The global sport medicine device market will grow significantly, said a recent report by Insurance News Net. Valued at $6 million in 2012, it's estimated that it will reach $8 billion by 2019.
A manufacturing vertical on the rise
Transparency Market Research's recently released a report called "Sports Medicine Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019" that details the factors catalyzing the industry's growth.
Aimed at protecting the bodies of athletes and those participating in rigorous activities, sports medical devices are becoming more prevalent along with the general population's focus on managing healthy lifestyles. Among prominent user groups is the geriatric population, who turn to physical activity as a way to stave off ailments like cardiovascular disease and diabetes.
According to Becker's Spine Review, the continent with the largest share of the global sports medicine devices market in 2012 was North America, and the continent is expected to hold the lead for years to come. Sports medicine devices geared towards managing and treating sports injuries include components from fracture repair devices, orthobiologics, cryotherapy, artificial joint implants, thermotherapy, braces, prosthetics, performance monitoring devices, arthroscopy devices, ultrasound therapy and compression clothing.
The biggest restraint faced by medical device manufacturers, however, is reimbursement, as many insurance companies don't cover sports-related injuries. As a result, many companies are focusing on developing low cost manufacturing options that will contribute to innovative and cost effective treatments.
Medical manufacturing in Mexico
Some companies have been meeting increased competitive manufacturing needs by producing in Mexico. An article by Plastic Today indicated this south-of-the-border country has the best macroeconomic record of any emerging market in the world.
The report also noted that Mexico is the fifth largest exporter of medical products in the world, with major medical device manufacturing hubs in Tijuana, Jalisco, Baja California and Sonora. This is largely thanks to the high volume of technical and engineering schools as well as their coordination with neighboring plants. Mexico, which has recently garnered global recognition as an automotive manufacturing hub for similar reason, has seen a significant increase in foreign investment and infrastructure initiatives that will likely continue to foster low cost manufacturing for years to come.