Sports Medicine Market

Global Sports Medicine Market Size (2022 to 2027)

As per our report, the global sports medicine market size is forecasted to value USD 12.48 billion by 2027 from USD 8.45 billion in 2022, growing at a CAGR of 8.1% during the forecast period. The burgeoning number of sports injuries worldwide is primarily accelerating the global sports medicine market growth. 

Sports such as Football/soccer, Basketball, Baseball, Volleyball, Wrestling, Water sports, Cricket, Ice hockey, Rugby, and Bicycling are causing most sports injuries worldwide. As per Livewell, the Patellofemoral Syndrome (knee), Shoulder Injury, Tennis or Golf Elbow, Hamstring Strain (thigh), Sciatica (feet), Shin Splints (lower leg bone), Groin Pull (thigh), Concussion (brain), ACL Tear or Strain (ligament of the knee) and Hip Flexor Strain (thigh) are the most common injuries in sports. 

Sports medicines can help prevent, diagnose, and treat sports injuries. Sports medicine aims to provide athletes with information regarding sports injuries, knowledge of sports injury prevention measures, and sports injury treatment and rehabilitation. Sports pharmaceuticals target all professionals involved in improving the performance and health of sports activists.

MARKET DRIVERS:

The growing sports-related injuries and technological advancements in treatment procedures drive the global sports medicine market growth.

An increasing number of casualties in sports, technological advances in sports medicine equipment, increased government budget allocations in the sports sector, and the penetration of key players into emerging markets are some of the significant factors promoting the growth of the global sports medicine market. In addition, the growing focus of private and government organizations on developing infrastructure for sports, increasing scholarships, and corporate funds for athletes help the sports medicine market grow.

The prevalence of sports injuries in the Asia Pacific region is high. For example, at the 2010 Guangzhou Summer Asian Games, 430 athletes reported 725 casualties. On the other hand, 288 of the 209 athletes started fresh, with 45.5 injuries per 1,000 athletes.

In Australia, football is the most competitive sport, with more than 3,000 athletes in the hospitals between 2011 and 2012. At the same time, more than 36,000 Australians over 15 years were hospitalized due to sports injuries. Therefore, the high incidence of sports injuries in this region is likely to boost the Australian sports medicine market.

Recent technological enhancements in health care and pharmaceutical industries, the continually rising rate of injuries and accidents, and the emergence of 3D implants push the demand for sports medicines. In addition, emerging economies of countries like the United States, China, the United Kingdom, India, the U.A.E, and others provide lucrative opportunities for the growth of the global sports medicine market.  

MARKET RESTRAINTS:

There is no fully developed medical facility in developing countries due to low economic growth. The health care costs of governments in these countries are also relatively low, and acceptance of these products is quiet. The lack of sports culture is also a factor limiting the market's growth. The markets in these countries are also susceptible to prices. The factors mentioned above are impeding the demand of the market.

The prosthetic testing for medical staff and the lack of clear guidelines on hormones are the main challenges in the global sports medicine market. The high cost of new procedures and sub-standard infrastructure in some developing countries constrain the market's growth. Additionally, lack of proper guidelines regarding the medicines, unavailability of trained professionals, and disproportionate administration further restrain the market growth.

Impact of COVID-19 on the global sports medicine market:

The COVID-19 pandemic has affected many lives in an unpredicted manner. All the sports activities have been postponed due to lockdown restrictions. In addition, the International Olympic Committee has postponed Tokyo Olympics and Paralympics to 2021. These factors limited the growth rate of the sports medicine market. According to the survey, around 28.4 million surgeries were postponed or canceled due to COVID-19 in 2020. However, the global sports medicine market is estimated to do well during the forecast period.

REPORT COVERAGE:

This research report on the global sports medicine market has been segmented & sub-segmented the market based on the product, application, and region.

