Sports Medicine Market Size, Growth and Insights By Product (Joint Reconstructive & Repair Products, Support & Recovery Products, Accessories & Consumables, Others), By Application (Shoulder Treatment, Knee Treatment, Hip Treatment, Spine Treatment, Others), By Procedure (Tendinosis, Tendon to Bone, Cartilage Repair) and By End-User (Hospitals & Emergency Care, Trauma Centers, Ambulatory Care, Others) - Global Forecast to 2027
As per the assessment conducted by Market Research Future (MRFR), the Global Sports Medicines Market is anticipated to acquire the market value of USD 9,655.6 Million while thriving at a CAGR of 8.9% during the assessment tenure from 2017 to 2023.
The increased cases of sports injuries, the expansion of medical associations, and ongoing technological progress are expected to boost the global market for sports medicine. Baseball and football, for example, are likely to have the highest injury rates. Another factor that is projected to improve the market throughout the assessment period is a lack of carelessness when participating in the sport. The global market for sports medicine is projected to be driven by increasing engagement in sports and increased knowledge about fitness. During the evaluation period, the increased incidence of ligament tears and fractures is expected to boost the market. During the assessment period, the growing need for injury treatment and rehabilitation is expected to enhance the sector globally. Due to the presence of a huge patient pool, developing countries such as India and China are projected to offer a substantial opportunity for market expansion. The sports medicine market is predicted to develop as disposable income rises and children and adults participate in more sports activities.
However, during the forecast period, unfavorable reimbursement rules and a lack of knowledge are projected to stymie market expansion in sports medicine. The COVID-19 pandemic has wreaked havoc on many people's lives and companies on a massive scale. Most organized sports activities have been halted or postponed as a result of the pandemic. In the following months, such changes are projected to have a substantial impact on the growth of the sports medicine market. As a result of the Covid-19 epidemic, the expansion of the sports medicine market has been paused, but it is likely to resume once the situation has stabilized.
Segmentation of the Market
Support & recovery products, accessories & consumables, joint reconstructive & repair goods, and others are the product-based sectors of the global market for sports medicine.
Knee treatment, spine therapy, shoulder therapy, hip treatment, and other applications make up the global market for sports medicine.
Tendonnosis, tendon to bone, and cartilage repair are the procedure-based sectors of the global sports medicine industry.
Trauma centers, hospitals & emergency care, ambulatory care, and others are the end-user sectors of the worldwide sports medicine market.
During the analysis period, the rising popularity of sports and increased awareness about the treatment of sports injuries are likely to be major factors driving the regional market. The growing investment in North America is likely to boost the region's sports medicine market size. The availability of technologically sophisticated medical services to treat a variety of orthopedic injuries is expected to drive regional trade in the near future. During the review period, the United States, Canada, and Mexico are expected to make considerable contributions.
Due to a growing interest in sports, Europe is expected to gain the second-largest market share during the projection period. During the forecast period, the government's rising measures to expand the sports medicine devices market are expected to boost the market.
During the assessment period, the growing demand for sports medical devices in developing nations such as India, China, and Japan is predicted to play a critical role in the development of the regional market. Furthermore, the regulatory process for product approvals in these nations is significantly less demanding, facilitating the introduction of new items and shortening the assessment timeline.
Due to the presence of poor countries and a lack of sports culture, MEA is expected to grow slowly over the projection period. However, there are a number of unexplored market areas that are projected to present attractive market expansion potential.
Because of the growing popularity of sports, Latin America is expected to grow at a considerable CAGR during the evaluation period. During the assessment period, Brazil is expected to be a profitable market.
The established companies in the global sports medicine market are pursuing a variety of expansion methods, including collaboration, mergers, and acquisitions. As people become more interested in sports, there is a greater demand for creative and effective ways to treat injuries, and important players are focusing on expanding their reach. The expanding number of growth projects is projected to increase market rivalry in the near future.
Key market participants profiled in MRFR’s report include AkzoNobel N.V (Netherlands), 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), Lenzing AG (Austria), DowDuPont, Inc. (U.S.), Henkel AG & Co. KGaA (Germany), BHS Specialty Chemicals (U.S.), H.B Fuller (U.S.), BASF SE (Germany), and Clariant AG (Switzerland).
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