Global Sports Medicine Market is projected to grow at a CAGR of 5.5% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Sports Medicine Market by Type (Body Monitoring & Evaluation, Body Reconstruction & Repair, Body Support & Recovery, Accessories), Application (Ankle & Foot, Elbow & Wrist, Shoulders, Back & Spine, Knees, Hips, Others), End-User (Physiotherapy Centers & Clinics, Ambulatory Surgery Centers, Hospitals), Regions, and Global Forecast 2020-2027.
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. 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 expanding medical tourism, increasing adoption of sports medicine, increasing participation in sports, and a growing sports industry. On the other hand, 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 is attributed to key factors such as the availability of modern & sophisticated medical devices to treat orthopedic injuries, presence of an advanced healthcare infrastructure, increasing investments in sports medicine, growing awareness regarding sports injury treatment, and the increasing popularity of sports & physical activity.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Key players in the global sports medicine market are 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. Key companies are mainly focusing on developing new products, forming partnerships, and joint ventures to gain significant market share in the global sports medicine market.
The type segment includes body reconstruction & repair, body support & recovery, and accessories. The accessories segment is expected to witness the highest growth over the forecast period. This segment primarily includes products like tapes, disinfectants, bandages, wraps, and other items required for treating sports injuries. The application segment includes 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 is attributed to key factors like the availability of a broad range of treatments and the increasing number of knee injuries in athletes. Various advanced treatments exist for knee repairs such as osteopathic manipulation, arthroscopic surgeries, platelet-rich plasma therapy, dry needling, and soft tissue massage. The end-user segment comprises of physiotherapy centers & clinics, ambulatory surgery centers, and hospitals. The physiotherapy centers & clinics segment is anticipated to register the highest CAGR during the forecast period, mainly due to its easy accessibility and cost-effectiveness.
About the report:
The global sports medicine market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers 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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