According to estimates, the Sports Medicine Market will be worth US$ 6.8 billion in 2022. Expanding at a CAGR of 5.3%, reaching US$ 11.4 Billion by 2032. Body reconstruction products would control a market share of around 81.3% in 2021, according to the estimate.
The market for sports medicine was worth approximately US$ 6.5 billion in 2021, and it is anticipated to grow at a CAGR of nearly 5.3% during the forecast period. Because the help offered by sports medicine specialists is not simply confined to athletes but to a wider community, sports medicine is a fast growing medical specialty. What brings the field of sports medicine into being is the application of scientific theory and practise to the control of health and athletic performance. Sports medicine straddles the divide between science and practise in the advancement of health and the scientific examination, analysis, and understanding of sports performance.
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Technology advancements like 3-D printed implants are a major market driver. Faster healing times and the ability to repair broken bones are now possible thanks to 3-D printing. With the aid of 3-D printing, ears, hands, legs, and even arms can be produced. Among the safety equipment produced utilising 3-D technology are footwear, shin guards, and helmets to assist prevent concussions and casts to aid in the faster healing of broken bones. Thus, during the course of the projected period, technological improvements are anticipated to greatly increase the sports medicine market.
High demand for minimally invasive procedures and a growing number of sports medical facilities will shape the growth and development of the sports medicine market. The use of computer-assisted robotic procedures to shorten hospital stays and recovery periods will increase, which will support market expansion.
“Growing awareness regarding fitness, and technological advancements in regenerative medicine are anticipated to propel the demand in the sports medicine hemisphere over the forecast period,” says an FMI analyst.
Key Takeaways:
- Body reconstruction products are the leading product segment, and hold approximately 81.3% market value share in 2021, owing to the widespread adoption of implants and prosthetics during reconstruction surgeries.
- Knee injuries segment is set to lead in terms of application of sports medicine, a projected market value share of around 27.4% by 2032, owing to the existing high metrics of ACL rupture as the most common form of a knee injury.
- North America is considered the leading region with a value share of 31.0% at the end of the forecast period, owing to the high prevalence of sports injury, and rising awareness regarding physical fitness in the region.
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Market Competition:
To gain a competitive edge in the market, manufacturers are relying on a variety of strategic initiatives such as innovative product launches, mergers and acquisitions, accreditations, strategic alliances, and partnerships.
Top Key Players Covered:
- Arthrex, Inc.
- DePuy Synthes (J&J)
- Smith & Nephew Plc.
- Stryker Corporation
- Zimmer Biomet Holdings, Inc.
- Olympus Movement Performance
- Karl Storz
- Tornier N.V.
- Wright Medical Group N.V.
- DJO Global
- Ossur HF
- Medtronic Plc
- CONMED Corporation
Because the sports medicine market is consolidated, bigger firms control a large portion of the revenue. Pricing, quality, and product diversification are all key determinants in market development. Some recent developments include:
- In April 2021, Smith & Nephew added new fluid management and 4K surgical imaging technologies to their sports medicine wireless arthroscopic tower.
- Stryker introduced Insignia® Hip Stem at the American Academy of Orthopedic Surgeons (AAOS) annual meeting in March 2022.
- Zimmer Biomet and Canary Medical announced in August 2021 that the FDA had granted them permission to launch the world’s first and only smart knee implant.
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Key Market Segments Covered in Sports Medicine Industry Research:
By Product:
- Body Reconstruction Products
- Arthroscopy Devices
- Arthroscope and Visualization System
- Resection System
- Fluid Management System
- Implants
- RF System
- Drills and Fixation System
- Meniscal Repair Device
- Prosthetic Devices
- Orthobiologics
- Arthroscopy Devices
- Body Support and Recovery Products
- Braces and Supports
- Compression Clothing
- Accessories
By Application:
- Knee Injuries
- Shoulder Injuries
- Ankle & Foot Injuries
- Back & Spine Injuries
- Elbow & Wrist Injuries
- Hip Injuries
- Others
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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