The size of the European Sports Medicine Market was worth USD 2.02 billion in 2022 and is estimated to be growing at a CAGR of 7.28% to reach USD 2.87 billion by 2027. The market is showcasing the evident potential in the mentioned forecasting period. Sports Medicine is a universal requirement panning from low, medium, to high-income range countries.
The European sports medicine market consists of products and procedures that are used by both amateur and professional sportspersons all over the world. Typically, they help them prevent and curing major ailments that occurred due to the nature of the games. In some cases, they might enhance their performance also.
The vital driving force of the European market in sports medicine is the increasing interest of young people in sport, the rising awareness of sportsmen's physical and health fitness, and the growing trend of individual health concerns. As a result, the second-highest market share of sports medicine is in Europe, with increased awareness of different lifestyle diseases leading to a significant increase in sports and physical activity.
The rise in the number of product recalls, and the lack of proper healthcare infrastructure in some countries is obstructing market growth. Medical device recalls collectively increased by more than twice the previous years, creating a negative image of the product and currently blocking sports medicine.
Also, now the COVID 19 pandemic has practically brought sports to a standstill. With little to no sporting events in the past few months, the sports medicine market in Europe has taken a hit due to athletes and sports players staying at home and self-monitoring their fitness regimes. Moreover, the lack of sporting culture is also responsible for the slow development of sports medicine in some countries.
Sports Teams often envisage injuries as not only player loss but also monetary loss. So, expenditure is high in this sector. Especially in a region like the EU, where many sports franchises and technology have abounded, sports medicine has a strong likeness for growth. However, the high cost of these products and the maturity of the market act as a hindrance to the market.
This research report on the European sports medicine market has been segmented and sub-segmented into the following categories:
Regionally, the European market is expected to cover 40% of the global sports medicine market share in 2020. Some of the market players in Europe, such as Arthrex, Inc., Smith & Nephew, CONMED Corporation companies, are leading the European sports medicine market.
The sports medicine market in the UK is holding the most significant share of the market. However, the rise in the demand for sports activities across the country leveled the market's growth rate. Besides, the booming economy is driving the market demand to the extent.
Germany Sports Medicine Market is following the UK in ruling the highest shares of the market. Escalating expenditure on healthcare is propelling the demand of the market.
The sports medicine market in Italy is to hit the most substantial CAGR in the coming years. Growing demand to launch innovative products with the latest technology is likely to bolster the market's need.
KEY MARKET PLAYERS:
Some of the companies playing a leading role in the European 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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