Market Size of Global Sports Medicine Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 7.97 Billion |
| Market Size (2029) | USD 9.11 Billion |
| CAGR (2024 - 2029) | 2.71 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Sports Medicine Market Analysis
The Global Sports Medicine Market size is estimated at USD 7.97 billion in 2024, and is expected to reach USD 9.11 billion by 2029, growing at a CAGR of 2.71% during the forecast period (2024-2029).
The COVID-19 outbreak is an unprecedented health concern and has significantly impacted the sports medicine market worldwide. Sports have been classified based on their contact nature. Thus, several sports activities were on hold, and some were postponed during the pandemic, thereby impacting the growth of the market in the first quarter of 2020. According to a 2021 update by the National Safety Council (NSC) in America, the Consumer Product Safety Commission (CPSC) reports that during the first seven months of the COVID-19 pandemic, visits to emergency departments for consumer product-related injuries fell by 24%. The highest decrease in injuries were sports-related injuries associated with track and field. Hockey, soccer, baseball, football, and basketball witnessed a reduction of more than 60% from March through September 2020. As per the CPSC, these large decreases were due to the suspension of school and youth sports leagues in the spring and summer months of 2020 in response to the pandemic. These developments impacted the demand for sports medicine across the world.
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 restricted the sales of 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 grew as sports activities surged 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's growth over the forecast period. For instance, 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 market growth.
However, the high cost of implants and devices and the dearth of a proper sports ecosystem are the factors hindering the growth of the market.
