06 Oct Global Sports Medicine Market to Cross $12 Billion by 2027 | Industry Analysis & Competition Insights of Zimmer Biomet, Medtronic, Smith & Nephew, and Stryker
Dublin, Oct. 05, 2021 (GLOBE NEWSWIRE) — The “Sports Medicine Market, Global Forecast, Impact of COVID-19, Industry Trends, by Product Type, Growth, Opportunity Company Analysis” report has been added to ResearchAndMarkets.com’s offering.
According to the report, the Global Sports Medicine Market will be valued at US$ 12.1 billion in 2027. As per the research findings, the market will grow with a healthy CAGR of 7.7% during 2021-2027. The market was valued at US$ 7.2 billion in 2020.
Sports medicine has outgrown all other healthcare fields in terms of growth, as healthcare practitioners in this sector can treat a wide range of people, not only athletes.
The growing incidence of sports-related injuries and increased public awareness regarding physical fitness has surged in demand for the sports medicine market across the world.
Body reconstruction and repair products have generated the highest revenue among all. The increased demand for arthroscopy devices and an increase in transition from conventional open surgeries to minimally invasive surgeries employing orthobiologics are influencing this segment market. The growing use of fracture and ligament repair devices and the increasing utilization of arthroscopy equipment in minimally invasive procedures were credited with huge market share growth.
Sports Medicine is most used for knee injuries as they are one of the most prevalent injuries sustained when participating in sports or other physical activity. This is because 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. Orthopaedic clinics use most sports medicine due to the increase of these types of injuries.
Factors Driving Demand
- Rising prevalence of sports injuries,
- Continual invention of new goods and treatment modalities, and
- Increased desire for less invasive operations are all driving the industry forward.
Sports Medicine Facts
- According to a February 2020 article by Sarah Megginson, 89 per cent of Australian adults participate in sports every year, with 62 percent doing so at least three times per week.
- The demand for injury treatment and rehabilitation is predicted to rise around the world as more people participate in sports (both children and adults) and as the incidence of sports injuries will increase.
This is viewed as a favorable indicator of the sports medicine market’s expansion. However, one of the significant challenges the global sports medicine market faces is the high cost of implants. Many developing countries, such as India, where patients do not have insurance coverage, it is hard for them to pay such a big amount to hospitals for their treatment.
Most international, regional, and national sports activities have been postponed to combat the disease, resulting in fewer sports injuries and, as a result, a decrease in demand for sports medicine. For example, the emergence of COVID-19 in April 2020, the Confederation of African Football stated their intention to move the African Champions League semi-finals. But the market will recover in 2021 and will increase during the forecast period as per the publisher’s anticipation.
Key Topics Covered
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
5. Sports Medicine Market
6. Market Share
6.1 By Product
6.2 By Application
6.3 By End-users
6.4 By Region
7. Product Type – Sports Medicine Market
7.1 Orthopedics Devices
7.2 Body Reconstruction & Repair
7.3 Body Support & Recovery
7.4 Body Monitoring & Evaluation
8. Application – Sports Medicine Market
8.1 Hand & wrist
8.2 Shoulder Injury
8.3 Ankle – foot Injury
8.4 Arm – elbow Injury
8.5 Knee Injury
8.6 Back – spine Injury
8.7 Hip – groin Injury
9. End-users – Sports Medicine Market
10. Region – Sports Medicine Market
10.1 North America
10.4 Latin America
10.5 Middle East
11. Company Analysis (Overview, Recent Developments, Financial Insights)
11.1 Zimmer Biomet Holdings, Inc.
11.2 Medtronic plc
11.3 Smith & Nephew
For more information about this report visit https://www.researchandmarkets.com/r/s8ebk9
SOURCE: Globe Newswire, 5th October 2021