Sports Medicine Devices Market worth $ 8.3 Billion by 2020 – Report
Sports medicine devices Market is expected to reach $ 8.3 Billion by 2020 from $ 5.6 Billion in 2015, at a CAGR of 8.0% during the forecast period of 2015 to 2020. Sports medicine devices involve the treatment and prevention of injuries related to sports and exercise. These products are used by both athletes and non-athletes. The products in this market include body reconstruction & repair products, body support & recovery products, and accessories.
The statistics are evaluated by the report, “Sports medicine devices Market by Product Type (Implants, Arthroscopy, Prosthetics, Orthobiologics, Braces, Topical Pain Relief, Thermal Therapy, Compression Clothing, Bandages & Tapes), by Application (Knee, Shoulder) – Analysis & Global Forecast to 2020”, which aims to analyze and studies the major market drivers, restraints/challenges, and opportunities.
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Growth in the Sports medicine devices market is likely to be centered on the Asia-Pacific region. The growth of this region is attributed to government initiatives to promote sports medicine, the influx of international players, expansions by key players, and increasing awareness through conferences & symposia.
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The global Sports medicine devices market is segmented on the basis of product, application, and region. Based on product, the Sports medicine devices market is categorized into body reconstruction & repair products, body support & recovery products, and accessories. In 2015, body reconstruction & repair products are estimated to account for the major share of the Sports medicine devices market.
Based on application, the market is segmented into knee injuries, shoulder injuries, ankle & foot injuries, elbow & wrist injuries, hip & groin injuries, back & spine injuries, and other injuries. In 2015, the knee injuries segment is estimated to account for the major share of the Sports medicine devices market.
On the basis of region, the market is divided into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). In 2015, North America is expected to account for the largest share of the Sports medicine devices market, followed by Europe and Asia-Pacific. However, the Asia-Pacific market is slated to grow at the highest CAGR during the forecast period and serve as a revenue pocket for companies offering Sports medicine devices.
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The Sports medicine devicesmarket has witnessed various improved treatment options in recent years. This can be attributed to constant focus of market player on the introduction of newer products and treatment options for sports injuries. A number of key players are competing to secure larger shares of the market by launching new products. Arthrex, Inc. (U.S.), Smith & Nephew PLC (U.K.), DePuy Synthes Companies (U.S.), Stryker Corporation (U.S.), and CONMED Corporation (U.S.) are the top five players of this market, jointly accounting for 70% to 75% of the total Sports medicine devices market in 2014.
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