The sports medicine market size is estimated to enter the growth phase at a CAGR of 6.80% between 2020 and 2026. With growing interest in sports activities driven by global competition opportunities, more sports competitions, and tournaments, as well as the influx of improved sports facilities, the sports medicine market size is shaping with strong growth and market value.
Accordingly, the rise in the number of sports associations and clubs will increase the number of sports events which will create a greater demand for medical facilities in case of injuries related to sports. In addition, sports medicine enhances the performance of end-users by monitoring vital statistics to help balance exhaustion and recovery thus, the demand for sports medicine will increase in upcoming years.
Moreover, greater demand for minimally invasive techniques for surgeries to treat sports complications related to knees, hips, shoulders, elbows, and spines along with technological advances such as dissolvable anchors boost the market growth.
Further, global vendors are increasingly investing in the sports medicine industry to expand their geographical presence in developed countries. Accordingly, an increase in internet penetration worldwide has increased awareness and helped promote sports medicine via online marketing strategies.
Rise in point-of-care testing in sports, growing preference for miniaturization, increase in orthopedic outsourcing, greater use of single-use power tools are the major market trends observed during the forecast period.
However, lack of favorable reimbursement policies, post-surgery complications, business, and regulatory challenges, as well as the high cost of sports medicine are the factors challenging the market growth.
With the benefits of improved healthcare infrastructure and focus of healthcare providers on sports-related injuries and trauma, the market growth across Americas is set to pose a high impact market growth during the forecast period.
In addition, high costs associated with surgeries, good reimbursement coverage, and availability of skilled professionals are anticipated to spur the demand for sports medicine across the region.
Partnerships and collaboration among major vendors are witnessed to boost the sports medicine market growth through in terms of awareness and sports health education. For example, in 2019, Arthrex partnered with Clemson University to provide scholarships for students who will take courses and internships specifically tailored to the needs of the surgical device industry. In addition, the Purdue department of sports medicine to use novel techniques to promote sportsperson health.
Furthermore, in 2019, Andrews Sports Medicine & Orthopedic Center opened a clinic in Cullman, and Orlin & Cohen Orthopedic Group acquired Max Effort Sports Physical Therapy to grow its sports medicine services.
Where mainstream is focused on awareness, key OEMs are observed to harness lucrative market growth opportunities with innnnovative product offerings. For instance, DePuy Synthes entered in an agreement with SERF in order to strengthen its hip portfolio by adding a dual-mobility acetabular cup in hip implants, aiding sports personnel.
Moreover, Smith & Nephew PLC entered into an agreement with Leaf Healthcare for a unique wireless patient monitoring system for injury prevention.
Key market players of the sports medicine market include Arthrex, Inc., Smith & Nephew PLC, Depuy Synthes Companies, Stryker Corporation, Breg, Inc., Conmed Corporation, Zimmer Biomet Holdings, Inc., DJO Global, Inc., Mueller Sports Medicine, Inc., Wright Medical Group N.V., RTI Surgical Holdings, Inc., Performance Health International Limited, Bauerfeind AG, Medtronic PLC, and KARL STORZ GmbH &Co.Kg among others.
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