Asia-Pacific Sports Medicine Market - Segmented by Product, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The Asia-Pacific sports medicine market is expected to register a CAGR of 8.5% during the forecast period of 2018–2023. China is anticipated to dominate the market during the forecast period owing to the penetration of key players in the country and the presence of huge patient pool in the region.
Rising Incidence of Sports-related Injuries
Asia-Pacific is experiencing a high prevalence of sports injuries. For instance, the summer Asian games in 2010, in Guangzhou, reported an overall of 725 injuries in 430 athletes. 288 of which were newly incurred in 209 athletes at an incidence rate of 45.5 injuries per 1,000 athletes’ exposure. In Australia, soccer is the most played sport, and between 2011–2012, more than 3,000 athletes were admitted to hospitals from more than 13,000 clubs, with 22 members per team. During the same period, an overall of more than 36,000 Australians aged 15 or above, were hospitalized due to sports injuries. Thus, the high rate of sports injury in the region is likely to drive the market for sports medicine in the country. Additionally, technological advancement in sports medicine devices, increase in budget allotments by the government to the sports sector, and penetration of key players in emerging markets are further driving the market for sports medicine.
Dearth of Trained Professional
Sports medicine is a new domain in the field of medicine, which specializes in reconstruction, repair, and rehabilitation of injuries incurred during sporting events. Since fewer people specialize in this domain, there is a lack of adequately skilled professionals, and with rapid increment in the number of sports-related injuries, the necessity to tackle them is unmet. Thus, it is a major restraint in the Asia-Pacific sports medicine market. Additionally, the high cost of implants and devices are likely to impede the market.
China to Dominate the Market
China dominates the sports medicine market in Asia-Pacific. The factors attributing to the growth of this region are awareness among athletes to maintain their fitness levels coupled with growing demand for minimally invasive devices in the treatment of sports injuries, such as arthroscopy. Japan and India are anticipated to grow tremendously during the forecast period owing to factors such as growing adoption of sports as a career and rising awareness regarding injuries.
Key Developments in the Market