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The sports medicine market was valued at approximately USD 7,150 million in 2020, and it is expected to reach USD 9,850 million by 2026, registering a CAGR of 5.5% over the forecast period, 2021-2026.
To curb the disease, most international, regional, and national level sports activities have been postponed, which has led to fewer sports injuries, and thereby, a decline in demand for sports medicine. For instance, in April 2020, the Confederation of Africa Football announced its plan to shift the African Champion's League's semi-finals due to the outbreak of COVID-19. This factor restricts the sales by companies in this region. Similarly, other countries in other geographies have also been affected. Therefore, a short-term negative impact can be expected on the market growth due to COVID-19. However, in the coming years, the market studied is expected to grow as the sports activities will upsurge by the end of 2021.
Furthermore, the factors that are fueling the market include the rising burden of sports injuries, consistent innovation of new products and treatment modalities, and rising demand for minimally invasive surgeries. According to the article published by Sarah Megginson in February 2020, 89% of Australian adults participate in sports every year, with 62% participating at least three times a week. Furthermore, in 2019, a study published by Wu Jianxi, et al., in the International Journal of Sports and Exercise Medicine reported that the increasing popularization of futsal in China led to the highest number of ankle-related injuries, as futsal is a whole-body contact sport of technical confrontation. Thus, with the rising number of sports injuries, the demand for sports medicine is also expected to increase across the world.
The launches of novel products related to sports medicine are also expected to propel the market growth over the forecast period. In December 2019, Fuse Medical Inc. launched various products in orthopedics and sports medicines. These include the Galen Medial, the Kopis Knotless Anchor, Galen XT Suture Anchors, and the Vida Interference Screws. In September 2020, Smith and Nephew launched its new product, ''HEALICOIL KNOTLESS Suture Anchor'', in the market. This product, in combination with REGENESORB Material, supports in-bone formation and healing. Hence, the increasing number of product approvals is also expected to boost the market growth.
Scope of the Report
Sports medicine acts as a bridge between science, exercise, and health. Moreover, it catalyzes scientific assessment, study, and understanding of sports performance. It involves combined efforts of athletic trainers, physicians, physical therapists, and sports scientists to collaborate and provide the best possible medical care for athletic injuries and illnesses. The sports medicine market is segmented by product (implants, arthroscopy devices, prosthetics, orthobiologics, braces, bandages and tapes, and other products), application (knee injuries, shoulder injuries, ankle and foot injuries, back and spine injuries, elbow and wrist injuries, and other applications), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes in values (USD million) and trends for 17 different countries across major regions globally.
|Bandages and Tapes|
|Ankle and Foot Injuries|
|Back and Spine Injuries|
|Elbow and Wrist Injuries|
Key Market Trends
Braces are Expected to Observe Good Growth over the Forecast Period
According to the United Nations article, in May 2020, the Olympics and Paralympics were postponed to 2021 due to the spread of COVID-19 across the world. However, with activities are resuming now, including sports, the risk of sports-related injuries increases. Hence, in the coming years, the need for cast braces is expected to increase.
As per the data provided by the Nations Safety Council, about 122.7 per 100,000 people got injured in basketball games. This number is expected to decrease as most of the sports activities got postponed in 2020.
As a result, many organizations are taking definite measurements related to sports medicines. For instance, in April 2020, Aspetar, an orthopedic and sports medicine hospital situated in Qatar, launched the "COVID-19 Evidence for Athletes Service'', a platform that will provide information on sports medicines (including braces) to athletes, their healthcare teams, coaches, etc.
A brace plays an important role in recovery from a fracture by allowing limited joint mobility, increased muscle activity, and the needed continuous support to regain full range of motion. New product developments by companies are expected to accelerate the market growth in this segment. For instance, in February 2020, a startup, Cast 21, developed a novel waterproof cast. As per the 2019 data by the Mount Elizabeth Hospitals, fractures comprise 20% of the sports-related injuries among all the sports injuries in the United States. Thus, with such novel products, the market is expected to grow in this segment.
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North America is Expected to Contribute With a Significant Share in the Sports Medicine Market
North America is expected to dominate the sports medicine market. Initially, the surgeries (including surgeries related to sports injuries) were put on hold, which impacted the demand for sports medicines negatively. According to a research article by Francesca Vannini et al., published in the International Orthopaedics Journal, in August 2020, during the initial spread of the novel coronavirus, elective surgery was stopped, and only emergency procedures were allowed. In response to this outbreak, the Centers for Disease Control and Prevention issued guidelines in December 2020 to conduct the sports activities safely and prevent the transmission of the virus, including limiting in-person contacts, wearing masks, using own equipment such as headgears, etc.
