NEW YORK CITY, NY, UNITED STATES, July 25, 2022 /EINPresswire.com/ -- The global sports medicine market is expected to reach USD 11.4 Billion in 2028 and register a steady revenue of 6.4% over the forecast period, according to a latest report published by Reports and Data. Key factors driving global market revenue growth are rising awareness about physical fitness & personal health, growing healthcare spending, and increasing focus on developing advanced equipment & devices.
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In recent years, there has been a steady increase in sports injuries as various schools & educational institutes are encouraging sports activities. Similarly, large population across the globe is adopting a healthy lifestyle and adopting daily exercise and sports routine. Sports injuries can be caused to professional athletes, as well as non-athletes due to factors such as practice of improper techniques, lack of conditioning, impact, or insufficient warm-up & training. Sports medicine is a branch of specialty medicine that deals with treatment and prevention for various sports & exercise-related injuries. Sprains, fractures, stingers, disc injuries, and dislocations are some of the most common sports injuries caused due to playing cricket, football, ice hockey, baseball, volleyball, bicycle riding, and swimming, among others. Rising budget for sports, increasing investments in research & development activities, availability of advanced equipment & devices for treating sports injuries, and high adoption of 3D printing for making orthopedic devices are boosting market revenue growth.
However, factors such as high cost of implants, lack of trained professionals, unavailability of latest equipment & devices in developing countries, and dominance of local companies offering materials & products at low costs are expected to hamper overall market growth in the near future.
Some key highlights of the report:
Among the application segment, knee injuries segment is expected to account for significantly larger revenue share over the forecast period. Increasing incidence of knee injuries due to sports & recreational activities, rapid growth in orthopedics sector, and availability of various advanced treatments & equipment for knee injuries are anticipated to boost growth of this segment.
Based on end-use, physiotherapy centers & clinics segment is expected to register fastest revenue CAGR during the forecast period, owing to availability of cost-effective treatments, rising number of well-developed physiotherapy centers & clinics, and increasing cases of fractures & ligament tears.
North America is expected to account for largest revenue share in the global sports medicine market between 2021 and 2028. High revenue growth is attributed to factors such as presence of well-established healthcare infrastructure, rising prevalence of sport-related activities, steady inclination towards a healthy lifestyle, and availability of latest treatment procedures.
Asia Pacific is expected to register rapid revenue CAGR throughout the forecast period, owing to increasing occurrence of knee injuries & ligament tears, rising focus on surging sports participation in schools & colleges, and higher awareness about overall health & physical fitness. In addition, increasing investments to develop enhanced products & devices, improving healthcare infrastructure, rising disposable income, and surging healthcare spending are other factors supporting market growth in Asia Pacific.
In January 2021, Stryker Corporation acquired OrthoSensor, Inc., a manufacturer of medical sensor products, implants, and monitoring services. This acquisition is expected to help Stryker Corporation to introduce innovative smart sensor technologies, smart implants, and devices. It would also enhance the company’s product base.
The report also focuses on details of each market player including its global position, financial standing, revenue generation, company overview, product & service portfolio. The Sports Medicine market is extremely competitive and consists of several key players at regional and global level. Key players are focused on adopting various strategies such as new product launches, mergers and acquisitions, investments in R&D, partnerships, joint ventures and collaborations to strengthen their market position and enhance product portfolio.
Leading companies operating in the market are:
Arthrex, Inc., Smith & Nephew plc, Stryker Corporation, DJO Global, Inc., Mueller Sports, Inc., Wright Medical Group N.V., Medtronic, RTI Surgical, Performance Health International Limited, KARL STORZ, Bauerfeind AG, Össur, MedShape, Inc., Cramer Products, Biotek, and RôG Sports Medicine.
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The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:
Product Outlook (Revenue, USD Billion, 2018-2028)
Body Support & Recovery Products
Application Outlook (Revenue, USD Billion, 2018-2028)
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Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, TouchPoints, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provide our clients with the ability to secure an edge over their respective competitors.
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