Sports Medicine Market Overview
Sports medicine market is projected to reach USD 9,655.6 Million at a CAGR of 8.9% during the assessment tenure. Sports medicine is supposed to be a part of healthcare. It mainly focuses on an individual’s athletic performance. So sports medicine is mainly given to people to recover from injuries or to prevent injuries that may occur in the future. Injuries may occur while undergoing therapy for physical fitness also. Professionals can also treat not only athletes but all people with injuries. Government makes certain rules and regulations to motivate sports personnel to participate in athletes, which has further resulted in the rise of the sports medicine market. Despite all this support, the market growth may be affected due to the lack of skilled professionals or improper sports medicine administration.
Like all other markets, the sports medicine market was also affected by the pandemic situation- COVID’19. Due to the compulsory implementation of lockdown worldwide, there were no sports activities done which resulted in a decline in the sports medicine market. For instance, in March 2020, the Olympics was to commence in Tokyo, but the International Olympic Committee postponed the event to 2021.
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The sports medicine market can be segmented on product, application, and geography. The product category can be divided into body reconstruction and repair products, body monitoring and evaluation products, body support and recovery products, and relevant accessories. Body reconstruction and repair products are further classified as implants, fracture and ligament repair devices, arthroscopy devices, orthobiologics, and prosthetic devices. Body monitoring and evaluation are divided into cardiac and evaluation, respiratory and evaluation, muscoskeletal monitoring, hemodynamic monitoring, and evaluation. Body support and recovery products can be further classified into thermal therapy products, compression clothing, brace, and support devices. When the application category is considered, the market can be divided into knee injuries, ankle and foot injuries, shoulder injuries, elbow and wrist injuries, back and spine injuries, hip and groin injuries, etc.
When the product category is considered, the products related to body reconstruction and repair are the largest revenue earner to the sports medicine market. When analysed geography-wise, North America has the highest share in the sports medicine market. There is an immense growth in the occurrence of injuries over the past few years. Several players faced the problem of ligament tears and fractures. This factor is a source of creating a rise in the sports medicine market.
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Key market participants profiled in MRFR’s report include Henkel AG & Co. KGaA (Germany), AkzoNobel N.V (Netherlands), Lenzing AG (Austria), DowDuPont, Inc. (U.S.), Ashland Inc. (U.S.), Givaudan (Switzerland), Evonik Industries AG (Germany), Exxon Mobil Corporation (U.S.), Lanxess AG (Germany), Croda International Inc. (Switzerland), Solvay S.A. (Belgium),BHS Specialty Chemicals (U.S.), H.B Fuller (U.S.), BASF SE (Germany), and Clariant AG (Switzerland).
When the last few years of sports activities are analysed, it is found that the participation in sports activities (irrespective of age) has increased a lot. This increase in participation plays an important role In increasing the sports medicine market. The cost of the treatment in the case of implants is high. Apart from these, prosthetics and regenerative medicine procedures are also expensive. Suppose appropriate research and development is done to reduce the cost of the treatment. In that case, there is a chance of a rise in the sports medicine market as the affordability status of the sports personnel or the sponsor will increase.
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