Market Dynamics
As per the assessment conducted by Market Research Future (MRFR), the Global Sports Medicines Market is anticipated to acquire the market value of USD 9,655.6 Million while thriving at a CAGR of 8.9% during the assessment tenure from 2017 to 2023.
The growing cases of sports injuries, the growth of medical associations, and ongoing technological progress are expected to drive the global demand for sports medicine. Baseball and football, for example, are likely to have the highest injury rates. The rising incidences of sports injuries, as well as the growing involvement of people in sports and fitness-related activities, are driving up demand for sports medicine. Furthermore, over the projected era, the demand for sports medicine is predicted to be driven by a transition from proactive to preventive treatment for sports injuries. Another factor that is expected to improve the demand during the evaluation period is a lack of carelessness when participating in the sport. During the assessment era, the increasing incidence of ligament tears and fractures is expected to propel the industry. During the assessment period, the growing demand for injury management and recovery is expected to improve the industry globally. Furthermore, the use of wearable devices such as fitness bands and other sensors has aided in the monitoring of stress load and the prevention of fatigue-induced injuries in athletes, which has fueled the growth of the sports medicine industry.
However, during the forecast period, adverse reimbursement policies and a lack of knowledge are likely to stymie demand growth in sports medicine. Owing to slow economic development, underdeveloped and developing countries lack well-developed healthcare facilities. In these countries, government spending on healthcare is also relatively poor, resulting in lower acceptance of these goods. The COVID-19 epidemic has had a major effect on the global sports medicine industry. Due to the lockdown, a number of tournaments were canceled. Furthermore, a lack of athletic culture is a contributing factor in these countries' sluggish growth of sports medicine. Thanks to the pandemic, the market's growth has been slowed. The sector, on the other hand, is expected to stabilize at a steady pace in the future.
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Market segmentation
The product-based segments of the global market for sports medicine are support & recovery products, accessories & consumables, joint reconstructive & repair products, and others.
The application-based segments of the global market for sports medicine are knee treatment, spine treatment, shoulder treatment, hip treatment, and others.
The procedure-based segments of the global market for sports medicine are tendinosis, tendon to bone, and cartilage repair.
The end-user based segments of the global market for sports medicine are trauma centers, hospitals & emergency care, ambulatory care, and others.
Regional Overview
During the study period, the rising popularity of sports and increased knowledge about the treatment of sports injuries are expected to be major factors driving the regional market. The growing investment in North America is expected to boost the region's sports medicine market size. The availability of technologically advanced medical facilities to treat a variety of orthopedic injuries is expected to drive regional trade in the near future. During the review period, the United States, Canada, and Mexico are expected to make substantial contributions.
Due to an increasing interest in sports, Europe is expected to gain the second-largest market share during the forecast period. During the forecast era, the government's growing initiatives to expand the sports medicine devices market are expected to boost the market.
During the assessment period, the increasing demand for sports medicine devices in developing countries such as India, China, and Japan is expected to play a critical role in the development of the regional market. Furthermore, the regulatory framework for product approvals in these countries is comparatively less rigorous, facilitating the entry of new products and shortening the review period.
Due to the prevalence of underdeveloped countries and a lack of sports culture, MEA is expected to grow slowly over the forecast period. However, there are a number of untapped business opportunities that are likely to present lucrative market expansion opportunities. Because of the growing popularity of sports, Latin America is expected to develop at a significant CAGR during the assessment period. During the evaluation period, Brazil is expected to be a profitable market.
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Competitive Analysis
The existing players in the global sports medicine market are pursuing a variety of growth strategies, including partnership, mergers, and acquisitions. As people become more interested in sports, there is a greater need for new and safe ways to treat injuries, and key players are focused on expanding their scope. The growing number of expansion initiatives is likely to increase market competition in the near future. The notable players are Smith & Nephew plc, Stryker, CONMED Corporation, DePuy Synthes, GE Healthcare, Arthrex, Inc., Medtronics, and Zimmer Biomet are prominent players in the global sports medicine market.
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