Summary
Major players in the sports medicine market are Stryker Corporation, Arthrex Inc., Wright Medical Technology Inc., Zimmer Biomet Holdings Inc., Smith & Nephew plc, Mueller Sports Medicine, Inc., Karl Storz SE & Co. KG, CONMED Corporation, Johnson & Johnson, DJO Global, Breg, Inc., RTI Surgical, Inc., Performance Health International Limited, Bauerfeind AG, Ossur Corporate, Cramer Product Inc.
The global sports medicine market is expected to grow from $7.09 billion in 2022 to $7.63 billion in 2023 at a compound annual growth rate (CAGR) of 7.62%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The sports medicine market is expected to reach $10.00 billion in 2027 at a CAGR of 7.00%.
The sports medicine market includes revenues earned by entities by providing physical therapy, personal training, and ultra-minimally invasive treatment.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Sports medicine refers to an area of medicine concerned with physical fitness and the treatment, and prevention of injuries that are resulting from athletic activities. They are used to reduce pain and inflammation.
North America was the largest region in the sports medicine market in 2022. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The major products of sports medicine are implants, fracture and ligament repair products, arthroscopy devices, prosthetics, and other products.Implants are tissues or devices that are placed inside or on the body after repairing or replacing a part of it.
Sports medicines are used to treat various injury types, such as knee injuries, shoulder injuries, foot and ankle injuries, back and spine injuries, and hip and groin injuries. These are used by several end users, such as hospitals, ambulatory surgery centres, physiotherapy centers, and clinics.
The increasing number of sports injuries is expected to propel the sports medicine market’s growth going forward.Sports injuries refer to injuries that are caused during sports or exercise, and they are not limited to athletes.
They are commonly caused by a direct impact, overuse, or force application.Sports medicine provides treatment or support for sports injuries, so an increase in sports injuries will propel market growth.
For instance, in 2021, according to a report shared by the National Safety Council, a US-based public service organization for health and safety, sports and recreational injuries in the US increased by 20% to 409,224 in 2021 compared to 377,939 in 2020.Further, 91% of injury victims are treated in the emergency department with sports medicine and released.
Therefore, the increasing number of sports injuries is driving the growth of the sports medicine market.
Product innovations are a key trend gaining popularity in the sports medicine market.Major companies operating in the sports medicine market are focused on developing new technological solutions to strengthen their position.
For instance, in April 2021, Smith & Nephew Inc., a UK-based medical equipment manufacturing company, launched a new 4K surgical imaging technology called 4KO. The new technology is designed to improve image quality and increase the resolution by a minimum of 30%. The 4KO provides increased brightness and clarity to the surgeons so they can determine the best treatment for the patients. The new technology is meant to expand the company’s sports medicine wireless arthroscopic tower.
In December 2020, Zimmer Biomet Holdings Inc., a US-based medical device company, acquired A&E Medical Corporation for $250 million. This acquisition expands and strengthens Zimmer’s current portfolio and also addresses patient and surgical needs. This acquisition is expected to enable combined resources to benefit surgeons, healthcare systems, and patients and position Zimmer for long-term growth. A&E Medical Corporation is a US-based designer and manufacturer of surgical products for cardiothoracic surgery and sports medicine.
The countries covered in the sports medicine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
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