Sports Medicine Market to Remain Strong Says GlobalData
Driven by the growing prevalence of sports injury, coupled with an ageing population, the global arthroscopic implants market value will increase from $2.2 billion in 2013 to $3.4 billion by 2020, at a Compound Annual Growth Rate (CAGR) of 6.09%, says a new report from research and consulting firm GlobalData.
According to the company’s latest report*, the global arthroscopic capital equipment market value is also set to grow, from approximately $1.2 billion in 2013 to $1.7 billion by 2020, at a CAGR of 5.78%. In 2013, the US held the largest segment of the sports medicine industry, with a global share of 70% for arthroscopic implants and 53% for arthroscopic capital equipment.
Priya Radhakrishnan, GlobalData’s Senior Analyst covering Medical Devices, says: “Sports medicine technology is built on minimally-invasive arthroscopic implants and instruments. As the adoption of arthroscopic products continues to drive the market, these devices will also spill into other orthopedic segments, so that more patients can avoid having total joint replacement procedures.”
Currently, the sports medicine device industry is dominated by giant manufacturers, such as Smith & Nephew, Arthrex, DePuy Companies, Stryker, ConMed Corporation, ArthroCare and Biomet. In the US alone, these top players hold a combined 79% share of the market.
Radhakrishnan continues, “The future outlook for the sports medicine industry remains positive in the western markets, with a substantial increase in new indications expected to boost procedure numbers over the forecast period.
“On the other hand, countries such as Brazil, China and India have yet to see much growth. However, they will experience increasing adoption of arthroscopic procedures in the coming years, as surgeon training improves and more products are introduced into the markets.”