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.