Number of pages: 120 | Report Format: PDF | Published date: January 28, 2022
Historical Years – 2018 & 2019 | Base Year – | Forecasted Years – 2021-2031
Report Attribute |
Details |
Historical Period |
2018 & 2019 |
Base Year for Estimation |
2020 |
Forecast Period |
2021-2031 |
Market Size in 2020 |
US$ 5.5 billion |
Market Size in 2031 |
US$ 9.64 billion |
CAGR |
5.5% |
Segments Covered |
Product, Application, End User, and Region. |
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global sports medicines market was valued at US$ 5.35 billion in 2020 and is expected to register a revenue CAGR of 5.5% to reach US$ 9.64 billion by 2031.
Sports Medicines Market Fundamentals
Sports medicine refers to a branch of medicine that is associated with physical fitness and treatment & prevention of injuries related to sports and other athletic activities or exercises. Sports medicine can be used to treat a wide range of physical conditions, such as fractures, strains, sprains, concussions, and dislocations. It can also be utilized in the treatment of chronic injuries, such as degenerative diseases, tendonitis, and overtraining syndrome. Sports medicine finds a wide application in rehabilitation of professional athletes.
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Sports Medicines Market Dynamics
Factors driving revenue growth in the sports medicines market include rising cases of sports injuries, increase in adoption of minimally invasive surgeries, and growth in awareness among people about importance of healthy lifestyle, which is resulting into increase in their participation in the fitness-related activities. Moreover, technological advancements, such as 3D-printed implants, and product launches are propelling the global sports medicines market revenue growth.
However, the high costs of implants and rise in the number of product recalls are likely to hinder revenue growth in the sports medicines market to a certain extent.
Sports Medicines Market Ecosystem
The global sports medicines market is analyzed based on four parameters: product, application, end user, and region.
Sports Medicines Market by Product
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Based on the product, the sports medicines market is segmented into reconstruction products, support & recovery products, and accessories. The reconstruction products segment is sub-segmented into fracture & ligament repair products, implants, arthroscopy devices, prosthetic devices, and orthobiologics. The support & recovery products segment is sub-segmented into braces & supports, physiotherapy equipment, and compression clothing.
The support & recovery products segment is expected to grow at the highest revenue CAGR during the forecast period. Rising awareness about the advantages of physiotherapy and increasing usage of braces & supports after surgeries are fueling revenue growth in the segment.
Sports Medicines Market by Application
Based on the application, the market is segmented into knee injuries, shoulder injuries, elbow & wrist injuries, foot & ankle injuries, back & spine injuries, hip & groin injuries, and others.
The knee injuries segment accounted for the largest revenue share of the sports medicines market in 2020. Knee injuries are the most common type of sports injury. Thus, high incidence of knee injuries among athletes is key factor driving the demand for sports knee injury products.
Sports Medicines Market by End User
Based on the end user, the market is segmented into hospitals, physiotherapy centers and clinics, and ambulatory surgery centers. The hospital segment accounted for the largest revenue share in the sports medicines market in 2020. The revenue growth of the segment can be attributed to increase in the preference of patients toward undergoing diagnostic procedures in hospital set-ups.
Sports Medicines Market by Region
Based on the region, the global sports medicines market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).
North America dominated the market for sports medicine, accounting for the largest market revenue share in 2020. Key factors driving the regional market include high popularity of sports and rising incidence of sports injuries among athletes in North America. Moreover, the presence of significant number of regional players and increase in the launch of advanced products are driving the market revenue growth in this region.
Sports Medicines Market Competitive Landscape
The prominent players operating in the global sports medicines market include: -
Sports Medicines Market Strategic Developments
The global sports medicines market was valued at US$ 5.5 billion in 2020.
The sports medicines market is projected to reach US$ 9.64 billion by 2031.
Rising incidences of sports injuries, growing demand for minimally invasive surgeries, increasing awareness among people about the benefits of adopting a healthy lifestyle, rising participation of this population pool in fitness-related activities, and technological advancements, such as 3D-printed implants, and product launches
Arthrex, Inc., Smith & Nephew, DePuy Synthes, Conmed Corporation, and Stryker are among the prominent market players.
The sports medicines market is expected to grow at a revenue CAGR of 5.5% between 2021 and 2031.
North America accounts for the largest market revenue share of the global sports medicines market.
*Insights on financial performance is subject to availability of information in public domain