The size of the sports medicine market in Latin America is projected to be growing at a CAGR of 8.96% from 2022 to 2027. The market is predicted to be USD 1.18 billion in 2022 and USD 1.81 billion by 2027.
Factors such as growing awareness and demand for minimally invasive surgeries and the influx of newly developed products as treatment modalities drive the growth of the sports medicine market in Latin America. Also, the other factors, such as the changing consumer lifestyles and the increasing incidence of sports injuries, increase the demand for sports medicine around the region are expected to accelerate the expansion of the Latin American sports medicine market. It can also be attributed to the growing number of people choosing sport as a career due to numerous opportunities, such as scholarships and business funding, and the development of sports infrastructure. In addition, increasing rates of smoking, sedentary lifestyles, increasing adoption of fast food, and excessive alcohol consumption in both developed and emerging economies have increased the prevalence of fatal diseases. The growing awareness of these diseases is expected to encourage people to participate in different sports activities to maintain their well-being and fitness, thus boosting the Latin American sports medicine market.
According to the UN Security Council, approximately 125.9 per 100,000 people were injured in basketball games alone, leading to growth in the Latin American sports medicine market. In addition, there are 2.1 million injuries each year among high school athletes, with 500,500 visits to the doctor and 31,000 hospitalizations. According to the same source, with the increase in sports injuries, the incidence rate of hospital visits and doctors to treat these injuries gains, leading to the demand for sports drugs. Hence, it is expected to accelerate the market growth in the Latin American region. Additionally, the increasing use of wearable devices, such as fitness bands and other sensors, to help control stress load and prevent fatigue injuries in athletes has supported the growth of the Latin American sports medicine market.
In addition, sports complications have increased the demand for minimally invasive surgical procedures, which has affected the market's growth. In addition, the growing popularity of robot-assisted surgeries, the development of new technologies such as 3D MRI for better and more accurate diagnosis, and the high investments by suppliers and government for R&D for the sports medicine industry will give great opportunities for the evolution of the Latin American sports medicine market.
However, the increasing number of product recalls and lack of healthcare infrastructure in underdeveloped countries hamper the market growth. In addition, product recalls creating a negative image of the product and the company in customers' minds, currently hampering the Latin American sports medicine market. Some underdeveloped and developing Latin American countries lack well-developed sanitation facilities due to low economic growth. Public health spending is also relatively low in these countries, resulting in lower adoption of these products. In addition, the lack of sports culture is another factor that is predicted to limit the market growth and the slow development of sports medicine in the Latin American region. In addition, the market in these countries is very price-sensitive, restricting the market's growth.
This research report on the Latin American sports medicine market has been segmented and sub-segmented into the following categories:
The Latin American market is anticipated to account for a promising share in the global sports medicine market during the forecast period. The market growth is attributed to the increasing incidence of sports injuries, rising investments by the government in sports medicine, and technological advancements in the healthcare sector. In addition, it is also estimated that the high penetration of sports medicine devices in emerging countries due to improved health infrastructure, new innovative treatments, and increased accessibility due to higher per capita income will stimulate market growth.
The Brazilian market posted the highest share in the Latin American market in 2021, accounting for 38.8%. This is due to the high rate of adoption of sports drugs and the increase in treatment procedures. However, Argentina is estimated to outperform all regions with the highest CAGR during the forecast period due to increasing athlete populations, heightened awareness of health, greater accessibility, and better regional health care facilities.
On the other hand, Mexico is most likely to contribute to the Latin American regional market growth due to favorable reimbursement policies, growing access to healthcare facilities, and advancements in technologies.
KEY MARKET PLAYERS:
A few of the noteworthy companies operating in the Latin American 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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