Sports Medicine Market Size, Share, Market Research and Industry Forecast Report, 2027 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Sports Medicine Market


The global sports medicine market size was valued at USD 8.1 billion in 2019 and is expected to grow at a significant rate over the forecast period. The demand for sports medicine is on the rise due to growing incidences of sports injuries and the increasing participation of people in sports and fitness-related activities. Moreover, a shift from proactive to preventive care for sports injuries is further expected to drive the market for sports medicine over the forecast period.

According to the estimates of Stanford Childrens Health, in 2019, about 30 million children participated in sports and other recreational activities in U.S. Also, each year around 3.5 million injuries are reported in the country and around 75,000 children belonging to the age group 14 and below, are treated for these injuries. This high participation rate of children in sports, coupled with an increase in the number of injuries is creating demand for sports medicine.

Moreover, rising use of wearable devices such as fitness bands and other sensors aids in monitoring stress load and avoiding fatigue-induced injuries in athletes has supported the growth of the market for sports medicine. For instance, Athletigen Technology, Inc., a performance-based company in Nova Scotia, works with various sportsmen to use the collected information on their DNA for improving their performance and health, along with reducing the incidences of sport-related injuries. Such instances are expected to boost market growth over the forecast period.
However, the rise in the number of product recalls and lack of healthcare infrastructure in under-developed countries is obstructing market growth. For instance, Zimmer Biomet recalled various medical devices in 2016, which included trauma and sports medicine instruments, implants, surgical, screws, implants, and bones. Furthermore, medical device recalls collectively increased by 126% in the first quarter of 2018. Product recall creates a negative image of the product and the company in the minds of customers, which is currently obstructing the market for sports medicine.

Underdeveloped and developing countries lack well-developed healthcare facilities due to poor economic growth. Government expenditure on healthcare is also comparatively low in these countries, which leads to lower adoption of these products. Moreover, lack of sporting culture is also a factor responsible for the slow development of sports medicine in these countries. Also, the market in these countries is highly-price sensitive. These factors are anticipated to limit market growth.
Product


Type Insights of Sports Medicine Market

In 2019, the body reconstruction and repair segment dominated the sports medicine market and held the largest revenue share of 39.2%. The body reconstruction and repair segment includes devices such as surgical equipment, soft tissue repair equipment, and bone reconstruction devices. The large market share was attributed to the growing usage of fracture and ligament repair devices, and the increasing adoption of arthroscopy devices in minimally invasive surgeries.

On the other hand, the accessories segment is anticipated to witness the fastest growth over the forecast period. This segment mainly includes products such as bandages, tapes, wraps, disinfectants, and other products required for treating minor sports injuries. The growing usage of PRICE (Protection, Rest, Ice, Compression, Elevation) therapy as the immediate treatment for any sports injury is the leading factor driving the growth of this segment.

Application Insights of Sports Medicine Market

The knee application segment dominated the market for sports medicine and held the largest market share in 2019, as there has been a continuous upsurge in the number of knee injuries. Knee injuries are very common injuries reported during sports or other physical activities. This is because excessive running and jumping lead to wear and tear of the knee joint. As per the British Journal of Sports Medicine, knee injury is very common and accounts for around 41% of the total sports injuries.

Moreover, this segment is also anticipated to be the fastest growing with a CAGR of 8.9% over the forecast period. There are various advanced treatments including dry needling, soft tissue massage, osteopathic manipulation, platelet-rich plasma therapy, and arthroscopic surgeries for knee repair. This availability of a wide number of treatments and the growing incidence of knee injuries are some of the major factors driving segment growth.

Regional Insights of Sports Medicine Market

In 2019, North America dominated the market for sports medicine with the highest revenue share. The presence of a well-developed healthcare infrastructure coupled with high spending and the availability of  technologically advanced medical devices to treat various orthopedic injuries are some of the major factors driving the market for sports medicine. For instance, in 2018, Stryker Corporation has installed more than 650 Mako surgical robots around the world and has performed more than 76,900 knee and hip replacement procedures with these robots.

However, Asia Pacific is anticipated to witness the fastest growth during the forecast period as the adoption rate of sports medicine in countries such as China, Japan, and South Korea is increasing continuously. Moreover, the regulatory process for product approvals is comparatively less stringent in these countries, which has facilitated the easy entry of advanced products and medical devices in this market.

Market Share Insights of Sports Medicine Market

Arthrex, Inc. dominated the market for sports medicine in 2019, with the highest market share, followed by Smith and Nephew and Stryker. These players have built a vast product portfolio and created their presence in all major countries. Moreover, they are constantly upgrading their products to attract new consumers, which is further contributing to their high market share. Some other prominent players are Zimmer Biomet, Wright Group N.V., and DJO Global.

These players have adopted multiple strategies such as mergers and acquisitions, product launches, and building a strong distribution network to strengthen their market positioning. For instance, in October 2018, Wright Medical Group N.V. completed the acquisition of Cartiva, Inc. (Cartiva), for strengthening its foot and ankle portfolio and create better opportunities for its global extremities business.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Sports Medicine Market Research Report

This report forecasts revenue growth at global, regional, and country level and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, GVR has segmented the global sports medicine market report on the basis of product type, application, and region:

Product Type Outlook (Revenue, USD Million, 2019 - 2030)

  
Body Reconstruction & Repair
  
Surgical Equipment
  
Soft Tissue Repair
  
Bone Reconstruction Devices
  
Body Support & Recovery
  
Braces and Other Support Devices
  
Compression Clothing
  
Hot & Cold Therapy
  
Body Monitoring & Evaluation
  
Cardiac
  
Respiratory
  
Hemodynamic
  
Musculoskeletal
  
Others
  
Accessories
  
Bandages
  
Tapes
  
Disinfectants
  
Wraps
  
Other

Application Outlook (Revenue, USD Million, 2019 - 2030)

  
Knees
  
Shoulders
  
Ankle & Foot
  
Back & Spine
  
Elbow & Wrist
  
Hips
  
Others