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Global Sports Medicine Market to Reach US$ 8.8 Billion by 2024, Spurred by Increasing Participation in Sports and Physical Activities

According to the latest report by IMARC Group, titled “Sports Medicine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global sports medicine market size reached US$ 6.2 Billion in 2018. Sports medicine is a branch of medicine which focuses on aiding individuals in improving their athletic performance. It also aims to assist people who are suffering from sports injuries and preventing future injuries like strains, sprains, fractures, dislocations, concussions, exercise-induced asthma, tendonitis and overtraining syndrome. The healthcare providers who specialize in sports medicine are trained to aid sports enthusiasts and professional athletes to achieve their training goals efficiently, as well as to provide advice on nutrition and supplements.

Global Sports Medicine Market Trends:

An overall increase in the participation in sports across the globe is one of the key factors driving the market growth. Prevalence of various lifestyle and chronic diseases have resulted in increasing inclination toward a physically active lifestyle. This has consequently accelerated the participation rate in sports and associated physical activities, which in turn is driving the market for sports medicines. An increase in the organization of and participation in marathons and related sports events, which often aim to spread awareness about important issues, is also contributing to the market growth. In addition to this, the presence of opportunities like scholarships and corporate funding, as well as vast scope in the field of sports, have stimulated many individuals to choose sports as a career, which is creating a positive impact on the market growth. Other factors, such as rising preference for minimally invasive (MI) surgeries among athletes and an increase in the incidence of sports injuries, along with the growing government funding to develop new facilities and enhance the existing sports infrastructure, are creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 8.8 Billion by 2024, expanding at a CAGR of 6% during 2019-2024.

Market Summary:

  • On the basis of the product, the market has been divided into body reconstruction (fracture & ligament repair products, arthroscopy devices, implants, orthobiologics and prosthetics) body support and recovery (braces & supports and physiotherapy), body monitoring and evaluation (cardiac monitoring, respiratory monitoring, hemodynamic monitoring, musculoskeletal monitoring), compression clothing, and accessories (bandages, disinfectants, tapes and others). Amongst these, body reconstruction represents the largest segment in the market.
  • Based on the application, knee injuries exhibit a clear dominance in the market. Other major segments include shoulder injuries, foot & ankle injuries, hip & groin injuries, elbow & wrist injuries, back & spine injuries and others.
  • On the basis of the end user, the market has been categorized into hospitals, orthopedic specialty clinics, fitness and training centers, ambulatory surgical centers (ASCs) and others. At present, hospitals account for a majority of the total market share. 
  • Region-wise, North America holds the leading position in the market. Other major regions include Europe, Asia Pacific, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has also been analyzed with the detailed profiles of the key players operating in the market. Some these companies include Arthrex, Smith & Nephew PLC, Medtronic PLC, Wright Medical Group, Bioventus LLC, Stryker Corporation, Mueller Sports Medicine, RTI Surgical Holdings, Breg, Conmed Corporation, Performance Health International Limited, Bauerfeind AG, KARL STORZ Gmbh & Co. KG, and Zimmer Biomet Holdings.

 

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