Technological advancements in healthcare infrastructure, increasing R&D investments, and rising public awareness of diabetes about sports medicines are some key factors expected to drive market growth.
Technological advancements in healthcare infrastructure, increasing R&D investments, and rising public awareness of diabetes about sports medicines are some key factors expected to drive market growth
New York, December 8, 2021 – Reports and Data has published its latest report titled “Sports Medicine Market, By Product (Body Reconstruction Products, Body Support and Recovery Products, Body Monitoring and Evaluation, Accessories), By Application, By End-Use, and By Region Forecast To 2028.”
According to the latest report by Reports and Data, the global sports medicine market size was USD 6.92 Billion in 2020 and is expected to reach USD 11.4 Billion in 2028 and register a revenue CAGR of 6.4% during the forecast period, 2021-2028.
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Drivers, Restraints, and Opportunities
Increasing incidence of sports-related injuries such as strains, sprains, fractures, and disc injury, availability of cost-effective orthopedic implants, increasing public awareness about sports medicines and rapid advancements in regenerative medicines, are key factors expected to boost market revenue growth over the forecast period.
Sports medicine is a field of medicine concerned with physical fitness, and treatment and prevention for exercises and sports-related injuries. Sport medicine professionals help amateur athletes, people who want to improve their fitness programs, those who have suffered injuries and are aiming to regain full functionality, and those with disabilities seeking to be more mobile and capable. In addition, technological advancement in minimally invasive surgeries and presence of orthopedic sports medicine surgeons, concussion specialists and physical therapists drive revenue growth of the market. The growing trend of healthy lifestyle has increased participation of sports activities such as cricket, baseball, golf, tennis, basketball, and weightlifting, at individual levels and in educational institutions.
However, lack of skilled professionals to solve complicated surgeries for sports injuries, high cost of advanced equipment and devices, and absence of reimbursement schemes for numerous sports injuries are factors expected to restrain market revenue growth to a certain extent going ahead.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
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Knee Injuries Segment to Lead in Terms of Revenue Share:
Knee injuries segment is expected to account for largest revenue share in the global market over the forecast period owing to increasing incidence of knee injuries due to sports activities, technological advancements in orthopedic surgeries such as volumetric imaging and Virtual Reality (VR), and growing usage of computer-aided robotic technique for knee replacement, globally.
Hospital Segment to Register Significant Revenue Growth:
Hospital segment is expected to register significant revenue growth over the forecast period attributable to accessibility of advanced treatment options in developed and developing countries, increasing healthcare expenditure due to favorable insurance policies and rising disposable income, rising incidence of sports related injuries and availability of skilled healthcare professionals that can provide immediate assistance.
North America to Register Robust Revenue Growth:
North America is expected to register robust revenue growth over the forecast period attributable to continuous technological advancements in sports medicine, well-established medical centers, rising government investments on advanced medical care, significant rise in sports participation, presence of leading sports medicine equipment and rising demand for minimally invasive surgeries in the region.
Asia Pacific Accounted for Largest Revenue Share in 2020:
Asia Pacific is expected to account for largest revenue share in the global market in 2020 over the forecast period attributable to growing awareness regarding personal health, increasing number of sports medicine associations and increasing private funding to for availability of advanced healthcare devices. In addition, increasing government initiatives towards growth of sports industry and growing trend of healthy lifestyle drive revenue growth of the APAC market.
Major Companies in the Market Include:
- Arthrex, Inc.
- Smith and Nephew plc
- Stryker Corporation
- DJO Global, Inc.
- Mueller Sports, Inc.
- Wright Medical Group N.V.
- Medtronic
- RTI Surgical
- Performance Health International Limited
- KARL STORZ
- Bauerfeind AG
- Össur
- MedShape, Inc.
- Cramer Products
- Biotek
- RôG Sports Medicine.
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Market Segmentation:
For the purpose of this report, Reports and Data has segmented sports medicine market based on product, application, end use, and region:
Product Outlook (Revenue, USD Billion, 2018-2028)
- Body Reconstruction Products
- Fracture and Ligament Repair Products
- Arthroscopy Devices
- Implants
- Prosthetic Devices
- Orthobiologics
- Body Support & Recovery Products
- Braces and Supports
- Compression Clothing
- Physiotherapy Equipment
- Thermal Therapy
- Electrostimulation
- Other Therapies
- Ultrasound Therapy
- Laser Therapy
- Body Monitoring & Evaluation
- Cardiac Monitoring
- Respiratory Monitoring
- Hemodynamic Monitoring
- Musculoskeletal Monitoring
- Others
- Accessories
Application Outlook (Revenue, USD Billion, 2018-2028)
- Knee Injuries
- Shoulder Injuries
- Foot & Ankle Injuries
- Elbow & Wrist Injuries
- Back & Spine Injuries
- Hip & Groin Injuries
- Other Injuries
End Use Outlook (Revenue, USD Billion, 2018-2028)
- Hospitals
- Ambulatory Surgery Centers
- Physiotherapy Centers & Clinics
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Israel
- Rest of MEA
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