Sports Medicines Market by Products (Reconstruction Products, Support & Recovery Products, Accessories), Application (Knee Injuries, Shoulder Injuries, Elbow & Wrist Injuries, Foot & Ankle Injuries, Back & Spine Injuries, and Hip & Groin Injuries), End User (Hospitals, Physiotherapy Centers and Clinics, and Ambulatory Surgery Centers)–Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+Reports, the global sports medicine market was pegged at ~US$ 5.35 billion in 2020. The market is expected to witness a CAGR of ~5.5% from 2021 to 2031.
Factors contributing to the growth of sports medicine market include continuous technological advancements in the sports medicine devices and new product launches. Moreover, growing incidences of sports injuries and increasing demand for minimally invasive surgeries are some of the other factors driving the sports medicine market growth. However, high cost implants and rising number of product recalls are some of the factors hindering the sports medicine market growth to a certain extent.
Companies in the market are adopting inorganic growth strategies such collaborations, partnerships, and entering joint ventures. Through such strategies, the companies are developing new products as well as distributing the products in the other regions. For instance, in October 2020, BioPoly, LLC entered into an exclusive distribution agreement with Verve Medical Products, Inc., a Canada-based distributor, to distribute the BioPoly partial resurfacing products in Canada. BioPoly implants can be used in knee surgeries. They are designed to replace only the damaged cartilage of a patient’s joint, rather than replacing the entire joint.
Rising popularity of various sports across the globe and growing awareness of people to stay fit and participate in the fitness related activities have led to increasing incidence of sports related injuries. According to the statistics from Stanford Children’s Health, in the U.S., ~30 million children and teens participate in some form of organized sports and more than 3.5 million children and adolescents ages 14 years and younger get hurt annually playing sports or participating in recreational activities. Such high incidence of sports related injuries have led to increasing need for medicines and devices to manage these injuries, which in turn is propelling the growth of the sports medicine market.
Moreover, players in the sports medicine market are focused on launching new devices that are technologically advanced. These devices are designed such that they help patients in faster recovery. For instance, in December 2019, Fuse Medical Inc. introduced their latest orthopedic and sports medicine product offerings, the Galen Medial and Galen XT Suture Anchors, the Kopis Knotless Anchor, and the Vida Interference Screws. Such new product launches are boosting the sports medicine market growth.
However, the high cost of implants and other devices used for diagnosis and treatment or for post-surgical recovery is one of the factors restraining the market growth. Moreover, product recalls have also raised concerns among the patient population which is hindering their adoption. For instance, in June 2020, Mueller Sports Medicine, Inc., recalled class II device mueller sports medicine hybrid wraparound knee support.
Regionally, Asia Pacific is anticipated to grow at a higher CAGR during the projected period. Several factors including rising popularity of sports such as wrestling, football, and cricket have led to rising incidence of sports injuries among kids as well as teens and adults. Moreover, increasing awareness on fitness and new product launches is also driving the growth of the sports medicine market in this region.
Some of the prominent players operating in the global sports medicine market include Arthrex, Inc., Smith & Nephew, DePuy Synthes, Conmed Corporation, Stryker, Zimmer Biomet, Breg, Inc., Wright Medical Group N.V., DJO (Colfax Corporation), and Medtronic, among others.