Global Sports Medicine Market is forecast to expand at over 7.5% CAGR through 2031
Key Market Drivers
The significant factor contributing most to the market growth is growing cases of sports injuries due to the increasing population and rising awareness about the benefits of playing sport. Technological advancement in sports medicine equipment is the key to the development of this market during the forecast period. The growing focus of private and government institutions to build better sports infrastructure will boost the growth of the sports medicine market. The increasing scholarships and corporate funds for the development of players will positively influence the market. A shift from proactive to preventive care for sports injuries is further expected to drive the market for sports medicine over the forecast period.
Impact of Covid-19 On the Global Sports Medicine Market:
COVID-19 is expected to negatively impact the market during the forecast period. The surge in cases of positive corona cases all across the world has forced the governments to impose the lockdown to restrict the virus spread. This halted the sports-related activities for approximately eight months and severely impacted the revenue of the sports medicine market. As the restrictions are getting lifted, we can see more sports-related activities like football and cricket and thus increasing the demand for sports medicine products. However, the fear of the second wave of coronavirus may lead to stricter lockdown in many countries and negatively impacting the market growth rate.
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Key Takeaways from Market Study
- The global sports medicine market is forecast to expand at over 7.5% CAGR through 2031
- High demand for body reconstruction and body support & recovery type of sports medicine to fuel the sales
- Rise in application in knee, shoulder, and ankle & foot injuries to cater to the growth of manufacturers
- The United States to maintain its lead in the world’s largest sports medicine industry North America
- Germany remains dominant in Europe sports medicine industry
- Asia Pacific to emerge a highly lucrative market for sports medicine with its epicenters in China and India
- Japan, the United Kingdom, Canada, France, Italy, and a few other countries to maintain positive market outlook
“Companies operating in the sports medicines market are focusing on innovations and product launches, besides aiming for certifications from international organizations. There is increasing focus on keeping pace with changing consumer preferences” says an FMI analyst.
Market Segmentation by Category
- Body Reconstruction
- Body Support and Recovery
- Body Monitoring and Evaluation
- Knee Injuries
- Shoulder Injuries
- Ankle & Foot Injuries
- Back & Spine Injuries
- Elbow & Wrist Injuries
- Hip Injuries
- Other Applications
- North America
- Latin America
- Middle East and Africa (MEA)
- East Asia
- South Asia
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- Breg Inc.
- Johnson & Johnson
- Medtronic Plc.
- Wright Medical Group N.V.
- Mueller Sports Medicine, Inc.
- Zimmer Biomet Holdings, Inc.
- CONMED Corporation
- Stryker Corporation
- Smith & Nephew Plc.
- Arthrex, Inc