US), Wright Medical Group N.V. (US), Medtronic (Ireland), RTI Surgical (US), Performance Health International Limited (US), KARL STORZ (Germany), and Bauerfeind AG (US), Össur (Iceland), MedShape (US), Cramer Products (US), Biotek ( India), RôG Sports Medicine (US). The analysis of market developments between 2017 and 2019 showed that market players adopted strategies such as product launches, acquisitions, partnerships, agreements, collaborations, and other developments to strengthen their product portfolios and maintain a competitive position in the sports medicine market.
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Arthrex, Inc. (US), in 2019, held the dominant position in the sports medicine market. This can be attributed to its extensive sports medicine portfolio in the areas of the shoulder, knee, elbow, hand & wrist, foot & ankle, hip, and orthobiologics. The firm strives to maintain its leading position by engaging in inorganic and organic growth strategies such as product launches, expansions, and partnerships. The company’s focus on patient safety and clinical outcomes enable it to expand in fields of orthobiologics and arthroplasty. The company has been expanding its engagement with universities & other organizations for the purpose of enhancing its innovation, research, and development. For instance, in 2019, the firm entered into a two-year partnership with Clement university (US) to provide 10 USD 7,500 scholarships for students who will take courses and internships specifically tailored to the needs of the surgical device industry.
Smith & Nephew (UK) held the second-largest share of the sports medicine market in 2019. The company holds a strong geographical footprint with presence in over 100 countries around the world spanning the Americas, Europe, Asia, Australasia, and the Middle East & Africa. Smith & Nephew sells its products and services with the assistance of customer-service professionals, e-commerce, and third-party distributors. The firm operates under three dedicated franchises, namely, Orthopaedics, Sports Medicine & ENT, and Advanced Wound Management. Smith & Nephew focuses on strengthening its position in the market by engaging in expansions, acquisitions, and product launches. For instance, in 2020, Smith & Nephew received the CE mark approval for Regeneted Bioinductive Implant, thus allowing its sale in Key European markets.
Stryker Corporation (US) held the third-largest share of the sports medicine market in 2019. The strong foothold of the company in this market can be attributed to its robust and innovative portfolio of sports medicine products. The company has a strong global presence with sales networks in more than 100 countries of the world. The company sells its products in over 100 countries through company-owned sales subsidiaries and branches as well as third-party dealers and distributors.
Sports Medicine Market By Product [Body Reconstruction, Body Support & Recovery], Application [Knee Injuries, Shoulder Injuries, Foot & Ankle Injuries], End User [Hospitals, Physiotherapy Centers & Clinics] - Analysis & Global Forecast To 2025
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