Additionally, in 2019, the US Department of Health and Human Services estimated that 8.6 million sports injuries occur each year, and one-third of all sports injuries occur in a sports facility, athletic field, or playground. The most common types of sports injuries are sprains, strains, and fractures. Besides, 2 million injuries occur among high school athletes each year, with 500,000 doctor visits and 30,000 hospitalizations, as per the same source. To foster scientific investigation and R&D practices within the sports medicine discipline, the American Medical Society for Sports Medicine (AMSSM) grants research funding of USD 50,000 per year to its members. A study published by Cary Orthopaedics, United States, in 2019, stated that each year, 500,000 doctor visits and 30,000 hospitalizations occur due to sports injuries in high school athletes. With rising sports injuries, the incidence rate of visiting hospitals and doctors for the treatment of these injuries is increasing, subsequently boosting the demand for sports medicines. Hence, this is expected to accelerate the market growth in the region.
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The sports medicine market is dominated by few major players and is moderately competitive. The major players of this market include Medtronic PLC, CONMED Corporation, Smith & Nephew PLC, and Stryker Corporation, among others. Furthermore, with the technological innovations in implants and the growing price competition, some new companies are also penetrating the market. In June 2020, Smith & Nephew introduced "Bioinductive Implant" in the European market.
- In July 2020, Anika Therapeutics Inc. announced that the company received the US Food and Drug Administration (USFDA) clearance for six innovative products that address the needs of orthopedic and sports medicine surgeons. The products are planned to be commercialized in the future.
- In June 2020, Smith & Nephew introduced "Intellio" in the market. Intellio is a platform that connects and manages sports medicine systems. This app helps in wirelessly connecting and remotely controlling arthroscopy surgical towers.
Table of Contents
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Burden of Sports Injuries
4.2.2 Consistent Innovation of New Products and Treatment Modalities
4.2.3 Rising Demand for Minimally Invasive Surgeries
4.3 Market Restraints
4.3.1 High Cost of Implants and Devices
4.3.2 Dearth of a Proper Sports Ecosystem
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value)
5.1 By Product
5.1.2 Arthroscopy Devices
5.1.6 Bandages and Tapes
5.1.7 Other Products
5.2 By Application
5.2.1 Knee Injuries
5.2.2 Shoulder Injuries
5.2.3 Ankle and Foot Injuries
5.2.4 Back and Spine Injuries
5.2.5 Elbow and Wrist Injuries
5.2.6 Other Applications
5.3.1 North America
22.214.171.124 United States (By Product and Application)
126.96.36.199 Canada (By Product and Application)
188.8.131.52 Mexico (By Product and Application)
184.108.40.206 Germany (By Product and Application)
220.127.116.11 United Kingdom (By Product and Application)
18.104.22.168 France (By Product and Application)
22.214.171.124 Italy (By Product and Application)
126.96.36.199 Spain (By Product and Application)
188.8.131.52 Rest of Europe (By Product and Application)
184.108.40.206 China (By Product and Application)
220.127.116.11 Japan (By Product and Application)
18.104.22.168 India (By Product and Application)
22.214.171.124 Australia (By Product and Application)
126.96.36.199 South Korea (By Product and Application)
188.8.131.52 Rest of Asia-Pacific (By Product and Application)
5.3.4 Middle-East and Africa
184.108.40.206 GCC (By Product and Application)
220.127.116.11 South Africa (By Product and Application)
18.104.22.168 Rest of Middle-East and Africa (By Product and Application)
5.3.5 South America
22.214.171.124 Brazil (By Product and Application)
126.96.36.199 Argentina (By Product and Application)
188.8.131.52 Rest of South America (By Product and Application)
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Arthrex Inc.
6.1.2 CONMED Corporation
6.1.3 Johnson & Johnson
6.1.4 Medtronic PLC
6.1.5 Mueller Sports Medicine Inc.
6.1.6 Performance Health
6.1.7 Smith & Nephew
6.1.8 Stryker Corporation
6.1.9 Wright Medical Group
6.1.10 Zimmer Biomet Holdings Inc.
6.1.11 Breg Inc.
6.1.12 Colflax Corporation
6.1.13 Baurfiend AG
6.1.14 KARL STORZ GMBH & CO. KG
6.1.17 Cardinal Health
6.1.18 BSN Medical
6.1.19 Nuvasive Inc.
6.1.20 Cramer Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Sports Medicine Market market is studied from 2018 - 2026.
What is the growth rate of Global Sports Medicine Market?
The Global Sports Medicine Market is growing at a CAGR of 5.5% over the next 5 years.
Which region has highest growth rate in Global Sports Medicine Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Sports Medicine Market?
North America holds highest share in 2020.
Who are the key players in Global Sports Medicine Market?
- CONMED Corporation
- Johnson & Johnson
- Smith and Nephew
- Medtronic PLC
Are the major companies operating in Global Sports Medicine Market.