Blog Information
- Posted By : Trisha Jadhav
- Posted On : Jun 01, 2023
- Views : 60
- Category : Technology
- Description : The Global Sports Medicine market size was estimated at USD 7 Billion in 2021 and is expected to hit around USD 11 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 7% from 2022 to 2030.
Overview
According to Custom Market Insights (CMI), the Global Sports Medicine Market size was estimated at USD 7 Billion in 2021 and is expected to hit around USD 11 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 7% from 2022 to 2030.
Our research report offers a 360-degree view of the Sports Medicine market’s drivers and restraints, coupled with the impact they have on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Sports Medicine market.
Sports Medicine Market: Overview
An area of medicine called sports medicine is concerned with enhancing patients’ athletic prowess. Products for sports medicine help with both the healing of sports injuries and the prevention of new ones.
It is projected that the rising number of sports injuries, the growth of medical associations, and ongoing technology advancements will drive the sports medicine market. Sports with the highest injury rates tend to be football and baseball. Another factor anticipated to increase the market over the evaluation period is the absence of carelessness while playing the sport. However, over the forecast period, the growth of the sports medicine market is projected to be constrained by unfavourable reimbursement policies and a lack of knowledge.
Browse the full “Sports Medicine Market Size, Trends, and Insights By Product (Body Reconstruction & Repair, Surgical Equipment, Bone Reconstruction Devices, Soft Tissue Repair, Body Support & Recovery, Braces, and Other Support Devices, Hot & Cold Therapy, Compression Clothing, Body Monitoring & Evaluation, Cardiac, Hemodynamic, Respiratory, Musculoskeletal, Others, Accessories, Bandages, Disinfectants, Tapes, Wraps, Other), By Application (Knees, Elbow & Wrist, Ankle & Foot, Shoulders, Back & Spine, Hips, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030 “ report at https://www.custommarketinsights.com/report/sports-medicine-market/
Growth Factors
Growing government involvement in promoting and encouraging sports activities, along with growing public awareness of personal health, is anticipated to drive the global market statistics. Increased participation in sports could result in an increase in the frequency of sports injuries.
The National Safety Council (NSC) reports that more than 400,000 injuries resulting from sports-related activities occurred in the United States in 2019. In addition, technological developments in the orthopaedic field, such as the 3D printing of implants and the introduction of bionic technology and sensor technology in prosthetic limbs, will provide the sports medicine industry with previously unheard-of growth opportunities over the forecast period.
Due to the postponement and cancellation of numerous sporting events during the COVID-19 epidemic, which decreased the number of sports injuries, the market for sports medicine suffered. The International Olympic Committee postponed the Tokyo Olympics and Paralympics to 2021 in March 2020. These occurrences had a negative effect on the market expansion. Only urgent and critical surgical operations were to be addressed at this time by medical professionals and specialists.
In the early stages of the pandemic, all these variables impacted product sales and decreased hospital visits. The initial wave of the pandemic also had an influence on the production of sports medications, which had a detrimental effect on market growth in 2020.
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Segmental Overview
The market for Sports Medicine is segmented into products and applications. Due to a steady rise in the frequency of knee injuries, the knee application category dominated the sports medicine market and held the biggest market share in 2021. Knee injuries are frequently experienced while playing sports or engaging in other physical activities. This is due to the fact that frequent running and jumping damage the knee joint. Knee injuries make up about 40% of all sports injuries, according to the British Journal of Sports Medicine.
Additionally, this market category is predicted to develop at the fastest rate during the forecast period. Advanced therapies include arthroscopic knee surgery, platelet-rich plasma therapy, soft tissue massage, dry needling, and osteopathic manipulation. Some key reasons influencing the segment’s growth are the large range of readily available therapies and the rising prevalence of knee injuries.
Regional Overview
With the largest revenue share, North America dominated the sports medicine industry. One of the main factors influencing the market for sports medicine is the existence of a well-developed healthcare infrastructure along with high spending and the accessibility of technologically improved medical products to treat various orthopaedic problems.
However, it is projected that Asia Pacific would have the greatest growth throughout the projection period due to the region’s continued rise in the acceptance of sports medicine in nations like China, Japan, and South Korea. Additionally, these nations’ product approval regulations are comparably less onerous, which has aided the simple introduction of cutting-edge goods and medical equipment into this market.
Prominent Players
- Arthrex Inc.
- Stryker Corporation
- Smith & Nephew plc.
- Breg Inc.
- DJO Global Inc.
- Wright Medical Group N.V.
- Mueller Sports Inc.
- Medtronic
- RTI Surgical
- KARL STORZ
- Performance Health International Limited
- Bauerfeind AG
- Ossur
- Cramer Products
- RôG Sports Medicine.
- MedShape
- Biotek
- Others
Table of Contents: https://www.custommarketinsights.com/report/sports-medicine-market/#table-of-contents
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