The sports medicine market is expected to grow from USD 5.5 billion in 2020 to USD 7.2 billion by 2025, at a CAGR of 5.7% during the forecast period. Growth in the sports medicine market is primarily driven by factors such the increasing incidences of sports injuries, continuous influx of new products & treatment modalities, developments in the field of regenerative medicine, rising demand for minimally invasive surgeries.
Due to the pandemic, most organized sports activities have been on hold or postponed. In March 2020, the International Olympic Committee postponed the 2020 Tokyo Olympics and Paralympic to 2021. Such developments are expected to significantly affect the growth of the sports medicine market in the coming months.
According to The CovidSurg Collaborative, a 120-country research initiative formed to analyze the impact of the COVID- 19 pandemic on surgeries, around 28.4 million elective surgeries worldwide will be canceled or postponed in 2020, based on 12 weeks of peak disruption to hospital services due to COVID-19.
Globally, the incidence of sports injuries has increased over the last few years, primarily due to the growing participation in sports as well as active participation in fitness activities (as a result of the growing focus on leading healthy lifestyles).
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The incidence of ligament tears and fractures is high among people participating in sports. Also, the lower extremity constitutes a major portion of sports injuries, globally. With the increasing participation in sports (among children as well as adults) and subsequent growth in the incidence of sports injuries, the demand for injury management and rehabilitation is expected to increase across the globe.
In the sports medicine field, there is an increasing need for trained professionals with the relevant experience and knowledge about using orthobiologics and performing specific surgeries. Sports medicine surgeons provide diagnosis and treatment for musculoskeletal injuries and related disorders that are caused during sports activities.
Sports Medicine Market Dynamics :-
1. Drivers: Increasing incidence of sports injuries to drive market growth
2. Restrains: High cost of orthopedic implants and other devices.
3. Opportunities: Expansion and market penetration opportunities in emerging economies.
4. Challenges: Dearth of skilled professionals.
Sports medicine is widely used for the prevention of sports injuries as well as for the cure, recovery, and rehabilitation of athletes. The sports medicine applications market is segmented into knee injuries, shoulder injuries, foot & ankle, elbow & wrist, back & spine, hip & groin, and other injuries.
Based on end user segment, the market is segmented into Hospitals, Ambulatory Surgery centres and Physiotherapy Centres 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.
On the basis of products, 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.
Primary and Secondary Research Methodology For Sports Medicine Market Overview :-
The sports medicine market comprises several stakeholders such as sports medicine manufacturing & developing companies, suppliers & distributors of sports medicine, third-party vendors, research institutes and academic centers, hospitals, clinics, ambulatory centers, home healthcare companies, market research companies.
In the secondary research process, various secondary sources such as Hoovers, D&B, Bloomberg Business, and Factiva have been referred to, so as to identify and collect information for this study. These secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, gold standard & silver standard websites, regulatory bodies, and databases.