PUBLISHER: The Business Research Company | PRODUCT CODE: 1409824
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409824
“Sports Medicine Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on sports medicine market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for sports medicine? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The sports medicine market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Sports medicine is a specialized field of medicine dedicated to physical fitness, injury treatment, and injury prevention associated with athletic activities, aiming to alleviate pain and reduce inflammation.
Key products within the realm of sports medicine include implants, fracture and ligament repair tools, arthroscopy devices, prosthetics, and other related items. Implants refer to tissues or devices utilized inside or on the body following repair or replacement of a specific part. Sports medicine products cater to treating various injury types, including knee injuries, shoulder injuries, foot and ankle injuries, back and spine injuries, as well as hip and groin injuries. These products find application across a spectrum of end users such as hospitals, ambulatory surgery centers, physiotherapy centers, and clinics, supporting the diagnosis, treatment, and rehabilitation processes for athletes and individuals involved in physical activities.
The sports medicine market research report is one of a series of new reports from The Business Research Company that provides sports medicines market statistics, including sports medicines industry global market size, regional shares, competitors with a sports medicines market share, detailed sports medicines market segments, market trends and opportunities, and any further data you may need to thrive in the sports medicines industry. This sports medicines market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The sports medicine market size has grown strongly in recent years. It will grow from $7.61 billion in 2023 to $8.21 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth observed in the historical period can be attributed to the rise in sports injuries, a growing emphasis on physical fitness, an increase in sports participation, the expansion of arthroscopic procedures, a focus on injury prevention programs, and increasing awareness among athletes.
The sports medicine market size is expected to see strong growth in the next few years. It will grow to $11 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The anticipated growth in the forecast period can be attributed to personalized medicine approaches, the expansion of sports medicine clinics, nutritional strategies for performance enhancement, global sports events, and sponsorships, as well as an increased focus on mental health in sports. Key trends expected in the forecast period include technological solutions for rehabilitation, telemedicine and remote monitoring, the integration of wearable technologies, advanced orthopedic technologies, and collaboration with sports teams and leagues.
The anticipated increase in sports injuries is set to drive the growth of the sports medicine market. These injuries, occurring during sports or exercise, are not exclusive to athletes and can result from direct impact, overuse, or force application. Sports medicine, providing treatment and support for such injuries, is poised for market growth. In 2021, a report from the National Safety Council revealed a 20% rise in sports and recreational injuries in the US, reaching 409,224. Notably, 91% of injury victims received treatment in the emergency department, underscoring the pivotal role of sports medicine in addressing these incidents and propelling market expansion.
The expanding athlete population is expected to fuel the growth of the sports medicine market. This demographic comprises individuals participating in athletic activities at various levels, from amateur and recreational to professional athletes. Sports medicine plays a critical role in supporting athlete well-being, enhancing performance, and minimizing injury risks. In May 2022, the National Collegiate Athletic Association reported a record-high of over 520,000 student-athletes participating in NCAA championship sports during the 2021-2022 period. The increasing athlete population stands as a driving force behind the growth of the sports medicine market.
Innovations in product offerings emerge as a prominent trend in the sports medicine market. Major industry players are actively engaged in developing technological solutions to enhance their market standing. Notably, in April 2021, Smith & Nephew Inc., a UK-based medical equipment manufacturing company, introduced 4KO, a new 4K surgical imaging technology. This innovative technology aims to improve image quality, boasting a minimum 30% increase in resolution. By providing enhanced brightness and clarity to surgeons, 4KO assists in determining optimal treatment for patients. This technological advancement signifies a strategic move by Smith & Nephew to expand its sports medicine wireless arthroscopic tower and reinforce its position in the market.
Major players in the sports medicine market are strategically leveraging digital distribution channels, particularly through product websites, to drive revenue growth. Maruho Co. Ltd., a Japan-based pharmaceutical company, exemplifies this trend by launching an updated website in March 2023 to support its next phase of growth. The revamped website showcases Maruho Medical's product range, with a specific emphasis on the company's innovative focus on soft tissue fixation in sports medicine. Notably, the newly introduced apollo knotless anchor takes center stage on the website, alongside the entire product line. This digital platform serves to support Maruho's future technological advancements in the soft tissue repair portfolio, providing valuable resources for both customers and the sales team. The knotless fixation feature of the anchor aligns with Maruho's goal of introducing innovative techniques for soft tissue fixation in sports medicine.
In January 2023, Zimmer Biomet Holdings Inc., a leading US-based medical device company, executed a strategic acquisition by purchasing Embody Inc. for $155 million. This move is integral to Zimmer Biomet's expansion in the burgeoning sports medicine industry. The acquisition encompasses Embody's comprehensive line of collagen-based biointegrative solutions, including the biointegrative implant tapestry designed for tendon healing and tapestry RC, one of the initial arthroscopic implant systems for rotator cuff repair. Embody Inc., a US-based medical device company specializing in advanced biomaterials and technologies, brings innovative products to Zimmer Biomet's portfolio, reinforcing its position in the dynamic sports medicine market.
Major companies operating in the sports medicine market report 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, DJ Orthopedics LLC, Breg Inc., RTI Surgical Inc., Performance Health International Limited, Bauerfeind AG, Ossur Corporate, Cramer Product Inc., Medtronic plc, Bioventus LLC, Braun Melsungen AG, Hanger Inc., AlloSource Inc., Novartis AG, Surgalign Holdings Inc., DePuy Synthes Companies, Acumed LLC, Integra LifeSciences Corporation, Orthofix Medical Inc., Medline Industries Inc., Musculoskeletal Transplant Foundation, ArjoHuntleigh.
North America was the largest region in the sports medicine market in 2023. The regions covered in the sports medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the sports medicine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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.
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.