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

Published:
May 2021
Report Code:
BWC20342
Available Format:
PDF PDF Icon
Pages:
161

sports medicine market report

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.


Source: BlueWeave Consulting

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 non-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  Shoulder

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)

Ø  Middle-East & Africa (MEA)

 

FAQs:

1. What is the current size of the global sports medicine market?

Answer: The global sports medicine market reached USD 5.19 billion in 2020.

2. What are the major factors driving the growth of the global sports medicine market?

Answer: The major factors driving the growth of the global sports medicine market are; the rising trend of sports and recreational activities and the positive surge towards opting for sports as a career.

3. Who are the key players in the global sports medicine market?

Answer: The key 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.

4. Which device segment accounted for the largest share in the global sports medicine market?

Answer: The bone reconstruction devices segment accounted for the largest share in the global sports medicine market.

5. Which region is at the highest growth rate in the global sports medicine market?

Answer: North America holds the largest share in the global sports medicine market.

COVID-19

We've been tracking the direct impact of COVID-19 on this market, and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Contact our sales team for more details at

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