Sports Medicine Market: 2023 Global Analysis by Product, Application, End User, Geography and Leading Players Arthrex, Inc, Smith & Nephew plc, Stryker Corporation

Healthcare professionals that specialize in "Sports Medicine" are specially trained to help wounded patients regain function so they can move around as quickly as feasible. They are masters in keeping physically active people healthy and injury-free. Professional athletes are treated by sports medicine medical professionals. Yet, they also provide care for individuals who work out for personal fitness as well as young people who participate in sports. Also, they care for those who work in physically demanding professions like construction.

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Sports medicine is not a distinct field of medicine. Most medical professionals who specialize in sports medicine are board-certified in internal medicine, emergency medicine, family medicine, or another field. After that, they receive more instruction. Others focus on treating injuries in kids and teenagers, whose developing bodies might differ greatly from adults. They often have further training in sports medicine and are board-certified in family medicine or pediatrics. Sports medicine medical professionals occasionally, but not always, have surgical training as well, mainly as orthopedic surgeons.

Trends and Dynamics in the Sports Medicine Market
The Sports Medicine market is anticipated to reach USD 6.39 billion in 2023 growing at a CAGR of 5.9% during the forecasting period, 2023-2030.

Driving Factors of this Market

During the past several years, sports injuries have become more common across the world, mostly because more people are participating in sports and actively engaging in fitness activities (as a result of the growing focus on leading healthy lifestyles).

Those who participate in sports frequently sustain ligament rips and fractures. Furthermore, a significant percentage of sports injuries worldwide involve the lower extremities. The need for injury management and rehabilitation is anticipated to develop globally as a result of rising sports participation (among adults and children) and the ensuing rise in the frequency of sports injuries. This is seen as a sign that the worldwide market is expanding favorably.

Restraining Factors of this market

The high cost of implants is the main factor limiting the growth of the worldwide industry. In nations like India, where only a tiny portion of the population is covered by insurance (76% of Indians were uninsured in 2017 according to the IRDA), the price of these implants is a big problem for market expansion. The majority of the population still has significant difficulties in being able to pay for such an expensive procedure, with an average cost of more than USD 12,000 in poor nations.

Regenerative medicine operations cost money, just like prostheses and implants do. As an illustration, the price of a single PRP injection normally falls between USD 500 and USD 2,000, but the price of a bone marrow stem cell injection might reach USD 2,000 to USD 5,000 or higher. Several treatments are frequently needed for such therapeutic procedures, which raises the entire cost.

Challenges to this Market

As orthopedic surgeons perform the majority of surgeries for a variety of sports injuries, a key obstacle for the worldwide industry is the dearth of skilled orthopedic doctors. By 2030, the US will have a physician shortfall in surgical specialties of between 20,700 and 30,500, predicts a new analysis from the Association of American Medical Colleges (AAMC).

There is a growing demand in the field of sports medicine for educated specialists with the necessary expertise and understanding of the use of orthobiologics and carrying out certain procedures. Injuries to the musculoskeletal system and other conditions that are connected to sports-related activity are diagnosed and treated by sports medicine surgeons.

Opportunities in this Market

With their enormous patient populations and rising disposable incomes (because of their rapid economic expansion), emerging nations like China and India are likely to present firms operating in the worldwide market with substantial growth prospects. Also, the governments of these nations are now launching programs to upgrade and extend their respective healthcare systems.

Major Demand through different Segmentations

The sports medicine market is divided into three product categories: body reconstruction (arthroscopy devices, implants, prostheses, and ortho biologics), body support & recovery (braces & support, physiotherapy equipment, and compression garments), and accessories. Throughout the projection period, the body support & recovery products category is anticipated to develop at the quickest rate. Both before and after treatments requiring reconstruction, products including braces, supports, and physiotherapy tools are necessary. The rising incidence of sports injuries worldwide is hence driving up demand for these gadgets.

Sports medicine is frequently used to treat, recover from, and rehabilitate athletes as well as to prevent sports injuries. The sports medicine applications market is divided into injuries to the knees, shoulders, feet, ankles, wrists, backs, and groins, as well as other ailments. In 2019, the knee injuries market category held the greatest market share, and this trend is anticipated to hold throughout the projected period. Due to the fact that knee injuries account for over 40% of all sports-related injuries worldwide, a significant portion of this market may be attributable to this statistic.

Hospitals, Ambulatory Surgical Facilities, Physiotherapy Facilities, and Clinics make up the market segments based on the end-user segment. The market for sports medicine was dominated by a subset of hospitals. Factors like complex diagnostic and therapeutic procedures being carried out in hospitals might be blamed for the huge proportion of this market. Despite this, it is anticipated that the category of physiotherapy centers and clinics would grow at the highest CAGR of 5.9% over the course of the projection period, mostly because sports medicine equipment is affordable and simple to get.

The North American market is being driven by elements including the growing popularity of sports and physical exercise, expanding knowledge of the prevention and treatment of sports injuries, and rising investments in sports medicine.

For the treatment of a wide range of sports-related diseases or injuries, teams may see a sports medicine team doctor. One illustration is a stress fracture in the foot or lower leg, which is an overuse injury of this sort. An injury like this can result from a number of issues, including muscle imbalance, muscular weakness brought on by inadequate strength training, improper footwear or abnormal gaits, an inadequate intake of minerals or other nutrients that upsets the caloric balance required for training, hormonal deficiencies, and an overload of exercise training volume, frequency, and intensity.

Conclusion

It is anticipated that the introduction of new items and technological advancements would positively impact demand in the area. The increased demand that is being produced by the rising prevalence of sports injuries is, therefore, the main factor driving fresh money into the growth of this business. Moreover, government initiatives on behalf of the sports industry are frequently to blame for the market's growth. On the other side, a barrier to the expansion of the pharmaceutical sector might be the high cost of goods.

Yet, due to untapped markets and altering regulatory environments in the sector, it is projected that replacement prospects for the pharmaceutical business will become accessible over the next few years. Yet, due to untapped markets and altering regulatory environments in the sector, it is projected that replacement prospects for the pharmaceutical business will become accessible over the next few years.

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