ESOMAR-certified Future Market Insights’ recent sports medicine market report forecasts a healthy growth outlook through 2021 and beyond. The market is projected to expand at over 7.5% CAGR through 2031. It is expected to be driven by increasing application in the treatment of knee, shoulder and ankle foot injuries to cater the manufacturer’s growth. Despite facing a slight drawback with the onset of COVID-19, future projections indicate a positive growth through 2021 and beyond.
Furthermore, active participation in sports activity has increased the incidence of sports injuries. FMI evaluates, body reconstruction is the leading segment and is expected to propel the market growth through 2021 & beyond. According to a recent survey by Centers of Disease Control and Prevention, 34.7% of the sports related injuries are rotator cuff tears or injures that needs to reconstruct by severe therapy or surgery. Rising cases of sports injuries will continue inducing growth prospects for the market.
“In order to gain competitive edge, the market players are focusing on various expansion strategies. Among these, product launches will remain highly sought-after,” remarks the FMI analyst.
- Body reconstruction is expected to lead the market in terms of product type through 2031
- Knee injuries is expected to retain the dominance throughout the forecast period
- United States to be the largest market for sports medicine in North America
- Germany is expected to lead the world’s second largest sports medicine market in Europe, sustaining the growth through 2021 & beyond
- China to be one of the most lucrative market in Asia Pacific
- India is expected to emerge as a lucrative market in sports medicine industry
- Growing participation in sports as well as active participation in other physical activities has increased the number of sports injuries, propelling the demand for sports medicine
- Rising incidence of ligaments tear and fractures is high among sports personalities which is prompting the manufacturers to constantly develop new and advanced medicine for fast recovery
- Developments in the field of regenerative medicine is a key driver for the growth of sports medicine
- High cost of orthopedic implants may hamper the growth of sports medicine market
- Lack of skilled professionals is expected to create a challenge for market players in the forecast period
Breg Inc., Johnson & Johnson, Medtronic PLC, Wright Medical Group NV, Mueller Sports Medicine Inc., Zimmer Biomet Holdings Inc., CONMED Corporation, Stryker Corporation, Smith & Nephew PLC, and Arthrex Inc. among others. Majority of these players are emphasizing on diversifying their products further.
For instance, in May 2020, Orteq Sports Medicine announced the publication of 5-year multi-center clinical data for the Acifit meniscal scaffold in the American Journal of Sports Medicine and received approval from US Food and Drug Administration.
Also, in June 2020, Smith & Nephew received the CE mark approval for Regeneten Bioinductive Implant, advanced healing solution for biological enhancement and tendon regeneration across all rotator cuff tear types.
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More Insights on FMI’s Sports Medicine Market
Future Market Insights brings the comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016-2020 and forecast from 2021-2031. The global sports medicine market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on sports medicine market on basis of product type (body reconstruction, body support & recovery, body monitoring & evaluation, and accessories), application (knee injuries, shoulder injuries, ankle & foot injuries, back & spine injuries, elbow & wrist injuries, hip injuries, and other applications) across North America, Europe, Latin America, East Asia, South Asia, Oceania and Middle East and Africa.