Sports Medicine Market is Expected to Reach US$ 10.1 Bn by 2027

Increase in awareness of sports and active lifestyle, leads to increase in incidences of sports injuries, emergence of new sports related products, medicines, treatments, urge of less invasive surgeries followed by various developments in the field of regenerative medicines are the major factors responsible for the Sports Medicine Market Growth.

The Global Sports Medicine Market Was Valued US$ 6.7 Bn in 2020 is Expected to Reach US$ 10.1 Bn by 2027, with a Growing CAGR of 6.1% During The Forecast Period -2020-2027.

Sports plays an important role in human life to keep a person healthy and energetic. Sport is a physical activity that help to keep the competitive spirit of players as well as spectators. Sports can be played in a team of players or individual play sport. There are two types of sports i.e. In-door sports and Outdoor sports, the common thing in between both the types of sports are, it causes certain kind of injuries. Injuries can be small like Scratch or big like fracture or bone dislocate. In big tournaments like inter-country sports and Olympics or even during practice sessions, players get injured and require sudden application of medication. The rising in sports and increase in players, develop a demand for medicine in the market.

With the increase in digital technology and artificial intelligence, there is rise in the use of active or fitness band, which is a wearable device that records the total activity and monitor them. This helps to avoid injuries, over activity in athletes. Such incidences support the demand for sport medical devices and helps to generate high market share.

According to the U.S studies, it is observed that, every year more than 30 million citizens participate in sports activity. Around, more than 3.5 million injuries are reported in country every year. There is high participation rate which directly leads to increase in rate of injuries by creating demand for the need for sports medicines across the country. In case of undeveloped countries, there has been high sports product withdrawal due to lack of healthcare supplies and infrastructures and low government expenditure, which affect the growth of sports medicine market.

In order to support sports activities and introduce sports medicines, government initiatives help to boost the participation of athletes in sports activities across the globe. Followed by new product launch is other factor to propel the growth of the sport medicine market. For instance, Fuse Medical launched products, Galen XT Sutures, Screws, which are related to the sports medicines in 2019.  Additionally, Smith and Nephew launched Healicoil Knotless suture which supports bones. With the increase in inventions and launch of new technological products, the growth of sports medicine is expected to accelerate during the forecasting period.

With increasing participation of population in the sports and occurrence of injuries caused by sport activities will increase the demand for injury rehabilitation throughout the world. This can prove to be a stimulator for the growth of sports medicine market.

 Key Findings:

  1. Based on product, body support and recovery sports medicine segment is expected to grow with the highest rate during the forecast period. This includes all the products that support body parts such as braces, compression clothing, and physiotherapy equipment.
  2. Based on the application, knee injuries held the highest share of the sports medicine market in 2020 and it is expected to grow more during the forecasting period.
  3. Based on end user, hospital segment accounted for the highest share in the market in 2020.
  4. Geographically, North America held the largest share in 2020 and is expected to hold the largest share of the global sports medicine market during the forecast period.

Recent News:

  • In April 2021, Active Orthopaedics & Sports Medicine, the leading orthopaedic in New Jersey Joins Summit Health in order to provide full access to multispecialty services to the patients for better outcomes and best care.
  • In December 2020, Zimmer Biomet acquired A&E Medical Corp. A leader in long-standing surgical solutions with $250 million transaction to benefit surgeons, patients and health care system.
  • In March 2019, Arthrex signed a partnership agreement with Clemson University, US, to provide the scholarships worth USD 7500 for each student to encourage to adopt for courses and internships specifically to the need of the surgical device industry.

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