Global Sports Medicine Market-
Industry Trends & Forecast Report
2027
Summary
Global Sports Medicine Market, By Device Type (Surgery devices, Bone reconstruction Devices, Body Support Devices, Others), By Application (Knee, Head & Neck, Shoulder, Ankle and Foot, Wrist and Elbow, Others), By End-User (Hospitals, Specialty Clinics, Diagnostic Centers, Orthopedic Clinics, Rehabilitation Centers, Sports Institutes and Others), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017-2027
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global sports medicine market was worth USD 5.19 billion in the year 2020. The market is estimated to grow at a CAGR of 6.7%, earning revenue of around USD 8.20 billion by the end of 2027. The increasing incidences of sports injuries, advancements of regenerative medicine, and the constant upsurge of innovative products and diagnostic methods are driving the growth of the global sports medicine market. Furthermore, the increasing preference for minimally invasive surgery is propelling the sports medicine industry forward.
Global Sports Medicine Market- Industry Trends & Forecast Report 2027
The global sports medicine market was worth USD 5.19 billion in 2020 and is further projected to reach USD 8.20 billion by the year 2020, growing at the CAGR of 6.7% in the forecast period (2021-2027). The global sports medicine market is growing due to an increase in the number of sports injuries, advances in regenerative medicine, and a continuous influx of technologically advanced products and diagnostic methods. Furthermore, the surge in people accepting and adopting sports as their full-time careers is expected to push the market forward during the forecast period.
Global Sports Medicine Market- Overview
Sports medicine is that branch of medicine which deals with the treatment of injuries and ailments which occur during sports and other physical fitness activities. It does not, however, stop at accidents and illnesses; it also contains medications that increase overall athletic performance and protect the athlete from possible injuries. The global sports medicine market is expected to expand due to the high penetration of sports medicine devices in developing countries as a result of new advanced treatments, improved healthcare facilities, and increasing affordability as per capita income rises. Furthermore, growth in technological advancements aimed at developing cost-effective methods of treatment, as well as the increasing popularity of sports activities among people of all ages, are driving the market growth.
Global Sports Medicine Market Forecast and Trends Growth Drivers
Rising Trend of Sports and Recreational Activities
People rarely have time to exercise or participate in physical activities in today's fast-paced world. As a result, they participate in sports activities voluntarily, some for fun and others to maintain physical activity. When more people engage in sports, the number of injuries also increases, necessitating the need for injury care and recovery. Ligament tears and fractures are very common in those who participate in sports. A significant percentage of cases include critical or non-severe injuries and wounds. They do, however, need care or they will become infected.
Increased Interest in Sports as a Career
The introduction of new sports and numerous sports tournaments are piquing the interest of an increasing number of people. As a result, they have begun to consider sports as a full-fledged career. Furthermore, private funding is supporting and funding youngsters interested in athletics, which is motivating them to pursue their interest in sports. With more tournaments and matches, as well as an increasing number of people entering this field, the market for sports medicine is expected to grow during the forecast period.
Restraints
Expensive Orthopedic Devices and Surgeries may Hinder the Market
The average price of an orthopedic device is around USD 3000 to 4000 which is considered expensive especially for middle-income countries. In addition to this cost, the surgery is on the expensive side, with orthopedic surgeries ranging from USD 20,000 to 40,000. This is considered the most important impediment to the growth of the sports medicine market. People suffering from sports injuries will be reluctant to get these device implants as they may not be able to afford them.
Impact of COVID-19 on Global Sports Medicine Market
The COVID-19 outbreak has halted the operations of several industries. Most organized sports activities have been suspended or postponed as a result of the ongoing pandemic. in light of the spread of coronavirus and the rising number of cases all around the world, governments of several countries put a temporary ban on all sports activities. The Olympics, football, cricket, and all other sports championships and matches have been postponed until further notice. As a result, the sports market witnessed a sudden drop in the demand for sports medicine. However, as countries lift their lockdowns and sports activities resume, demand is expected to rise quickly in the post-COVID-19 era.
