Growth in the market is primarily driven by factors such the increasing incidences of sports injuries, continuous influx of new products & treatment modalities, and developments in the field of regenerative medicine.
The global sports medicine market is expected to grow from USD 6.6 billion in 2019 to USD 9.1 billion by 2024, at a CAGR of 6.5% during the forecast period.
The body reconstruction products segment is expected to account for the largest share of the sports medicine product market in 2019
On the basis of product, the sports medicine market is segmented into body reconstruction products (fracture & ligament repair products, arthroscopy devices, implants, prosthetics, orthobiologics), body support & recovery products (braces & support, physiotherapy equipment, and compression clothing), and accessories. The body reconstruction products segment held the largest share of the sports medicine market in 2018, while the body support & recovery products segment is projected to register the highest growth during the forecast period. The technological advancements in arthroscopic technologies worldwide and the increasing number of sports injuries are major factors driving market growth for body reconstruction products.
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Hip & groin injuries segment is expected to grow at the highest CAGR in the global sports medicine market during the forecast period
On the basis of application, the market is segmented into knee injuries, shoulder injuries, foot & ankle, elbow & wrist, back & spine, hip & groin, and other injuries. The knee injuries segment commanded the largest share of the market in 2018. However, the hip & groin injuries market is projected to register the highest CAGR owing to the increasing participation of high school and college athletes in sports.
North America is expected to dominate the sports medicine market during the forecast period
Geographically, North America is expected to dominate the global sports medicine market in 2018, while the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high growth in this region can be attributed to the growth of the sports industry and overall participation in sports. Sporting events such as the 2008 Beijing Olympics, 2018 Winter Olympics in Korea, and the upcoming 2020 Summer Olympics in Japan have increased the level of interest in sports in Asia.
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Leading Companies in Sports Medicine Market
The major players operating in the sports medicine market include Arthrex, Inc (US), Smith & Nephew plc (UK), and Stryker Corporation (US). Other players involved in this market include 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), and Bauerfeind AG (US).