Sports Medicine Market - By Product:

• Reconstruction and Repair
  • Implants              
  • Prosthetics
  • Arthroscopy Devices
  • Fracture and Ligament Repair Products
  • Orthobiologics  
• Support and Recovery
  • Braces and Support
  • Thermal Therapy Products
  • Topical Pain Relief Products
  • Compression Clothing
  • Monitoring Devices
  • Other Body Support and Recovery Products
• Accessories

Based on product type, the reconstruction and repair segment is predicted to lead the global sports medicine market due to the growing awareness of sports injuries. This segment is estimated to be witnessing a CAGR of 7.1% during the forecast period. In addition, the increasing usage of implants, fracture, and ligament repair products in the treatment procedures drives the market growth.

The support and recovery product segment is projected to have a healthy CAGR during the forecast period. In 2020, this segment was worth over 1 billion USD.

Sports Medicine Market - By Application:

• Head Injuries
• Shoulder Injuries
• Elbow and Wrist Injuries
• Back and Spine Injuries
• Hip and Groin Injuries
• Knee Injuries
• Foot and Ankle Injuries

Based on the application, the knee injuries segment was the market leader in 2020 and will continue its dominating trend throughout the forecast period. The high possibility of meeting the knee injuries in most sports and the rising adoption of minimally invasive surgeries in the treatment procedures drive the growth of this segment.

Sports Medicine Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

In 2020, North America was the global sports medicine market leader, with over 40% market share. The United States is the leading force globally, but Asia has a huge potential, considering the population figures and growing incidences of sports-related injuries. In addition, factors such as well-organized healthcare infrastructure, integrated with the high amount spent, and the accessibility of advanced technological medical devices for treating various diseases are majorly supporting the market in North America. The U.S. was leading the market and predicted to hold its leading position throughout the forecast period, followed by Canada.

Europe positioned 2nd in leading the majority of the share in the global market in 2020. Developed economies such as the United States, United Kingdom, Germany, Spain, France, Italy, and Japan, with their dominant sporting cultures, occupy about three-fourths of the global sports medicine market. The UK sports medicine market is predicted to lead the European market during the forecast period due to the growing demand for sports activities worldwide. Factors such as the increasing amount spent on healthcare are expected to favor the German market, and Italian sports medicine market growth is due to the need to launch new products with new advances. The latest technologies are likely to boost the market over the period.

The Asia-Pacific region records the fastest growth in the forecast period, with continued development in sports medicine acceptance in countries such as China, Japan, and South Korea. In addition, the relatively strict regulatory process for product approval in these countries makes it easier for advanced products and medical devices to enter this market.

KEY MARKET PLAYERS:

Noteworthy companies leading the global 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.

Key market participants invest hugely in Research and Development to create innovative and effective solutions for sports injuries. For example, Nova Scotia's performance-based company, Athletigen Technology, Inc., has worked with various athletes to use information gathered in DNA to improve performance and reduce the incidence of sports-related injuries. The initiatives mentioned above by various companies are to drive market growth during the forecast period.

RECENT HAPPENINGS IN THE GLOBAL SPORTS MEDICINE MARKET:

• In June 2020, Smith+Nephew made a public statement by launching its new INTELLIO connected Tower Solution, which connects wirelessly and controls multiple sports medicine systems outside the sterile field. 
• In June 2020, DJO introduced the new DonJoy X-ROM Post-Op Knee Brace. It is designed to improve user-friendly for quick and simple application and adjustment. In addition, this X-ROM brace helps the patients recover from ACL repair and other knee-related surgeries with better confidence, comfort, and stability.
• In October 2019, DePuy Synthes (J&J Medical Devices), a well-known sports medicine brand, expanded its hip implants portfolio by joining JointPoint, Inc.
• Leomo Inc. has partnered with biomechanics and sports medicine research institutes to test its product to treat injuries in triathletes, cyclists, and coaches.
• In February 2017, Leaf healthcare collaborated with Smith & Nephew PLC to expand its customer base.
• In March 2019, Arthrex offered internships and scholarships for students who have taken courses related to surgical treatments at Clemson University.
• In March 2017, DePuy Synthes Mitek sports medicine introduced a new suite of knee arthroscopy solutions to improve operating room efficiency and simplify ACL and meniscus repair, making these surgeries easier.