DriversDue to changing consumer lives and an increase in sports injuries globally, there is a growing demand for sports medicine. This is due to the rise in people selecting sports as a career due to the availability of multiple possibilities, including corporate sponsorship, scholarships, and growing sports infrastructure. In addition to this, an increase in demand for less invasive procedures is propelling the market’s expansion. In addition, life-threatening diseases have become more common in both rich and developing nations due to rising smoking rates, sedentary lifestyles, growing reliance on fast food, and excessive alcohol usage.
RestraintsThe lack of a solid sports ecosystem and the exorbitant cost of implants and gadgets, however, prevent the industry from expanding.
OpportunityOver the forecast period, introducing new sports medicine-related products will fuel market expansion. For instance, Smith and Nephew introduced its innovative ”HEALICOIL KNOTLESS Suture Anchor” to the market in September 2020. When used with REGENESORB Material, this product promotes bone growth and repair. Therefore, the growing number of product approvals will accelerate market expansion.
By ProductBody Repair and Reconstruction maintained a commanding market share of 33.1% in 2021 due to the rise in fractures, ligament tears, and consumer demand for prostheses and orthobiologics. The anterior cruciate ligament is a common injury that damages the knee ligaments in basketball, football, and soccer. Increased demand for surgical equipment to treat sports injuries, including stress fractures, increased market growth. The body Evaluation and Monitoring segment will expand at a CAGR of 5.2%. This is due to expanding population of athletes, health-conscious people, and ongoing technological advancements that provide deeper insights into body assessments.
By ApplicationDue to the rising rate of knee injuries, the knee application category ruled the sports medicine market in 2022. Due to the knee joint degradation caused by prolonged running and jumping, many sports- and other physical activity-related illnesses affect the knee. Per the British Journal of Sports Medicine, knee injuries are highly common and account for 41% of all sports injuries. The wide variety of easily available therapies and the increased incidence of knee injuries are two major factors contributing to the segment’s rise.
By End-UserThe hospital sector held largest market position in the sports medicine market. The need for sports medicine is growing due to complicated procedures, diagnostic tests, and other medical treatments. The ankle, knee, and hamstring are the most often injured joints in football. In any case, the ascent in the quantity of item reviews and absence of medical services framework in immature nations is impeding business sector development. For example, Zimmer Biomet reviewed different clinical gadgets in 2016, which included injury and sports medication instruments, inserts, careful screws, embeds, and bones. Moreover, clinical gadget reviews by and large expanded by 126% in the primary quarter of 2018. Item review makes a negative picture of the item and the organization in the personalities of clients, which is as of now blocking the market for sports medication. Immature and agricultural nations need advanced medical services offices because of poor financial development. Government consumption on medical care is likewise nearly low in these nations, which prompts lower reception of these items. Besides, an absence of wearing society is likewise a component liable for the sluggish improvement of sports medication in these nations. Additionally, the market in these nations is exceptionally cost touchy. These variables are expected to restrict market development.
Regional AnalysisNorth America held the majority of the regional market. The availability of technologically advanced medical technologies to address various orthopedic issues, a well-established healthcare infrastructure, and high healthcare spending contribute to the demand for sports medicine. Asia Pacific will expand fastest, with some specific nations having the highest acceptance rates for sports medicine, including China, Japan, and South Korea. Additionally, these countries’ regulatory frameworks for product approvals are considerably less demanding, which has assisted in rapidly introducing innovative products and medical equipment into this market.
- Hanger Inc.
- Braun Melsungen AG
- Johnson & Johnson Services, Inc.
- Novartis AG
- Arthrex Inc. (US), AlloSource
- Smith & Nephew plc
- CONMED Corporation
- Mueller Sports Medicine, Inc.
- Otto Bock Healthcare GmBH
- Zimmer Biomet
- Arthrex Inc.Stryker
- Wright Medical Group NV.