New York, October 12, 2021 –Reports and Data has published its latest report titled “Sports Medicine Market, Analysis, By Products (Body Reconstruction Products), Applications (Knee Injuries), Body Monitoring and Evaluation Devices (Cardiac monitoring and evaluation devices) End Use (Hospitals), Forecasts To 2028”
Favorable government initiatives, large scale collaborations for technical advancements and the changing lifestyle among individuals are key factors contributing to the high CAGR of Sports Medicine Market during the forecast period.
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According to Reports and Data, the global sports medicine market size was USD 6.92 billion in 2020 and is expected to reach USD 11.45 billion by the year 2028, registering a CAGR of 6.4%.
Drivers, Restraints, and Opportunities:
Sports medicine has grown significantly in comparison to other healthcare professions, owing to the fact that practitioners in this sector may treat a wide range of people, not only athletes. The growth in incidence of sports-related injuries, as well as increased public awareness about physical fitness, has resulted in an increase in demand for sports medicine throughout the years. Furthermore, government-sponsored sports medicine initiatives boost athlete involvement around the world. Furthermore, an increase in the demand for minimally invasive surgeries aids market expansion. However, a scarcity of qualified experts in this discipline, as well as ineffective administration and norms for sports medicine, stifle progress.
The increased rates of sports injuries, as well as the expanding engagement of people in sports and fitness-related activities, are driving up demand for sports medicine. Furthermore, over the forecast period, the market for sports medicine is likely to be driven by a move from proactive to preventative care for sports injuries.
Around 30 million children and teenagers in the United States participate in organised sports, and each year, more than 3.5 million injuries occur, resulting in some loss of participation time. Sports-related injuries account for nearly a third of all youth injuries. Sprains and strains are by far the most common injuries.
Due to low economic growth, underdeveloped and developing countries lack well-developed healthcare services. In many countries, government spending on healthcare is also very low, resulting in reduced uptake of these items. Furthermore, a lack of sporting culture is a contributing factor in these countries’ sluggish growth of sports medicine. Furthermore, these countries’ markets are extremely price sensitive. These obstacles are expected to stifle market expansion.
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COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Body Reconstruction Segment to Account for Fastest Revenue CAGR:
The body reconstruction and repair sector dominated the sports medicine market in 2020, accounting for 39.2 percent of total revenue. Surgical equipment, soft tissue repair equipment, and bone reconstruction devices are all part of the body reconstruction and repair section. The increased use of fracture and ligament repair devices, as well as the increasing utilisation of arthroscopy equipment in minimally invasive procedures, were credited for the huge market share.
Knee Injuries Segment Dominated Other Application Segments:
Due to an increase in the incidence of knee injuries, the knee application category dominated the sports medicine market and held the biggest market share in 2020. Knee injuries are one of the most prevalent types of injuries sustained when participating in sports or other physical activity. This is due to the fact that excessive running and jumping causes knee joint wear and strain. Knee injuries are quite common, according to the British Journal of Sports Medicine, accounting for roughly 41% of all sports injuries.
North America Accounted for a Significantly Large Revenue Share:
With the largest revenue share in 2020, North America dominated the sports medicine industry. Some of the primary factors driving the market for sports medicine include the presence of a well-developed healthcare infrastructure, high spending, and the availability of technologically sophisticated medical devices to treat various orthopaedic problems.
However, Asia Pacific is expected to develop at the quickest rate throughout the projection period, as the acceptance rate of sports medicine continues to rise in countries such as China, Japan, and South Korea. Furthermore, the regulatory process for product approvals in these countries is comparatively less stringent, allowing advanced products and medical devices to enter the market more easily.
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Major Companies in the Market Include:
- Arthrex, Inc (US)
- Smith & Nephew plc (UK)
- Stryker Corporation (US)
- 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)
- Bauerfeind AG (US)
For the purpose of this report, Reports and Data has segmented the global sports medicine market based on product, application, body monitoring and evaluation devices, end-use, and region:
Products Outlook (Revenue in Million USD; 2018-2028)
- Body Reconstruction Products
- Fracture and Ligament Repair Products
- Arthroscopy Devices
- Prosthetic Devices
- Body Support and Recovery Products
- Braces and Supports
- Compression Clothing
- Physiotherapy Equipment
- Thermal Therapy
- Other Therapies
- Ultrasound Therapy
- Laser Therapy
Applications Outlook (Revenue in Million USD; 2018-2028)
- Knee Injuries
- Shoulder Injuries
- Foot and Ankle Injuries
- Elbow and Wrist Injuries
- Back and Spine Injuries
- Hip and Groin Injuries
- Other Injuries
Body Monitoring and Evaluation Devices Outlook (Revenue in Million USD; 2018-2028)
- Cardiac Monitoring and Evaluation Devices
- Respiratory Monitoring and Evaluation Devices
- Hemodynamic Monitoring and Evaluation Devices
- Musculoskeletal Monitoring and Evaluation Devices
End Use Outlook (Revenue in Million USD; 2018-2028)
- Physiotherapy Clinics
- Rehab Centers
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
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