Sports Medicine Market Size will become USD 19.74 billion by 2033
Updated · Feb 22, 2023
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Sports Medicine Market Overview
Published Via 11Press: According to Market.us, The global sports medicine market was valued at USD 10.42 billion in 2023. This market is projected to reach USD 19.74 billion growing in 2033, at a compound annual growth rate (CAGR) of 6.6% over the forecast period.
Sports medicine is a branch of medicine that deals with the prevention and treatment of injuries related to sports and exercise. The sports medicine market includes a wide range of products and services, such as implants, arthroscopy devices, orthopedic braces and supports, and joint reconstruction products, among others.
The broad range of medical practices that are associated with sports and physical activity is called sports medicine. It’s the medical specialty that deals with sports injuries and preventive treatment. It is concerned with areas such as performance enhancement, injury management, and prevention. It covers injury prevention, rehabilitation, and osteopathy. Sports medicine is the practice of healthcare professionals who provide preventive measures like injury prevention and rehabilitation.
It also includes fields like body monitoring, body reconstruction and support. The practice of sports medicine is one branch of medicine. It deals with the prevention and treatment of injuries that can be caused by exercise and sport.
Exercise intervention is also covered in medicine to manage and stop chronic diseases. Sports physicians, sports physiotherapists and trainers, as well as sports podiatrists and sports scientists, make up the medicine team. Due to the increase in sports-related injuries and increased participation in exercise and other sports, there is a growing demand for sports medicine. The market for sports medicine will be further boosted by a shift in care from preventive to proactive for injuries to sports.
Market growth is expected to be driven by an increase in sports injuries. The market is also being impacted by government initiatives to support the sport industry. The market for medicine will be limited by the high price of products. However, the market for sports medicine will be able to replace the current untapped markets as well as changing regulatory frameworks.
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- The body reconstruction and repair sector has a revenue share of 39.4% by-product in 2022.
- The market leader by application is the knee segment. It will grow at an 8.8% CAGR during the forecast period 2023-2032.
- North America held the largest revenue share at 47% in 2022.
- Europe has a 25% revenue share in 2022.
- Asia-Pacific will see a 7.2% annual growth rate between 2023 and 2032.
- The global sports medicine market is expected to grow at a CAGR of over 6.6% during the forecast period.
- The orthopedic products segment is the largest segment in the market, accounting for a significant share of the overall market.
North America dominates the sports medicine market, owing to the high prevalence of sports injuries, the growing participation in sports and fitness activities, and the presence of a large number of sports medicine facilities in the region. Europe is also a significant market, driven by the increasing adoption of sports medicine products and services in the region. Asia Pacific is expected to witness significant growth during the forecast period, driven by the growing awareness of sports medicine and the rise in the number of sports events in the region.
Кеу Маrkеt Рlауеrѕ
- Medtronic Plc
- Arthrex, Inc.
- Smith & Nephew Plc
- Stryker Corporation
- Zimmer Biomet
- Wright Group N.V.
- Mueller Sports Inc.
- Breg, Inc.
- Johnson & Johnson
- CONMED Corporation
- Other Major Players.
Market growth is being driven by an increasing incidence of sports injuries
- Globally, the number of sports-related injuries has increased over recent years. This is due to a growing interest in healthy lifestyles and the increasing amount of people who participate in sports.
- Stanford Children’s Health reported that more than 3.5million sports injuries are being reported annually. This is in addition to the 30 million kids and teens who participate in US sports. According to the Board of Certification for Athletic Trainers in the USA, there are 2 million injuries to the ankle each year.
- Involvement in sports is associated with a high rate of ligament tears, fractures and other injuries. A large proportion of injuries to sports are sustained in the lower extremities. As a result of the rising participation in all sports, as well as the increase in injuries to athletes, the need for injury management will continue to grow. This is considered a positive indicator for the growth of global markets.
High price of orthopaedic implant and other devices.
- The high cost for implants is the biggest limiting factor to global market growth. High prices for implants are a major problem in developing countries like India. Only a small portion of India’s population is covered by insurance. In India, ~75% of the Indian population was without coverage in 2017. The cost of treatment for such an expensive procedure is difficult to afford in most developing countries. It costs more than USD 12,000 on average.
- Like prosthetics and implants they are also costly. Regenerative medicine procedures too can be expensive. For example, a single PRP treatment can cost from USD 500 to 2000. However, bone marrow and stem cell injections are more expensive at USD 2,000 to 5,000. Sometimes, such procedures require multiple treatments which increases their overall cost.
Expanding and gaining market penetration in emerging countries.
China and India are two of the most populous emerging markets. They have large populations and potential growth opportunities. This is primarily due in part to their growing disposable incomes, which has been a result both of rapid economic growth and an increase in participation in sport and other activities. These emerging countries have their own healthcare infrastructures and are taking steps to improve them.
There is a shortage of skilled professionals.
- The global market faces major challenges due to a shortage of qualified orthopedic professionals. ortho surgeons perform most of the treatment for sports injuries. A new report from the Association of American Medical Colleges (AAMC) was published in April 2018. It states that there will be a shortage of surgeons in the US between 20,700 to 30,500 by 2030.
- There is a growing demand for professionals who have the necessary experience and knowledge in performing orthobiologics, and other specific surgeries in the field of sports medicine. Sports medicine surgeons diagnose and treat musculoskeletal injuries, and other related disorders that can be caused by sports activities.
- The FDA approved in August 2021 the ROSA(r), robotically-assistant direct anterior hip arthroplasty, from Zimmer Biomet.
- Smith & Nephew has just announced the release of the INTELLIO connected tower solution in June 2020. This new product allows users wirelessly to manage different sports medicine systems remotely.
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By Product Type
- Body Reconstruction & Repair
- Bone Reconstruction Devices
- Surgical Equipment
- Soft Tissue Repair
- Body Support & Recovery
- Hot & Cold Therapy
- Braces & Other Support Devices
- Compression Clothing
- Body Monitoring & Evaluation
- Other Body Monitoring & Evaluations
- Other Accessories
- Elbow & Wrist
- Back & Spine
- Other Applications
|The market size value in 2023||USD 10.42 billion|
|Revenue forecast by 2033||USD 19.74 billion|
|Growth Rate||CAGR Of 6.6%|
|Largest Market||North America|
|Short-Term Projection Year||2028|
|Long-Term Projected Year||2032|
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The major products and services offered in the sports medicine market include implants, arthroscopy devices, orthopedic braces and supports, and joint reconstruction products, among others.
The major factors driving the growth of the sports medicine market include the increasing prevalence of sports injuries, the growing popularity of sports and fitness activities, and the rising adoption of minimally invasive surgical procedures.
North America is the largest regional market for sports medicine products and services, followed by Europe and Asia Pacific.
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