The global size of sports medicine market in terms of revenue was estimated to be worth USD 5.5 billion in 2020 and is poised to reach USD 7.2 billion by 2025, growing at a CAGR of 5.7% from 2020 to 2025.
Growth in the sports medicine market is mainly driven by factors such as the continuous influx of new products &s treatment modalities, the increasing incidence of sports injuries, developments in the field of regenerative medicine and rising demand for minimally invasive surgeries.
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The body reconstruction products segment is expected to account for the largest share of the sports medicine product market in 2019
On the basis of product, the sports medicine market is segmented into body reconstruction products (fracture & ligament repair products, arthroscopy devices, implants, prosthetics, orthobiologics), body support & recovery products (braces & support, physiotherapy equipment, and compression clothing), and accessories. The body reconstruction products segment held the largest share of the sports medicine market in 2019, while the body support & recovery products segment is projected to register the highest growth during the forecast period. The technological advancements in arthroscopic technologies worldwide and the increasing number of sports injuries are major factors driving market growth for body reconstruction products.
Hip & groin injuries segment is expected to grow at the highest CAGR in the global sports medicine market during the forecast period
On the basis of application, the market is segmented into knee injuries, shoulder injuries, foot & ankle, elbow & wrist, back & spine, hip & groin, and other injuries. The knee injuries segment commanded the largest share of the market in 2019. However, the hip & groin injuries market is projected to register the highest CAGR owing to the increasing participation of high school and college athletes in sports.
The Hospitals segment is expected to account for the largest share during the forecast period.
Based on end user segment, the market is segmented into Hospitals, Ambulatory Surgery centers and Physiotherapy Centers and Clinics. The hospitals segment accounted for the largest share of the sports medicine market. The large share of this segment can be attributed to factors like Complex diagnostic and therapeutic procedures being carried out in hospitals
North America is expected to dominate the sports medicine market during the forecast period
Geographically, North America is expected to dominate the global sports medicine market in 2018, while the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high growth in this region can be attributed to the growth of the sports industry and overall participation in sports. Sporting events such as the 2008 Beijing Olympics, 2018 Winter Olympics in Korea, and the upcoming 2020 Summer Olympics in Japan have increased the level of interest in sports in Asia.
The major players operating in the sports medicine market include Arthrex, Inc (US), Smith & Nephew plc (UK), and Stryker Corporation (US). Other players involved in this market include Breg Inc. (US), DJO Global, Inc. (US), Mueller Sports, Inc. (US), Wright Medical Group N.V. (US), Medtronic (Ireland), RTI Surgical (US), Performance Health International Limited (US), KARL STORZ (Germany), and Bauerfeind AG (US), Össur (Iceland), MedShape (US), Cramer Products (US), Biotek ( India), RôG Sports Medicine (US).
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