ID: MRFR/MED/2407-CR | 130 Pages | Published By Kinjoll Dey on August 2018
Sports Medicines Market is market value of USD 9,655.6 Million while thriving at a CAGR of 7.40% during the forecast period 2022-2030.
As per the assessment conducted by Market Research Future (MRFR), the Sports Medicines Market is anticipated to acquire the market value of USD 9,655.6 Million while thriving at a CAGR of 7.40% during the assessment tenure from 2022-2030
The sports medicine market is anticipated to be driven by the growing cases of sports injuries, expansion of medical associations, and on-going technological development. Sports, like baseball and football, are likely to record maximum injuries. Also, the lack of carelessness while practicing the sport is expected to be another cause that is likely to strengthen the market during the assessment period.
However, the unfavorable reimbursement policies and lack of expertise are likely to hamper the market sports medicine market growth during the projection tenure.
The outbreak of COVID-19 has brought a significant impact on the global sports medicine market. Various tournaments were suspended owing to the lockdown. For example, the International Olympic Committee postponed the 2020 Olympics and Paralympic to 2021. The expansion of the market has been hampered due to the pandemic. However, the market is likely to stabilize in the future at steady pace.
The sports medicine market for sports is expected to be influenced by various factors and opportunities.
The increasing participation in sports and growing awareness about fitness are likely to be primary causes that can drive the sports medicines market. The rising incidence of ligament tears and fractures are likely to propel the market during the assessment period. The surging demand for injury management and rehabilitation is projected to strengthen the industry across the globe during the assessment tenure.
Developing countries such as; India and China are likely to offer a significant opportunity for market expansion due to the presence of a large patient pool. The sports medicine market is expected to grow due to the rising disposable income and the growing participation of children and adults in sports activities.
One of the primary factors affecting the global market for sports is the dearth of expertise. There is a growing need for skilled professionals with experience and knowledge. The limited number of doctors in sports medicines is one of the major restraining factors for this sports medicine market.
Lack of sporting culture, sluggish development of medical associations, and lack of advanced healthcare facilities are some of the salient factors posing a significant challenge to the market expansion during the assessment tenure.
The product-based segments of the sports medicine market are support & recovery products, accessories & consumables, joint reconstructive & repair products, and others.
The application-based segments of the global market for sports medicine are knee treatment, spine treatment, shoulder treatment, hip treatment, and others.
The procedure-based segments of the global market for sports medicine are tendinosis, tendon to bone, and cartilage repair.
The end-user based segments of the global sports medicine market are trauma centers, hospitals & emergency care, ambulatory care, and others.
The rising popularity of sports and the increasing awareness regarding the treatment of sports injuries are expected to be a significant cause that can grow the regional market during the analysis tenure. The rising investments in North America are expected to augment the sports medicine market size in the region. The presence of technologically advanced medical services to treat various orthopedic injuries are likely to steer the regional trade in the coming period. The US, Canada, and Mexico are projected to make a significant contribution during the review timeframe.
Europe is predicted to acquire the second-largest market share during the forecast period owing to the growing inclination towards sports. The increasing initiatives taken by the government to develop the sports medicine devices market are projected to augment the market during the forecast period.
The growing demand for sports medicine devices from developing countries such as; India, China, and Japan are expected to play a crucial role in developing the regional market during the assessment tenure. Furthermore, the regulatory process for product approvals is comparatively less stringent in these countries, which has eased the entry of new products, thereby augmenting the market in the assessment timeframe.
MEA is predicted to witness sluggish growth during the forecast period owing to the presence of underdeveloped countries and a lack of sports culture. However, there are various untapped market opportunities that are likely to offer lucrative opportunities for sports medicine market expansion.
Latin America is anticipated to thrive at a significant CAGR during the evaluation tenure due to the rising inclination towards sports. Brazil is projected to be a lucrative sports medicine market in the assessment period.
The established players of the global sports medicine market are adopting various strategies of expansion, such as; collaboration, merger, acquisition. The growing inclination towards sports has led to a higher demand for innovative and effective methods to heal the injury, for which key players are focusing on expanding their reach. The growing initiatives of expansion are likely to intensify the market competition the coming time.
|Market Size||USD 9,655.6 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Application, Procedure and End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Medtronics, Stryker, Zimmer Biomet, CONMED Corporation, DePuy Synthes, GE Healthcare, Smith & Nephew plc, Arthrex, Inc.|
|Key Market Opportunities||Growing Penetration of Sports Medicine in Emerging Economies to Present Significant Opportunity for Market Expansion|
|Key Market Drivers||Rising Incidence of Sports Injuries to Favor Market Growth|
The global sports medicine market size can balloon to USD 9,655.6 million by 2030.
The global sports medicine market can expand at 7.40% CAGR from 2022-2030.
Smith & Nephew plc, Stryker, CONMED Corporation, DePuy Synthes, GE Healthcare, Arthrex, Inc., Medtronics, and Zimmer Biomet are prominent players in the global sports medicine market.
The APAC region can exhibit a CAGR of 9.2% from 2022 to 2030.
North America dominates the global sports medicine market.