Research and Markets released a new report forecasting the international sports medicine device market through 2019.
Here are 10 quick observations from the report:
1. The global sports medicine device market was valued at $6.1 billion in 2012 and is expected to grow at a compound annual growth rate of 4.4 percent over the next five years, reaching $8.2 billion in 2019.
2. Technological advance and the growing popularity of sporting activities among youth and older populations will drive market growth.
3. The focus on developing cost-conscious treatment methods will be an important factor for future innovation in this growing market.
4. Demand for arthroscopic procedures is expected to grow in the future due to an increase in the geriatric population and sports injuries around the world.
5. Arthroscopy devices in orthopedic products accounted for the largest market and was valued at around $1.6 billion in 2012 with an expected CAGR of 5.8 percent through 2019.
6. The second largest market was the braces/orthotics market in the recovery and support products, which is expected to grow 3.4 percent through 2019.
7. More people with disposable income in developing countries boosted OEM confidence towards these regions.
8. Unfavorable reimbursement policies in developed countries is expected to hamper global growth.
9. North America had the largest share of the global sports medicine devices market in 2012 — valued at $2.4 billion — and is expected to continue this lead in terms of revenue generation over the next five years.
10. The leading players in the sports medicine device market are Arthrex, DePuy Mitek, Ottobock, Stryker, Smith & Nephew and ArthroCare.
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