Sports Medicine Market size is set surpass USD 9.5 billion by 2030, according to a new research report by Global Market Insights Inc.
Increasing cases of sports injuries such as fractures, sprains, disc injury, spondylolysis etc., increasing participation of people in physical activities and rising awareness about physical fitness are factors anticipated to drive the market forecasts. Moreover, there has been a significant increase in the popularity of various sports and physical activities in recent years. With increased participation, the risk of sports injuries also increases.
Growing preference for minimally invasive technologies, especially, in developed countries. Several benefits associated with minimally invasive procedures such as shorter stay in the hospitals, rapid recovery, and effective management of post-surgical pain are accelerating the procedural demand. This is attributable to the growing adoption of computer-assisted robotic surgeries to reduce recovery time, hospital stay, as well as a swifter return to normal activities in case of sports injuries.
Additionally, technological upgradation in sports medicine products will positively influnce the product demand over the forecast timeframe. For instance, 3-D printed implants, built by layers of specific material implemented by a computer-aided design program (CAD) has benefitted the market expansion. Safety products printed using 3-D technology includes casts to settle broken bones, shin guards, helmets, and footwear to help prevent concussions.
An upsurge in product innovation in implants will fuel the sports medicine market landscape
Implants segment exceeded USD 900 million in 2021. This is owing to the growing focus towards new product development, thereby revolutionizing implant placement technologies. For instance, Regeneten bio-inductive implant manufactured by Smith and Nephew, combines biomechanics and biology to improve the healing process. Thus, with increased emphasis on research and development to offer effective solution and high patient satisfaction, the segment will experience rapid growth over forthcoming period.
Browse key industry insights spread across 167 pages with 132 market data tables & 11 figures & charts from the report, “Sports Medicine Market Analysis By Product (Implants, Fracture, and Ligament Repair Products, Arthroscopy Devices, Prosthetics), Injury Type (Knee Injuries, Shoulder Injuries, Foot and Ankle Injuries, Back and Spine Injuries, Hip and Groin Injuries), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Availability of minimally invasive treatment alternatives for knee injuries will influence the sports medicine market statistics
Knee injuries segment is projected to proceed at 6.7% CAGR during the analysis timeframe. Knee-related injuries are considered as most common injury among sportspeople. Dislocation, soft tissue tear and fracture are some of the common knee injuries occurred during various sports activities. As sports medicine provides a variety of treatment options, including arthroscopic surgeries for such injuries, the product demand is anticipated to witness significant CAGR over the forecast period.
Growth in the population base interested in sports will enhance the regional sports medicine market outlook
European market accounted for more than 25% of revenue share in 2021 and is predicted to progress at a considerable rate during the analysis period. Increasing awareness regarding physical fitness coupled with growing participation of individuals in various physical activities will propel the region market progression. Further, a large population base in Europe is engaged in several sports activities such as baseball, racing, football, volleyball, and others. Due to intensive training programs, there is an inherent danger of injuries or wear and tear.
Product portfolio expansion by the leading market players will strengthen their market footprint
Few noteworthy companies operating in sports medicine market are Stryker Corporation, Arthrex, Wright Medical Technology, Otto Bock Healthcare, Zimmer Biomet, Smith & Nephew, Breg, Inc, Muller Sports, Inc, RTI Surgical, Performance Health International Limited, Karl Storz, Bauerfeind AG, Conmed Corporation, Johnson & Johnson, Anika Therapeutics, Inc., Ossur Corporate, Creamer Product, Inc, and DJO Global. These companies are majorly engaged in adoption of various growth strategies such as acquisitions, partnerships, merger, and expansion of product offerings to strengthen their market footprint.
For instance, in July 2020, Anika announced the launch of its six U.S. FDA-cleared sports medicine and extremities products. The company reported commercialization of all these products during the third quarter of 2020. The strategy helped the company in business expansion as well as gaining significant number of new customers.
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