Sports Medicine Market Soars with a 6.0% CAGR, expected to Hit US$ 2,062.7 Million by 2033 | Future Market Insights Inc.
Standalone Analyzers Segment is expected to constitute a share of 55.9% in the Sports Medicine Market in 2023, FMI Report. The use of robotics in knee surgeries has significantly reduced the risk of complications and improved patient outcomes but the rising incidence of sports-related injuries is also driving the demand for minimally invasive surgeries.
NEWARK, Del, Nov. 21, 2023 (GLOBE NEWSWIRE) -- The global sports medicine market is anticipated to reach a valuation of US$ 1,157.0 million in 2023, driven by a focus on mental health in sports. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 6.0% between 2023 and 2033, and reaching a total valuation of approximately US$ 2,062.7 million by 2033.
One of the major factors contributing to the growth of the market is the integration of smart clothing and wearable devices for real-time monitoring of the performance and health of athletes. The technologies provide data on metrics like heart rate, body temperature, and biomechanics to optimize training and prevent injuries.
There is a growing demand for sports medicine services tailored to pediatric and youth populations, with an increasing number of young athletes participating in organized sports. Specialized care for growth-related injuries and age-appropriate training programs present an opportunity for market growth.
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Cryotherapy, involving the use of extreme cold for therapeutic purposes, and thermotherapy, using heat for similar benefits, are gaining popularity in sports medicine. The modalities aid in injury recovery, reduce inflammation and improve overall muscle function.
Advances in biomechanics and movement analysis contribute to a better understanding of the physical mechanics of athletes. The information helps in designing personalized training programs, injury prevention strategies, and optimizing performance.
Evolving regulations and standards in the sports medicine industry, both at the national and international levels, can impact market dynamics. Compliance with regulatory requirements is crucial for product development and market entry.
The integration of sports medicine principles into corporate wellness programs is becoming more common. Employers are recognizing the importance of employee health and incorporating sports medicine strategies to prevent and manage musculoskeletal issues.
Key Takeaways from the Sports Medicine Market Study
- The Global sports medicine market was valued at US$ 1,078.0 million by 2022-end.
- From 2018 to 2022, the market demand expanded at a CAGR of 7.4%.
- The market in India is expected to expand at a CAGR of 8.9% through 2033.
- By product type, the standalone analyzers segment to account for a share of 55.9% in 2023.
- From 2023 to 2033, the sports medicine market is expected to flourish at a CAGR of 6.0%.
- By 2033, the market value of sports medicine is expected to reach US$ 2,062.7 million.
There is a shift towards patient-centric approaches in sports medicine, emphasizing shared decision-making, patient education, and engagement. Healthcare providers are focusing on creating personalized treatment plans that align with the preferences and lifestyles of patients, remarks Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Competitive Landscape in the Sports Medicine Market:
Prominent players in the sports medicine market are Arthrex, Inc., DePuy Synthes, Smith & Nephew Plc., Stryker Corporation, Zimmer Biomet Holdings, Inc., Olympus Movement Performance, Karl Storz, Tornier N.V., Wright Medical Group N.V., DJO Global, Ossur HF, Medtronic Plc., CONMED Corporation, Mueller Sports Medicine, Inc., Cayenne Medical, NuOrtho Surgical Inc., Ottobock, RTI Surgical, and NuVasive, Inc., among others.
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Sports Medicine Market Recent Developments
- In 2023, Medtronic plc announced the launch of its new MyoSure Ablation System for sports medicine applications. The MyoSure system is designed to treat pain caused by muscle and nerve injuries.
- In the same year, Arthrex, Inc. announced the launch of its new Augmenix Augmented Reality System for sports medicine applications. The Augmenix system is designed to help surgeons visualize anatomy during surgery.
- In 2022, Abbott Laboratories announced the launch of its new FreeStyle Libre 3 Glucose Monitoring System for sports medicine applications. The FreeStyle Libre 3 system is designed to help athletes track their blood glucose levels.
- In 2022, Boston Scientific Corporation announced the launch of its new Vertiflex Intervertebral Spacer for sports medicine applications, which is designed to treat spinal stenosis.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global sports medicine market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the sports medicine market, the market is segmented on the basis of product type (body reconstruction products, and body support and recovery products), and application (knee injuries, shoulder injuries, ankle and foot injuries, back and spine injuries, elbow and wrist injuries, hip injuries, and others), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa (MEA)).
Top 19 Key Companies Profiled in the Sports Medicine Market:
- Arthrex, Inc.
- DePuy Synthes
- Smith & Nephew Plc.
- Stryker Corporation
- Zimmer Biomet Holdings, Inc.
- Olympus Movement Performance
- Karl Storz
- Tornier N.V.
- Wright Medical Group N.V.
- DJO Global
- Ossur HF
- Medtronic Plc
- CONMED Corporation
- Mueller Sports Medicine, Inc.
- Cayenne Medical
- NuOrtho Surgical Inc.
- Ottobock
- RTI Surgical
- NuVasive, Inc.
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Segmentation Analysis of the Sports Medicine Market:
By Product:
- Body Reconstruction Products
- Arthroscopy Devices
- Meniscal Repair Device
- Prosthetic Devices
- Orthobiologics
-
Body Support and Recovery Products
- Braces and Supports
- Compression Clothing
- Accessories
By Application:
- Knee Injuries
- Shoulder Injuries
- Ankle and Foot Injuries
- Back and Spine Injuries
- Elbow and Wrist Injuries
- Hip Injuries
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
About healthcare at Future Market Insights
The healthcare team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Million+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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