Sports Medicine Market to generate $12.86 Bn, Globally, by 2030 at 5.1% CAGR: Allied Market Research

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Mar 10, 2022, 08:10 ET

PORTLAND, Ore., March 10, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Sports Medicine Market by Product (Body Reconstruction & Repair, Body Support & Recovery Products, Body Monitoring and Evaluation Devices and Accessories), Application (Knee Injuries, Shoulder Injuries, Ankle & Foot Injuries, Back & Spine Injuries, Elbow & Wrist Injuries, Hip Injuries, & Other Injuries): Global Opportunity Analysis and Industry Forecast, 2021-2030." According to the report, the global sports medicine industry generated $8.52 billion in 2020, and is expected to reach $12.86 billion by 2030, witnessing a CAGR of 5.1% from 2021 to 2030.

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Drivers, Restraints, and Opportunities

Rise in incidences of sports injuries, increase rise in participation in fitness and sports-related activities, and shift from proactive to preventive care for sports injuries drive the growth of the global sports medicine market. However, changing regulatory scenarios for medicine hinder the market growth. On the other hand, increase in awareness among individuals regarding fitness & sports, availability of medical instruments, and adoption of extreme sports activities create opportunities in the coming years.

Impact of Covid-19 on Sports Medicine Market-

Owing to cancellation of sports events and competitions to prevent the spread of Covid-19, the demand for sports medicines reduced considerably during the initial phases of the pandemic. The demand is expected to grow steadily post-pandemic.
Manufacturing activities of sports medicine were stopped completely or partially during the lockdown implemented by different governments. Lack of availability of skilled workforce and disrupted supply chain impacted the manufacturing activities.

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The body reconstruction and repair segment to maintain its lead position by 2030

Based on product type, the body reconstruction and repair segment accounted for the largest market share in 2020, holding nearly half of the global sports medicine market, and is expected to maintain its lead position by 2030. Moreover, this segment is projected to manifest the highest CAGR of 5.9% during the forecast period. This is attributed to the benefits of medicines such as rapid repairing and restoring of functions of injured parts of the body. The research also analyzes the segments including body support and recovery, body monitoring and evaluation, and accessories.

The knee injuries segment to maintain its leadership status in terms of revenue by 2030

Based on application, the knee injuries segment held around one-fourth of the global sports medicine market in 2020, and is estimated to maintain its leadership status in terms of revenue by 2030. Moreover, this segment is projected to manifest the largest CAGR of 7.6% during the forecast period. This is attributed to increase in prevalence of knee-related injuries that occur during sports activities. The report also analyzes the segments including shoulder injuries, ankle & foot injuries, back & spine injuries, elbow & wrist injuries, hip injuries, & other injuries.

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North America to maintain its dominant share throughout the forecast period

Based on region, North America contributed to the largest market share in 2020, holding more than two-fifths of the total market share of the global sports medicine market, and is projected to maintain its dominant share throughout the forecast period. This is due to rise in the number of sports activities and presence of key market players in the region. However, Asia-Pacific is expected to witness the largest CAGR of 7.0% during the forecast period. This is attributed to surge in awareness related to the treatment of sports-related injuries.

Leading Market Players

Arthrex Inc.
CONMED corporation
DJO Global
Johnson & Johnson
Mueller Sport Medicine
Orthofix International N.V
Smith & Nephew Plc.
Stryker Corporation
Wright Medical Group
Zimmer Biomet Holdings Inc.

Official Press Release- https://www.alliedmarketresearch.com/press-release/sports-medicine-market.html

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