Sports Medicine Market worth over $9.5bn by 2027
Published Date: June 21, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Sports Medicine Market size is set to surpass USD 9.5 billion by 2027, according to a new research report by Global Market Insights, Inc.
Increasing adoption of various sports and physical activities has been observed in the recent years. With growing participation in sports, the chances of sports injuries have also subsequently increased over the years. In the U.S. alone, there were more than 400,000 injuries due to sports activities in 2019, as per the National Safety Council (NSC). These injuries can lead to significant fatalities and hence, they need to be managed on time. Thus, with growing awareness about sports injuries prevention and treatment methods, the global market will foresee demand in the coming years.
Technological breakthroughs in sports medicine products will offer lucrative potential to the sports medicine market growth. In June 2020, Smith and Nephew announced about introduction of its Intellio connected tower platform. The new technology is aimed to connect and control sports medicine systems. The launch is intended to assist the customers during procedures by reducing the capital equipment inside the procedure room. Such innovations will enhance workflow efficacy, thereby augmenting the client base.
COVID-19 has negatively affected the overall market due to deferrals in non-emergent procedures. However, with declining infection cases, the market will witness recovery and growth in the long run.
Developments in implants will strengthen the sports medicine market expansion
Implants segment held more than 16% of revenue share in 2020. Emergence of several industry players manufacturing implants and revolutionizing technologies for implant placement will influence the revenue generation. Recently, Active Implants invested money to proceed the clinical trials for its NUsurface Meniscus Implant in order to offer beak though implants solutions. In addition, Smith and Nephew provides novel offerings through its REGENETEN Bioinductive Implant that poises biomechanics and biology to improve the healing response. Thus, with growing emphasis on research and development for launch of new implant solutions, the segment will witness robust growth.
Browse key industry insights spread across 150 pages with 134 market data tables & 11 figures & charts from the report, “Sports Medicine Market Size By Product (Implants, Fracture and Ligament Repair Products, Arthroscopy Devices, Prosthetics), By Injury Type (Knee Injuries, Shoulder Injuries, Foot And Ankle Injuries, Back And Spine Injuries, Hip And Groin Injuries), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027”” in detail along with the table of contents:
Availability of several treatment devices for knee injuries will influence the segment growth
Knee injuries segment is expected to witness 11.1% growth rate through 2027. Knee-related injuries are one of the most common type of injuries affecting the sportspersons. Fracture, dislocation and soft tissue tears are few of the frequently impacting knee injuries. Sports medicine offers range of treatment options including arthroscopic surgeries for treatment of such injuries. Also, presence of advanced alternatives for treatment of knee injuries with minimal invasion will further offer unprecedented opportunities for the industry expansion.
Increasing number of sports injuries coupled with awareness will enhance the market demand
Europe sports medicine market is poised to expand at over 11.2% CAGR by 2027. Growing number of sports injuries coupled with growing presence of companies in the region will be the primary driving factor for the market value. In Europe, over 6 million sports injuries occur every year. Moreover, growing awareness regarding treatment of sports injuries through associations will influence the market progression during the forecast timeframe.
Portfolio expansion will strengthen companies’ market footprint
Some of the notable players operating in the market are Smith and Nephew, DePuy Mitek (Johnson & Johnson), Arthrex, Stryker Corporation, Conmed and Zimmer Biomet among others. Acquisitions and augmentation of product offerings are the chief strategies undertaken by these companies to expand their market footprint.
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