Global Sports Medicine Market is Expected to Witness Prolific Demand: Projected to Grow at a CAGR of 6.7% in the Forecast Period
Published | 11 May 2021
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.
Growing Cases of Sports Injuries is Driving Market Growth
Fractures, sprains and strains, dislocations, shoulder injuries, knee injuries, and other sports-related injuries have become more common in recent years around the world as a result of increased participation in sports and active participation in fitness activities. The high rate of participation in sports, combined with a spike in the frequency of sports injuries, is driving up demand for sports medicine across the globe. Sports medicine is concerned with assisting athletes in improving their athletic performance, recovering from injuries, and preventing potential injuries.
Growing Disposable Income Supporting the Growth of the Sports Medicine Market
Developing economies such as China and Japan are expected to have a large consumer base in the coming years, opening the door to opportunities for growth in sports medicine during the forecast period. The increase in disposable income of people in these countries is likely to increase the demand for sports medicine over the forecast period. The growth can also be attributed to the rising population participation in sports and physical activities. As a result of these factors, people in developing economies can spend more and better on treatment, which in turn is propelling the growth of the global sports medicine market.
Ankle and Foot Segment Estimated to Witness Growing CAGR in the Forecast Period
Based on application, the knee segment held the highest demand in the market in 2020, and this trend is expected to continue during the forecast period. However, due to a variety of factors, such as increased exposure to potential foot and ankle injuries as a result of involvement in intense physical activities and sports, the ankle and foot market is projected to rise at a faster CAGR in the coming years. These factors may increase demand for sporting goods and services, boosting the overall market for sports medicine.
Global Sports Medicine Market - Regional Insights
The global sports medicine market is grouped into five regions: North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and the Middle East and Africa (MEA). Because of its high GDP and per capita income, North America has the largest market share. However, the demand for sports medicine is rapidly increasing in the Asia-Pacific region as well. This growth is expected to be driven by the development of healthcare infrastructure in countries such as India, China, and Japan. Furthermore, the regulatory framework for product approvals in APAC countries is comparatively less strict, allowing advanced drugs and medical devices to enter the market more easily.
Impact of COVID-19 on the Global Sports Medicine Market
The global sports medicine market was severely affected by the outbreak of COVID-19. Since the target market for sports drugs is based on physical injuries and ailments, the nationwide lockdown declared by the governments of different countries had a significant impact on the market. Furthermore, owing to the pandemic-imposed lockdown, outdoor athletic events were completely halted, resulting in the temporary suspension of sports event operations. However, as a result of the pandemic, people became more mindful of their physical and mental health. As a result, health-conscious people across the globe turned to sports to keep their minds and body in check. As a result, the sports medicine market is expected to grow during the forecast period as more people turn to sports to stay healthy.
The leading 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. For expanding their product range, the market players are continuously concentrating on product approvals and new product launches through alliances, and mergers & acquisitions, among other strategies.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global sports medicine market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global sports medicine market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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