Global Sports Medicine Market - By Device Type
Based on device type, the global sports medicine market is segmented into surgery devices, bone reconstruction devices, body support devices, and others. Bone reconstruction devices held the largest market revenue for the year 2020. Technological advancements play a very crucial role in the development of bone reconstruction devices, along with other factors like the expanding application of ligament repair products, fracture products, arthroscopy, etc. A mixture of all these factors is expected to contribute to the growth of the global sports medicine market during the forecast period.
Global Sports Medicine Market - By Application
Based on the application, the market is categorized into knee, head & neck, shoulder, ankle and foot, wrist and elbow, and others. The knee segment held the largest market share in the year 2020 and is expected to progress at a significant rate during the forecast period. Knee injuries are very common among people who participate in athletics, which is a major reason for the thriving knee segment. The advancement of the medical field, as well as the increasing prevalence of minimally invasive surgeries, is also fueling the growth of the knee segment market.
Global Sports Medicine Market - By End-User
Based on end-users, the market is segmented into hospitals, specialty clinics, diagnostic centers, orthopedic clinics, rehabilitation centers, sports institutes, and others. Hospitals registered a high number of treatments for sports injuries and ailments owing to the availability of professional healthcare and advanced
equipment and devices. Furthermore, with developing infrastructure in several countries, the number of hospitals is rising, resulting in a thriving hospital segment that is expected to grow during the forecast period.
Global Sports Medicine Market - Regional Insights
Geographically, the global sports medicine market is segmented into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle-East & Africa (MEA). North America has the highest market demand for sports medicines and therefore, held the largest revenue share in the year 2020. Several factors like the rising trend for sports and athletics among the American population, along with increasing orthopedics centers are contributing significantly towards the growth of the sports medicine market.
Competitive Landscape
The leading market players in the global sports medicine market are Arthrex, Inc., Stryker, CONMED Corporation, Zimmer Biomet, Karl Storz Se & Co. KG, Johnson & Johnson Services, Inc., Smith & Nephew, Depuy Synthes Inc., Wright Medical Group N.V., DJO Global, Ottobock, OSSUR HF, Japan MDM, Performance Health International Limited, Cramer Products, RTI Surgical, Medtronic, Mueller Sports, Breg, and other prominent players. The companies are focusing on innovations and launching compact surgery devices to gain a competitive edge. They are also constantly engaging in competitive strategies like mergers, acquisitions, and partnerships to establish a better brand reputation in the market.
Recent Developments
l In February 2021, Performance Health International Limited, a UK-based medical
and physical therapy manufacturing company joined hands with Reckitt Benckiser Group plc, a UK-based consumer goods company. The agreement has been signed to sell two of Performance Health's leading labels, Biofreeze and TheraPearl to the group.
l In June 2020, Smith & Nephew, a UK-based medical equipment manufacturing
company, unveiled its INTELLIO connected tower network, which allows sports medicine systems to be connected and regulated.
Scope of the Report
Attributes Details
Years Considered Historical data – 2017-2020
Base Year – 2021
Forecast – 2021 – 2027
Facts Covered Revenue in USD Million
Market Coverage North America, Europe, the Asia-Pacific, Latin
America, and the Middle East and Africa
Product
Service/Segmentation By Product Type, By Application, By End-user, By Region
Key Players Arthrex, Inc., Stryker, CONMED Corporation,
Zimmer Biomet, Karl Storz Se & Co. KG, Johnson & Johnson Services, Inc., Smith & Nephew, Depuy Synthes Inc., Wright Medical Group N.V., DJO global, Ottobock, OSSUR HF, Japan MDM, Performance Health International Limited, Cramer Products, RTI Surgical, Medtronic, Mueller Sports, Breg, and other prominent players.
By Device Type
Ø Surgery devices
Ø Bone reconstruction Devices
Ø Body Support Devices
Ø Others
By Application
Ø Knee
Ø Head & neck
Ø Ankle and Foot
Ø Wrist and Elbow
Ø Others By End-User Ø Hospitals Ø Speciality Clinics Ø Diagnostic Centers Ø Orthopedic Clinics Ø Rehabilitation Centers Ø Sports Institutes Ø Others By Region Ø North America Ø Europe Ø Asia-Pacific (APAC)
Ø Latin America (LATAM)
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