Newark, NJ, Oct. 06, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global sports medicine market is expected to grow from USD 5.2 billion in 2019 to USD 7.9 billion by 2027, at a CAGR of 5.5% during the forecast period 2020-2027.
Sports medicine comes under a branch of healthcare that includes enhancing an athlete's on-field performance. Sports medicine also helps people to recover from injuries as well as preventing future injuries. Market growth in the global sports medicine industry is driven by key factors such as the growing incidences of sports injuries, the influx of new treatment modalities, advancements in the field of regenerative medicine, increasing demand for minimally invasive surgeries, and a rising participation rate in sports & fitness-related activities like jogging and exercise.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the sports medicine market. With less disposable income and broken supply chains, the market's growth is expected to slow down. Some factors that impede market growth are the high cost of devices like implants and the lack of skilled professionals.
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Key players operating in the global sports medicine market include Arthrex, Inc, Stryker Corporation, Smith & Nephew plc, DJO Global, Inc., Wright Medical Group N.V., Breg Inc., Mueller Sports, IncMedtronic, Performance Health International Limited, KARL STORZ, Bauerfeind AG, MedShape, Biotek, and RôG Sports Medicine, among others. To gain a significant market share in the global sports medicine market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Arthrex, Inc and Stryker Corporation are some of the biggest manufacturers and suppliers of sports medicine in the global market.
- DePuy Synthes entered in a partnership with SERF France (Société d’Etude, de Recherche et de Fabrication) in August 2018. This was done to strengthen DePuy Synthes’ hip portfolio.
Body reconstruction & repair dominated the market and held the largest market share of 29.7% in the year 2019
Based on type, the market has been segmented into body monitoring & evaluation, body reconstruction & repair, body support & recovery, and accessories. Body reconstruction & repair dominated the market and held the largest market share of 29.7% in the year 2019. The body reconstruction & repair segment comprises of devices such as soft tissue repair equipment, bone reconstruction devices, and surgical equipment. The large market share of this segment can be attributed to the increasing use of fracture & ligament repair devices and the growing adoption of arthroscopy devices.
Knee dominated the market and was valued at USD 0.94 billion in the year 2019
On the basis of application, the global market has been divided into ankle & foot, elbow & wrist, shoulders, back & spine, knees, hips, and others. Knee segment dominated the market and was valued at USD 0.94 billion in the year 2019. The large share of this segment was attributed to key factors like the increasing number of knee injuries in athletes and the availability of a broad range of treatments. Various advanced treatments exist for knee repairs such as soft tissue massage, dry needling, platelet-rich plasma therapy, arthroscopic surgeries, and osteopathic manipulation. According to the British Journal of Sports Medicine, knee injury accounts for approximately 41% of all sports injuries.
Hospitals dominated the market and held the largest market share of 42.5% in the year 2019
The end-user segment comprises of physiotherapy centers & clinics, ambulatory surgery centers, and hospitals. Hospitals segment dominated the market and held the largest market share of 42.5% in the year 2019. The large share of this segment was mainly attributed to the fact that complex diagnostic & therapeutic procedures can only be carried out in hospitals.
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Regional Segment Analysis of the Sports Medicine Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global sports medicine market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 38.4% in the year 2019 and is anticipated to grow throughout the projected period. The large share of this segment was attributed to key factors such as the increasing popularity of sports & physical activity, growing awareness regarding sports injury treatment, increasing investments in sports medicine, presence of an advanced healthcare infrastructure, and the availability of modern & sophisticated medical devices to treat orthopedic injuries. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2020-2027. This growth is due to factors like a growing sports industry, increasing participation in sports, increasing adoption of sports medicine, and expanding medical tourism. Sporting events such as the 2018 Winter Olympics in South Korea have raised interest in sports in Asia-Pacific.
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About the report:
The global sports medicine market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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