In 2022, the worldwide sports medicine industry is anticipated to be worth US$ 6.8 billion. Growing at a 5.3% CAGR, it will reach US$ 11.4 billion by 2032. According to the analysis, body reconstruction products would command a market share of approximately 81.3% in 2021. Sports medicine is a rapidly expanding healthcare specialty because the assistance provided by the sports medicine specialists is not limited to just athletes, but to a broader population. The application of scientific knowledge and practice for regulation of health and athletic performance is what integrates itself into the sports medicine realm. In the promotion of health and the scientific assessment, analysis, and understanding of sports performance, sports medicine straddles the line between science and practice.
Sports medicine is a relatively new medical specialty that encompasses a wide range of medical and paramedical specialties. Although it is usually considered that sports medicine primarily relates to athletes and sports professionals, it truly applies to all persons, including active and sick people.
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Amateur athletes are also becoming interested in sports medicine, which attempts to improve physical activity and quality of life in the general population. As a result, the discipline spans all years, from childhood to old age, with the purpose of conserving and promoting physical health in all age groups.
Growth and development of the sports medicine market will be shaped by high demand for minimally invasive surgeries and an increasing number of sports medical centres. Rising usage of computer-assisted robotic operations to decrease hospital stay and recuperation time will complement growth in the market.
“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, Mueller Sports Medicine, Inc., Cayenne Medical, NuOrtho Surgical Inc., Ottobock,, RTI Surgical, NuVasive®, Inc.
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.
What Does the Report Cover?
Future Market Insights offers a unique perspective and actionable insights on the sports medicine market in its latest study, presenting a historical demand assessment of 2017 to 2021 and projections for 2022 to 2032.
The research study is based on the 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], body support and recovery products [braces and supports, compression clothing], accessories), and by application (knee injuries, shoulder injuries, ankle & foot injuries, back & spine injuries, elbow & wrist injuries, hip injuries, and others), across seven key regions of the world.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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