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 is considered to be one of the most active form of exercise. However, it leads to the one or the other form of injuries. Proper assessment of sports injuries is required timely. Sports medicine is a part of healthcare system, which is an amalgamation of sports, medicine, health, and fitness.
Sports medicines has shown considerable growth from last few years. As there was increase in participation rate and demand for sports activities before Covid. Sports medicine market was hindered due to Covid-19 outbreak from last year. In coming years, as the situation gets normalized, the demand for sports is expected to grow high. Also, increase in awareness regarding fitness and sports with association of sports medicines is expected to go high. Government initiatives for supporting sports medicines increases the participation rate of athletes across the world. Development in advance treatments and less painful surgeries boost the growth of sports medicine market share.
Rising in a number of sports medical centers, public participation, increase in R&D activities, development in sports medicine treatments and government support stimulate the sports medicine market size and drives the future growth of sports medicine and regional sports medicine industry growth.
The Global Sports Medicine Market Segmentation:
By End user
By Geographical Region
Based on product, body support and recovery sports medicine segment are expected to grow highest rate during forecast period
Sports medicine is broadly segmented on the basis of type of Product i.e. Body Reconstruction (prosthetics, implants, fractures and OrthoBiologics), Body Support & Recovery (braces, compression clothing etc.) and Accessories. The body support and recovery are expected to increase the sports medicine market during the forecast period. Also, demand for different sports medicine accessories will help to increase the sports medicine market.
Based on application, knee injuries held the highest share of sports medicine market in 2020 and it is expected to maintain it’s share during the forecast period
By application, the market is segmented into knee injuries, foot injuries, elbow & wrist, back &spine, and other injuries. Knee injury held the highest market share in 2020 and is expected to remain same with coming years with increase in demand for sports activities and injuries. According to the survey conducted by the Centers of Disease Control and Prevention reported more than 40% of sports injuries are knee injury. This has high prevalence with sports like football, cricket, basketball, speed running and other national and international sports.
Based on end user, hospital segment held the largest share in 2020
Hospital segment contributes to have high market share of sports medicine in coming years. Treatments which are carried out in hospitals include complex surgeries, diagnostics etc, contribute to increase in demand for the growth of sports medicines. Whereas, the other segments like Physiotherapy centers & clinic and ambulatory surgery centers are also witnessing significant growth during the forecast period . Factors responsible for high CAGR can be cost-effectiveness and ease of availability of sports medicines.
Based on geographical region, North America is expected to hold the largest market share of sports medicine in forecast period
North America accounts to have highest sports medicine market share during forecasting period. The rise in popularity of sports and related physical activities, awareness regarding the sports medicines and treatments contribute to increase in demand for sports medicines in North America region. Other factors like presence of sports infrastructure, spending on sport activities, advanced technology are responsible for driving the growth of sports industry and sports medicine market.
Asia- Pacific witness to have fastest growth during forecast period 2027.However, the regulatory approvals required for sports medicines is less stringent that other countries which provides an opportunity for the entry of new product in sports medicine market.
Company Profiles and Competitive Intelligence
The key players operating in the market are:
The report also provides in-depth analysis of sports medicine market dynamics such as drivers, restraints opportunities and challenges
COVID-19 Impact on the Sports Medicine Market Analysis
Covid-19 has hampered many businesses and industry across the world. Many national and international events like gatherings and sports events were cancelled. Like the 2020 Tokyo Olympics was postponed due to lockdown and restriction to travelling. This has impacted the sports industry and significantly affected the sports medicine market altogether. Due to covid, Researchers has found that many surgeries across the world were cancelled in the year 2020 because of disruption in healthcare services.
According to studies, it is observed that, with in last 12 weeks orthopaedic treatments and surgeries are the most frequently cancelled medical treatment due to corona outbreak. The growth of sports medicines market was affected but now it is expected to rise and restore again after normalization of situation. This provides opportunity for the growth and rise in demand of the sprots medicine market.
The report also provides in-depth analysis of key trends in sports medicine market
|1||Due to Covid-19, there has been decline in the growth of sports medicine market because of sudden stop on supply of materials, movement of players and sports events during lockdown period. This hampered the growth of sports medicines supplies and market share.||Negative|
|2||Rise in number of participations in sports activities leads to increase in incidences of sports injuries and ultimately increases the growth of sports medicine market across the world.||Positive|
|3||Increase in demand and need for injury management and recovery results in growth of participations of players.||Positive|
The report also provides in-depth analysis of recent news developments and investments
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1.8 Technology Overview