Albany, New York (PRWEB) January 02, 2013
Sports medicine device markets include devices and products which help in the diagnosis and treatment of injuries mainly caused while performing a sport. This is one of the newest and fastest growing fields in healthcare. The high growth rate can be attributed to the changing lifestyle and higher occurrence of sports injuries due to more exposure of the youth population to sport related activities.
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The sports medicine device market can be primarily classified based on the product type as body construction and repair, body support and recovery and cardiac monitoring. Sports medicine devices have numerous applications based on the body part they would be used at. Based on application areas, sports medicine devices are classified as shoulder, ankle and foot, elbow and wrist, back and spine, hip and groin and knee. Geographically the market is segmented into North America, Europe, Asia Pacific and Rest of the world.
The sports medicine device market is expected to grow with a CAGR of 9.5% with knee applications being the largest share holder due to the higher occurrences of ACL (anterior cruciate ligament) injuries. Geographically, the U.S. is the largest market for sports medicine devices.
The primary reason for the growth of the sports medicine market is changing demographic trends and the increased awareness and expenditure on healthcare. There is an increase in the aging population which has contributed positively to the development of the market. The increase in net income has helped consumers focus more on healthcare than before. Also sports medicine devices are based on the concept of minimal invasive techniques in surgery which leads to a quicker healing process for sportspersons. With an increased number of people opting for sports as their career, the sports medicine device market is going to expand.
The high cost associated with sports medicine devices is hampering the growth of the market. The middle level sportsmen cannot afford these devices and hence stay oblivious of the advantages of these devices. Also there are restrictive government policies in certain countries which do not promote the import of sports medicine devices.
The sports medicine device market is expected to grow owing to the emerging number of sportsmen from countries like China and India, Korea and the Eastern Bloc countries. By trying to keep the cost of these devices low, companies can tap a large part of the population wanting to use these devices but unable to do so because of the cost.
Some of the key players in this market include Arthrex, Biomet, Arthrocare Corporation, Biomet Inc, Breg Inc, Bird and Cronin Inc and others.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
Rest of the World
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