The size of the sports medicine market in the Asia Pacific was worth USD 1.50 billion in 2022 and is estimated to be growing at a CAGR of 9.62%, to reach USD 2.38 billion by 2027. Asia Pacific region is thriving to achieve the highest shares of the sports medicine market. The increasing demand for minimally invasive surgeries for the sportsperson is accelerating the demand of the market. In addition, the growing prevalence of exercises in gyms and sports activities to stay healthy is also elevating the demand for this market.
Sports Medicine gained a lot of traction in recent years by helping athletes achieve what they couldn’t have done in the past. However, it has massive potential in store for the coming generations with new technologies and procedures.
On-going research and development activities in developing innovative regenerative medicine are a significant factor propelling the APAC sports medicine market growth. Furthermore, people's interests in sports activities significantly influence the growth rate of the sports medicine market in the APAC region. Creating awareness over the availability of different treatment procedures is likely to fuel the market demand in the Asia Pacific. In addition, prevalence to reduce the risk of injuries and rising focus on cure, recovery, and rehabilitation of athletes enhances the market size. Furthermore, the launch of new therapies with the latest technology is making the market grow higher.
However, the high cost of medicines is slowly restricting the demand of the market. In addition, fluctuations in the availability of raw products in manufacturing medicines and other vaccines impede the market's growth rate in the Asia Pacific. In addition, stringent government rules and regulations in approving the new products limit the demand for the sports medicine market. Also, the shortage of skilled people in manufacturing advanced devices, especially in underdeveloped countries, is slowly negatively impacting the market's growth rate.
This research report on the APAC sports medicine market has been segmented and sub-segmented into the following categories:
Regionally, the Asia Pacific market has a huge potential, considering the population figures and growing incidences of sports-related injuries.
The Indian sports medicine market is predicted to play the leading role in the APAC market during the forecast period due to adopting the latest technologies in the healthcare industry. In addition, increasing sports-related activities and growing demand for the latest high-quality products elevate the market's growth rate. Also, the Indian sports medicine market is expected to be growing due to the rise in the awareness of a healthy lifestyle in the youth population.
The sports medicine market in China is expected to follow the Indian market, accounting for the leading share in the APAC market during the forecast period. Growing pharmaceutical industry and the constantly growing economy from recent years are likely to prompt this Chinese sports medicine market’s growth rate.
The Australian sports medicine market is another significant player in the APAC market and is predicted to register a considerable growth rate during the forecast period. In 2012, according to a report, more than 3000 athletes were admitted to hospitals with minor and major injuries from almost 13,000 clubs. Government initiative steps in developing the drugs and the emergence of key market players in this country are ascribed to boost the sports medicine market's demand.
KEY MARKET PLAYERS:
A few of the notable companies operating in the APAC Sports Medicine Market profiled in this report are Smith & Nephew PLC., Arthrex, Inc., Össur hf, Stryker Corporation, Conmed Corporation, Zimmer Biomet Holdings, Inc., Breg, Inc., Mueller Sports Medicine, Inc., Tornier, Inc., Skins International Trading AG, Wright Medical Technology, Inc., DePuy Mitek, Inc., 3M Company Ace Brand, OttoBock Healthcare GmbH and DJO Global, Inc.
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