The global sports medicine devices market is expected to find players undergoing consolidation causing the development of its oligopolistic nature. Leading players could concentrate on product differentiation, advertising, and marketing during their stay in the market. In a report by Transparency Market Research (TMR), prominent names of the market such as Össur hf., DJO Global, Inc., and ArthroCare Corporation are closely studied in the company profiling section. In the recent past, the market witnessed an acquisition agreement made between Smiths & Nephew and ArthroCare. Complementary product portfolio organized after the acquisition is anticipated to expand product pipeline and improve revenue.
TMR foretells the global sports medicine devices market to bag revenue earnings worth an US$8.2 bn by the completion of 2019. On the basis of orthopedic product, arthroscopy devices could continue taking a larger share of the market in the near term. In terms of region, the market is predicted to testify the rise of North America as a leading segment.
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Reduction in Budget Allocation for Sports Tests Growth of Market Players
Growth of the international sports medicine devices market is forecasted to slump due to decreased budget allocation for sports. Moreover, dearth of reimbursement policies reserved for academic sports injuries could apply brakes on market growth in the coming years. However, introduction of novel implants and prosthetics and development of performance monitoring equipment are envisaged to create ample of opportunities in the market. Rising frequency of sports injuries in Asia Pacific and another region of the market could help with the demand for sports medicine devices.
Technological development on the part of joint repair implants and demand for minimally invasive procedures are envisioned to be other factors pushing market growth in the next few years.
The information presented in this review is based on a TMR report, titled “Sports Medicine Devices Market (Orthopedic Product – Artificial Joint Implants, Fracture Repair, Arthroscopy Devices, Prosthesis, and Orthobiologics; Recovery and Support Product – Braces, Performance Monitoring Devices, Accessories, and Cryotherapy Devices, Thermotherapy Devices, Ultrasound Therapy, and Electrical Stimulation Devices) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2019.”
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