A lead analyst at AMR highlighted that the sports medicine market in Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.
Allied Market Research published a research report on the sports medicine market. The findings of the report states that the global market for sports medicine generated $8.52 billion in 2020, and is projected to reach $12.86 billion by 2030, registering a CAGR of 5.1% from 2021 to 2030. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on drivers, restrains, and opportunities to help the market players in devising several growth strategies. Surge in the adoption of extreme sports activities, increase in awareness about fitness & sports among people, availability of advanced medical instruments, and significant upsurge in the cases of sports injuries are expected to drive the growth of the global sports medicine market. On the other hand, high cost of sports medicine products is expected to impede the growth to some extent. However, exponential advancements in sports medicine are expected to provide lucrative opportunities for the growth of the industry.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the sports medicine market globally. The outbreak of Covid-19 has had a negative impact on the growth of the global sports medicine market, owing to the implementation of lockdowns in numerous countries across the globe. The number of sports tournaments and sports activities consequently reduced during lockdowns due to the stringent social distancing restrictions imposed by the government so as to limit the spread of the virus during the pandemic. In addition, supply chain disruptions in sports medicine further aggravated the impact on the market. However, the market is expected to recoup soon.
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“Alarming rise in prevalence of sports related injuries in young generation, advancements in pharmaceutical for manufacturing of sport medicine, rise in demand for sport medicine devices, and increase in number of approvals for sport medicine and instruments are expected to notably contribute toward growth of the global sports medicine market during the forecast period,” says Onkar Sumant, Manager, Healthcare at Allied Market Research.
The report offers a detailed segmentation on the global sports medicine market based on product, application, and region.
Based on product, the body reconstruction and repair segment held the highest market share in 2020, holding nearly half of the global market. Moreover, the same segment is expected to cite the fastest CAGR of 5.9% during the forecast period. The report also analyses other segments including body support and recovery, body monitoring and evaluation, and accessories.
Based on application, the knee injuries segment held the majority share in 2020, garnering around one-fourth of the global market. Furthermore, the same segment is expected to exhibit the fastest CAGR of 7.6% during the forecast period. The report analyses other segments that include shoulder injuries, ankle & foot injuries, back & spine injuries, elbow & wrist injuries, hip injuries, & other injuries.
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Based on region, the market across North America held the lion’s share in 2020, holding more than two-fifths of the global market. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 7.0% during the forecast period.
The key players of the market analyzed in the global sports medicine market report include Orthofix International N.V, Smith & Nephew Plc., Stryker Corporation, Zimmer Biomet Holdings Inc., Arthrex Inc., CONMED corporation, DJO global, Johnson & Johnson, and Mueller Sport Medicine.
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