Sports Medicine Market Expected to Reach $12 Billion by 2030 | CAGR of 5.1%

According to a new report published by Allied Market Research, titled, “sports medicine market by product and application: global opportunity analysis and industry forecast, 2021–2030,"the global sports medicine market size was valued at $8519 billion in 2020, and is estimated to reach $12862 billion by 2030, growing at a CAGR of 5.1% from 2021 to 2030.

Sports medicine is a branch of the healthcare industry that deals with physical fitness of people involved in sports. Sports medicine involves prevention and treatment of injuries related to sports and exercise. Common sport injuries include anterior cruciate ligament (ACL) tears, ankle sprains, muscle cramps, and shin splints. Demand for sports medicine has increased, owing to active participation of athletes in different kinds of sports across different countries. Various aspects of sports medicine such as indulging in sports activities for fitness, recommendations for physical training, sports injury prevention, and treatment contributes to the sports medicine market growth.

The factors that drive the growth of sports medicine market is driven by increase in incidences of sports injuries. This is attributed to surge in sports activities and events across the globe, which, in turn, contributes toward rise in incidences of sports related injuries. Furthermore, novel and advanced sports medicine products are being introduced into the market, which leads to surge in demand for sports medicine drives growth of the sports medicine market. In addition, surge in developments in the field of regenerative medicine and rise in demand for minimally invasive surgeries. In addition, easily accessible and advanced treatment products related to sports medicine for quick and easy recovery supplements growth in demand for sports medicine.

However, lack of skilled professionals as well as inappropriate administration and guidelines in the field of sports medicine hampers growth of the market. Furthermore, rise in adoption of regenerative sports medicine offers profitable opportunities for expansion of the market.

The sports medicine industry is segmented on the basis of product, application, and region. By product, it is classified into body reconstruction & repair products, body support & recovery products, body monitoring & evaluation, and accessories. Body reconstruction & repair products are sub-segmented into implants, arthroscopy devices, fracture and ligament repair devices, prosthetic devices, and orthobiologics. Further, body support & recovery products are sub-segmented into thermal therapy products, brace and support devices, and compression clothing. Body monitoring and evaluation is sub-segmented into cardiac monitoring & evaluation, respiratory monitoring & evaluation, hemodynamic monitoring & evaluation, muscoskeletal monitoring & evaluation, and other monitoring & evaluation.

By application, it is divided into knee injuries, shoulder injuries, ankle & foot injuries, elbow & wrist injuries, hip & groin injuries, back & spine injuries, and other injuries.

Region wise, it is segmented into North America, Asia-Pacific, Europe, and LAMEA.

The COVID-19 was declared as a pandemic in the start of the year 2020. This was followed with strict lockdowns and containment restriction in more than 200 countries across the globe. Hence, this lead to serious disruptions in every business across each industry globally. For instance, lockdown restrictions led to closure of non-essential business worldwide and only essential businesses such as healthcare facilities with focus on COVD-19 treatment operated during the pandemic.

Furthermore, owing to strict worldwide lockdowns in 2020, a number of sports tournaments and sports activities were impacted in an extremely negative manner. Thus, this led to a decline in demand for sports medicine globally. In addition, the negative impact was fueled by a downfall in manufacturing of medicines and disruptions in supply chain of the sports medicine market. However, owing to rise in relaxations in lockdowns leading to surge in number of sport activities throughout the globe has led to recovery in growth of the sports medicine market in the year 2021.  

In 2020, on the basis of product, the body reconstruction & repair products segment accounted for the largest market share in the year 2020, and witnessed fastest growth during the forecast period. Factors that contribute toward growth of the market include launch of large number of novel body reconstruction & repair products with added benefits, which leads to surge in demand for sports medicine.

By application, the knee injuries segment acquired highest share of the sports medicine market in the year 2020. It is also expected to witness fastest growth during the forecast period. This is attributed to surge in prevalence of sports related knee injuries.

Major companies profiled in the report include Smith & Nephew Plc., Stryker Corporation, Johnson & Johnson (Depuy Mitek), Arthrex, Inc., Conmed Corporation, Zimmer Biomet Holdings, Inc., Breg, Inc., Mueller Sports Medicine, Inc., DJO Global, Inc., and Wright, Medical Group N.V.

North America accounted for the largest share of the sports medicine in 2020, and is expected to continue this trend during the forecast period. This is attributed to the increase in active participation in sports by people in various countries of this region. In addition, various market players focus on opportunities offered by sports industry of this region.

Key Findings Of The Study

• By product, the body reconstruction & repair products segment was the highest contributor to the sports medicine market in 2020.
• On the basis of application, the knee injuries market dominated the sports medicine market in 2020, and is expected to continue this trend during the forecast period.
• Region wise, North America garnered the largest revenue share in 2020; however, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.