Global sports medicine devices market to reach USD8.6 billion by 2020
The global sports medicine devices market was valued at USD6.61 billion in 2014 and is expected to reach USD8.6 billion by 2020 growing at a CAGR of 4.7%.
Reconstructive devices contributed to 45% of the sports medicine devices market.
The market can be classified into the product segments including reconstructive devices, support and recovery devices, performance monitoring devices and other accessories.
On the basis of application, the market can be classified into segments such as foot & ankle, hip, knee, shoulder, spine and others. Knee application segment contributed to 19% share of the market in 2014. Arthroscopy devices accounted for approximately 23% share of the market in 2014. This is also expected to exhibit fastest growth during the forecast period.
Major factors driving the segment is advancement in surgical technologies and increasing number of skilled surgeons across the globe.
The market was dominated by Americas, which accounted for approximately 43% share followed by Europe, Asia Pacific and rest of the world.
Emerging economies like China, India, Brazil, Russia, etc. are expected to grow rapidly.
Market growth is primarily attributed to increasing per capita income, health awareness and advancement in sports facilities. Some of the key market players include Arthrex, Arthrocare, Stryker Corporation, Wright Medical Technology, Inc., DJO Global, OttoBock Healthcare GmbH, Ossur Hf and Zimmer Holdings, Inc.