The global Sports Medicine market accounted for USD 7308.7 Million in 2020 and is expected to reach USD 10684 Million by 2028, growing at a CAGR of around 4.7% between 2021 and 2028.
Sports Medicine Market
The global Sports Medicine Market accounted for USD 7308.7 Million in 2020 and is expected to reach USD 10684 Million by 2028, growing at a CAGR of around 4.7% between 2021 and 2028.
The demand for sports medicine is on the rise due to the growing incidences of sports injuries and the increasing participation of people in fitness and sports-related activities. Moreover, a shift from proactive to preventive care for sports injuries is further anticipated to boost the market for sports medicine over the forecast period. Sports medicine is a broad field of medical practice associated with physical and sports activity. Medicine focuses on areas of performance enhancement, injury care, and prevention of sportsmen. Medicine includes preventative measures like injury prevention and coverings like rehabilitation and osteopathy. Medicine also covers exercise intervention to stop and manage chronic diseases. The medicine team includes Sports Orthopedic Surgeons, Sports Physicians, Sports Physiotherapists, Sports Trainers, Sports Massage Therapists, Sports Podiatrists, and Sports Scientists.
The COVID-19 outbreak has harmed many lives and businesses on an unprecedented scale owing to the pandemic, most organized sports activities are on hold or postponed and entertainment activities are also banned due to strict government guidelines. Consistent with the CovidSurg Collaborative, a 120-country research initiative formed to research the impact of the COVID- 19 pandemics on surgeries, around 29 million elective surgeries worldwide are going to be canceled or postponed in 2020 and 2021, supported by 12 weeks of peak disruption to hospital services due to COVID-19. As per analysis, orthopedic procedures are also going to be the foremost frequently canceled procedures, with 6.5 million orthopedic surgeries canceled worldwide over the pandemic. The expansion of the medicine market is on hold due to the Covid-19 outbreak but is predicted to be restored once things stabilize.
New product launches and technological advancements are anticipated to possess a positive influence on regional demand. Thus, increasing demand owing to the rising incidence of sports injuries is the key factor pouring the expansion of this market. Moreover, government initiatives for the sports industry are continuously liable for the expansion of the market. However, the high cost of products may hinder the expansion of the medicine market. Nonetheless, untapped markets and changing regulatory scenarios for medicine are expected to open a replacement opportunity for the medicine market in the coming years.
Based on the product type, the market of sports medicine has been classified into body reconstruction products, body support & recovery, and accessories. The sports medicine market is further segmented by body reconstruction products type into implants, fracture, and ligament repair devices, arthroscopy devices, prosthetic devices, and orthobiologics. Based on the Body Support & Recovery sports medicine market is further classified as Braces and Support, Compression Clothing, and Physiotherapy.
The body reconstruction products segment dominated the market of sports medicine with a major market share, in 2020. In the forecast period also, the body reconstruction products segment is expected to exhibit noticeable growth due to the increasing incidence rate of sports injuries.
Based on the application type, the market is segmented as shoulder injuries, ankle & foot injuries, elbow & wrist injuries, back & spine injuries, hip & groin injuries, knee injuries, and other injuries. The knee injuries segment holds the largest market share of sports medicine. due to the rising prevalence rate of sports knee injuries, the knee injuries segment is projected to generate new opportunities for the market of sports medicine market.
Regionally, North America has been leading the worldwide Sports Medicine market and is anticipated to continue in the dominant position in the years to come. A high product acceptance rate and favorable government initiatives supporting the production of Sports Medicine is the main factor behind the dominance of the North America Sports Medicine market. Europe is the second largest segment in the sports medicine market and is expected to show significant growth in the forecast period as a result of the increasing prevalence of chronic sports injuries. The Asia Pacific is projected to grow at the fastest growth shortly and this is due to increasing awareness and government support for the sports industry.
Key operating players in the Sports Medicine market are Smith & Nephew Plc, Stryker Corporation, Johnson & Johnson (Depuy Mitek), Arthrex, Inc., Conmed Corporation, Zimmer Biomet Holdings, Inc., Breg, Inc., Mueller Sports Medicine, Inc., DJO Global, Inc., and Wright, Medical Group N.V.
The global Sports Medicine Market is segmented as follows:
The global Sports Medicine Market was valued at USD 7308.7 Million in 2020.
The global Sports Medicine Market is expected to reach USD 10684 Million by 2028, growing at a CAGR of 4.7% between 2021 to 2028.
The demand for sports medicine is on the rise due to the growing incidences of sports injuries and the increasing participation of people in sports and fitness-related activities.
North America is expected to remain the dominant region over the forecast period. North America followed by Asia-Pacific and Europe in terms of demand for Sports Medicine.
Key operating players in Sports Medicine market are like Smith & Nephew Plc, Stryker Corporation, Johnson & Johnson (Depuy Mitek), Arthrex, Inc., Conmed Corporation, Zimmer Biomet Holdings, Inc., Breg, Inc., Mueller Sports Medicine, Inc., DJO Global, Inc., and Wright, Medical Group N.V.