The Sports medicine market is poised for substantial growth, projected to achieve USD 9.45 Billion by 2029 from USD 6.79 Billion in 2024, with a forecast CAGR of 6.8%. Major drivers include increased cases of sports injury, the rise in participation in sports events, increased expenditure on research and development, and increased funding and research activities. The huge costs of products and stringent regulations might affect market growth. Despite all these factors, consistent advancement in health technology increases the need for sports medicine. Other important factors identified as growth drivers for this market include the consistent economic growth in target markets and initiatives to develop and improve healthcare infrastructure. These factors are particularly evident in developing countries, making them important opportunity areas in the market.
Global Sports Medicine Market Dynamics
Driver: Government funding and initiatives to propel the growth of sports medicine
Government funding plays an important role in driving the growth of the sports medicine market by providing funding to establish sports training centers, promote research in sports medicine, provide medical care to athletes, and conduct different sports events. Moreover, government-led health campaigns enhance awareness about the significance of sports medicine, raising the need for and upgrading access to healthcare. For instance, in 2023, the Indian Union Ministry for Youth Affairs and Sports announced that the athletes competing in the Khelo India Para Games would receive comprehensive medical coverage as part of the event. Similarly, in the 2024-25 budget, the Australian government announced USD 494.2 billion for physical and sports activities. Consequently, the sports medicine market is set for significant progress, fueled by continuous government support globally.
Restraint: Lack of sufficiently trained sports medicine professionals
Sports medicine services require competence from orthopedic surgeons, physicians, physiotherapists, and sports trainers. Unfortunately, there is a shortage of these specialists, which leaves patients waiting for a long time and overworked practitioners. This problem, especially in underprivileged areas, can lead to treatment delays and restricted access to required therapies. Moreover, advanced therapeutic procedures, such as non-invasive surgeries and the application of orthobiologics, necessitate specific knowledge and experience. A scarcity of trained specialists to perform these therapies may stifle market expansion. Thus, the lack of qualified sports medicine specialists may hinder the industry’s expansion and its capacity to address the rising need for diagnosing, managing, and preventing sports injuries.
Opportunities: Digital health can broaden the reach of sports medicine
Digital health can enhance the growth of sports medicine by increasing the reach, availability, and patient involvement. Mobile applications and websites created for sports medicine can offer athletes advice on preventing injuries and rehabilitation initiatives. Additionally, by facilitating contact between patients and physicians, these apps can provide guidance and assistance to athletes. For instance, in January 2024, Arthrex, Inc. (US) introduced ACLTear.com, a patient-centered website showcasing the knowledge of ACL injuries. Similarly, in December 2022, Arthrex, Inc. (US) started another website called BunionPain.com to guide patients on bunion therapies. In addition, mobile health apps and wearable technology are essential for injury monitoring, injury prevention, and recovery. Thus, digital health enables sports medicine to reach a larger patient base by increasing its reach, personalization, and efficiency, ultimately leading to better patient outcomes.
Challenges: High costs of innovative treatments and devices
The huge costs of novel therapies and technology are significant factors that challenge the sports medicine market. They restrict accessibility, especially for young individuals, amateur athletes, and those without full health insurance. Additionally, innovative equipment, such as implants, arthroscopy, orthobiologics, prosthetics, braces, and physiotherapy equipment, comes with a high price tag. These huge costs can make it difficult for patients to receive sports medicine care, especially in low-income nations with constrained financial resources. This may cause athletes to avoid care entirely or depend on less efficient therapies. The financial barrier may also deter people from participating in sports and slow market penetration.
In this research, the use of primary as well as secondary sources was executed. This comprised finding the factors impacting the industry to ascertain the segmentation types, key players, competitive landscape, market dynamics, and strategies adopted by prominent players.
Secondary Research
Directories, databases like D&B Hoovers, Factiva, white papers, Bloomberg Businessweek, annual reports, SEC filings, business filings, investor presentations, and the compilation of an industry leaders database are some of the methods used in the secondary research. This would aid in providing fundamental details about important companies and market segmentation according to industry trends at different levels, significant market advancements, and technological viewpoints relevant to the sports medicine market.
Primary Research
The report's primary research involved conducting interviews with a diverse range of sources from both the supply and demand sides in order to produce both quantitative and qualitative data. CEOs, area sales managers, territory sales managers, regional sales managers and other important officials from top businesses and organizations represented the industries as primary sources on the supply side. Physiotherapists, physicians, surgeons, department heads, and staff members from physiotherapy centers, hospitals and ambulatory surgical centers were among the primary sources on the demand side. The purpose of this primary study was to confirm market segmentation, pinpoint important market participants, and provide a summary of the important market dynamics and trends.
Market Size Estimation
The revenue share analysis of the major players for the size of the sports medicine market is also presented in this study. Primary and secondary research are used to identify important market players in the sports medicine area and provide insights into their revenue streams. The primary research approach comprises extremely in-depth interviews with CEOs, directors, and senior marketing executives, while the secondary research procedure mostly relied on the annual and financial reports of major players. Segment-based technique was used to determine the global market value. The revenue information of significant solution and service suppliers was then used to source these segmented revenues.
Data Triangulation
The Sports medicine market was segmented under various categories and subcategories using the above-mentioned methodology. Thereafter, proper data triangulation and the market segmentation process are carried out to further increase the accuracy of the data for each segment. Factors and trends from both the demand and supply sides were studied. Rigorous employment of both top-down and bottom-up approaches provided the result of the analysis of the sports medicine market.
Market Definition
The sports medicine market covers an exclusive range of products and technologies that are developed to avoid, diagnose and manage sports related injuries. It is a market that constitutes hospitals, physiotherapy centers and ambulatory surgical centers and even research institutions that offer sports medicine associated therapies and related services, including implants, braces and supports, arthroscopy, surgicals, prosthetics, orthobiologics, physiotherapy equipment and compression clothing. It also comprises the accessories such as tapes, wraps and pads that are helpful in offering support and preventing injury. Sports medicine market has been applied as a broad word describing the portfolio of wide range of products and technologies that provide relief to the athletes from sports injury.
Recent Developments of Sports Medicine Market
- In 2023, Smith+Nephew acquired CariHeal (Israel) to improve the results of cartilage repairs and to lead to enormous value creation.
- In 2022, DePuy Synthes acquired CrossRoads Extremity Systems to expand its offerings in orthopedics, particularly with regard to lower extremity treatments.
- In 2023, Stryker acquired SERF SAS to strengthen its European position and increase the orthopedic portfolio’s market growth.
- Arthrex,Inc. (US) and Skytron (US) partnered to offer comprehensive solutions for operative care facilities, improving surgical quality and patient care with advanced technology and operating room infrastructure.
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