Growth in the sports medicine market is primarily driven by factors such the increasing incidences of sports injuries, continuous influx of new products & treatment modalities, and developments in the field of regenerative medicine.
The sports medicine market is expected to grow from $6.6 billion in 2019 to $9.1 billion by 2024, at a CAGR of 6.5%.
Market Dynamics
Drivers
- Increasing Incidence of Sports Injuries
- Continuous Influx of New Products and Treatment Modalities
- Developments in the Field of Regenerative Medicine
Restraints
- High Cost of Orthopedic Implants and Other Devices
Opportunities
- 3D-Printed Implants
- Expansion and Market Penetration Opportunities in Emerging Economies
Challenges
- Dearth of Skilled Professionals
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Body support & recovery products expected to grow at the highest rate during the forecast period
The sports medicine market is segmented into body reconstruction products (fracture & ligament repair products, arthroscopy devices, implants, prosthetics, orthobiologics), body support & recovery products (braces & support, physiotherapy equipment, and compression clothing), and accessories. The body support & recovery products segment is expected to witness the fastest growth during the forecast period. Products such as braces, supports, and physiotherapy equipment are required before and after procedures involving reconstruction. Thus, the demand for these devices is growing due to the increasing number of sports injuries globally.
Knee Injuries segment held the largest share of the sports medicine market in 2018
Sports medicine is widely used for the prevention of sports injuries as well as for the cure, recovery, and rehabilitation of athletes. The sports medicine applications market is segmented into knee injuries, shoulder injuries, foot & ankle, elbow & wrist, back & spine, hip & groin, and other injuries. The knee injuries segment held the largest share of the market in 2018, a trend that is expected to continue during the forecast period. The large share of this segment can be attributed to the fact that a large number of knee injuries are recorded across major sports, globally, accounting for approximately 40% of all injuries due to sports.
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