Sports Medicine Market to hit $8.9 Billion by 2028, Says Global Market Insights Inc.

Sports Medicine Industry is expected to register around 7% CAGR between 2022 and 2028 propelled by increasing participation in sports among adults and children coupled with rising incidence of sports injuries.

SELBYVILLE, Del., Feb. 28, 2022 /PRNewswire/ -- Global sports medicine market value projected to exceed USD 8.9 billion by 2028, according to a new research report by Global Market Insights Inc. Growing focus and awareness about sports activities and physical fitness will drive the industry growth.

Focus of research organizations and institutes on development of sports medicine will offer unprecedented growth opportunities to the industry. For instance, the American College of Sports Medicine seeks to improve and integrate scientific research in order to provide practical and instructional applications of sports medicine. Further, increase in the demand for minimally invasive surgeries and rising number of healthcare facilities offering such specialty treatments will strengthen the market expansion.

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During the recent years, significant increase in number of sports activities have also resulted in rising cases of injuries, thereby influencing the demand for sports medicine products. Excessive training and practice can lead to fatigue, muscle strains, cramps or wear and tear of tissues. The ignorance to such conditions at initial stage results in severe injuries in longer term. Thus, prevalence of such injuries with increasing involvement in sports will positively impact the business revenue.

Some major findings of the sports medicine market report include:

• Adoption of advanced technologies in treatment of sports injuries will foster the business landscape.
• Expansion and infrastructure development of specialty centers to cater wide range of patient population will positively impact the market.
• Growing interest in the field of sports across emerging countries will be a major factor impacting industry scenario.
• Rising government funding to ensure safety of sports player will favor industry demand.
• The market experienced positive growth in 2021 with declining prevalence of COVID-19 in several countries. Government efforts to expand vaccination coverage and permission for sports activities with preventive guidelines has led to continued market share.

Browse key industry insights spread across 150 pages with 132 market data tables & 11 figures & charts from the report, "Sports Medicine Market Analysis By Product (Implants, Fracture and Ligament Repair Products, Arthroscopy Devices, Prosthetics), Injury Type (Knee Injuries, Shoulder Injuries, Foot and Ankle Injuries, Back and Spine Injuries, Hip and Groin Injuries), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/sports-medicine-market 

Sports medicine market from arthroscopy devices segment was valued over USD 1.3 billion in 2021 due to increasing prevalence of sports injury wherein arthroscopy procedure avoids the total joint replacements. Further, recent advancements in arthroscopy techniques have provided advantage in more complex procedures and offered less invasive alternatives to patients. In comparison with open procedures, this has resulted in shorter hospital stays and speedy recovery. Smaller incisions, less pain, less trauma, and a low infection rate are some of the advantages that are expected to drive the preference for arthroscopy procedures. Thus, increasing procedural volume will accelerate the product demand, thereby augmenting the market revenue in coming years.

Shoulder injuries segment held over 15% market share in 2021. Significant increase in the number of shoulder injuries, especially in throwing athletes will influence the product demand in future. Further, swimming, pitching, and tennis are some of the sports that frequently involve repetitive and excessive overhead motion, thereby further contributing to the number of shoulder injuries. Therefore, recurring shoulder injuries during physical and sporting activities increases the product demand. However, the availability of advanced devices in the industry to provide effective treatment will drive the business outlook.

Asia Pacific sports medicine market is poised to witness 7.9% CAGR during the forecast period. Growing awareness about importance of sports medicine coupled with increasing participation of individuals in sports and physical activities will result into rapid product adoption throughout the region. The expansion of well-equipped sport medicine centers to offer advanced specialty treatments will further drive the market demand. Furthermore, implementation of favorable reimbursement policies will positively impact the procedural volume. For instance, Johnson & Johnson Medical (Shanghai) Limited (JJMS), collaborated with Taikang Online Insurance Co. Ltd. to create an innovative sports injury-related insurance package. Thus, aforementioned factors will offer unprecedented growth opportunities to the Asia Pacific industry.

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Major players operating in the sports medicine industry include Stryker Corporation, Arthrex, Wright Medical Technology, Otto Bock Healthcare, Zimmer Biomet, Smith & Nephew, Breg, Inc, Muller Sports, Inc, RTI Surgical, Performance Health International Limited, KARL STORZ, Bauerfeind AG, CONMED Corporation, Johnson & Johnson, Ossur Corporate, Creamer Product, Inc, and DJO Global among others. These players are implementing various strategies such as, collaborations, new product launches and partnerships to gain competitive advantage.

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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