Sports Medicine Market Expanding at a CAGR of 5.3%, reaching US$ 11.4 Bn by the year 2032 | FMI
[210 Pages Report] Demand for sports medicines is gaining traction as the sports industry is getting back on track after a temporary period of lull, following the COVID-19 outbreak. According to a study by Future Market Insights, the market will showcase recovery 2021 onwards, a trend which is expected to result in accelerating sales through 2031.
As the requirement for sports medicines for various types such as body reconstruction, body monitoring & evaluation, and others is rising again, the market is projected to record robust growth in the coming years. The latest revised edition of the report on ‘sports medicine’ market study by Future Market Insights (FMI) offers a thorough analysis of the global trends, demand-supply trajectories, and growth & restraining factors for sports medicine suppliers during the forecast period of 2021 to 2031.
According to the report, knee & shoulder injuries will account for the increasing sales of sports medicine while the focus of manufacturers will be on the leading regions such as North America, Europe, and Asia Pacific.
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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.
Knee & Shoulder Injuries Fuelling Sports Medicines Sales
Rise in application of body reconstruction, body recovery, and other type of sports medicine in knee & shoulder injuries is becoming prominent around the globe. This in turn is set to raise the profit margins of suppliers in the near future.
According to the National Health Statistics Report published on 18th November, 2016, an average annual estimate of 8.6 million sports and recreation related injuries were reported among which knee & shoulder injuries were of the highest number. As stated in the report, one-half of the injury episodes resulted in treatment at a doctor’s office or health clinic while rest half needed emergency care or hospitalization. These figures represent why this segment is gaining momentum in terms of application.
Who is Winning?
The global sports medicine market is fragmented and thriving on the key players. In order to sail through the cut-throat competition, key players are launching diverse range of cost-effective products and services. For instance,
- Breg Inc. launched its new brand for Orthopedic Service Lines which include OrthoSelect® Consulting, BregBill Programs, Breg Vision® Software, and others on 7th March, 2018
- Medtronic Plc. launched its new range of Spinal and Orthopaedic Products and solutions such as T2 Stratosphere, Electrosurgical Products, and others a couple of years back
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More Valuable InsightsIn its latest report, FMI offers an unbiased analysis of the sports medicine market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (body reconstruction, body support & recovery, body monitoring & evaluation, and accessories), and application (knee injuries, shoulder injuries, ankle & foot injuries, back & spine injuries, elbow & wrist injuries, hip injuries, and other applications), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
Sports Medicine Market – Market Segmentation by CategoryProduct Type
- 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
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- North America
- Latin America
- Middle East and Africa (MEA)
- East Asia
- South Asia
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 9-years.
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