Growth in the sports medicine analysis market can be attributed to factors such as the increasing incidence of sports injuries, continuous influx of new products & treatment modalities, and developments in the field of regenerative medicine. On the other hand, the high cost of implants and other devices and the dearth of skilled professionals are expected to limit market growth.
Factors such as the rising popularity of sports and physical activity, increasing awareness regarding the prevention & treatment of sports injuries, and growing investments in sports medicine are driving the North American market.
How much is the Sports Medicine Market worth?
The sports medicine market is expected to grow from USD 5.5 billion in 2020 to USD 7.2 billion by 2025, at a CAGR of 5.7% during the forecast period. Asia Pacific is the fastest growing market majorly due to the growth of the sports industry and overall participation. Sporting events such as the 2008 Beijing Olympics, 2018 Winter Olympics in Korea, and the upcoming 2020 Summer Olympics in Japan have increased the level of interest in sports in Asia.
Which application segment will dominate the sports medicine market in the next five years?
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.
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 2019 and is dominating the sports medicine devices market, the trend 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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What are the upcoming technologies in the sports medicine market?
3 D- printed implants: 3D printing has emerged as a major technology in recent years, and the 3D printing of implants is expected to have a significant impact in the orthopedics field. This is because 3D-printed implants have various advantages, such as customizations as per patient requirements, lower cost (as compared to commercially available implants), lower level of toxicity and a higher level of acceptance in patients, and efficient and quick production. For instance, In May 2019, Kwambio (a Ukraine-based ceramic 3D printing service provider) in collaboration with WeFund Ventures (a European investment firm) launched a 3D bioprinting project called ADAM. This joint initiative aims at developing an end-to-end 3D scanning and 3D printing process for the production of artificial bones.
Prosthetics: Prosthetic limbs have evolved over time to incorporate advanced materials such as plastics and carbon-fiber composites. Technological advancements and novel innovations such as bionic technology, sensor technology, artificial intelligence, and micromechatronics have been made in the prosthetics segment. For eg, In March 2019, UNYQ (US), a San Francisco-based company specializing in 3D printed medical wearables, announced the launch of the UNYQ Socket, a 3D printed prosthetic leg socket at the British Association of Prosthetics and Orthotists (BAPO) in Harrogate, UK
Geographical Region Covered
Factors such as the rising popularity of sports and physical activity, increasing awareness regarding the prevention & treatment of sports injuries, and growing investments in sports medicine are driving the North American sports medicine market. Asia Pacific is the fastest growing market majorly due to the growth of the sports industry and overall participation. Sporting events such as the 2008 Beijing Olympics, 2018 Winter Olympics in Korea, and the upcoming 2020 Summer Olympics in Japan have increased the level of interest in sports in Asia.
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Leading Companies of Sports Medicine Market
The major players operating in the sports medicine market include Arthrex, Inc (US), Smith & Nephew plc (UK), and Stryker Corporation (US). Other players involved in this market include Breg Inc. (US), DJO Global, Inc. (US), Mueller Sports, Inc. (US), Wright Medical Group N.V. (US), Medtronic (Ireland), RTI Surgical (US), Performance Health International Limited (US), KARL STORZ (Germany), and Bauerfeind AG (US).