The Sports medicine market is poised for substantial growth, projected to achieve USD 9.45 Billion by 2029 from USD 6.79 Billion in 2024, with a forecast CAGR of 6.8%. Major drivers include increased cases of sports injury, the rise in participation in sports events, increased expenditure on research and development, and increased funding and research activities. The huge costs of products and stringent regulations might affect market growth. Despite all these factors, consistent advancement in health technology increases the need for sports medicine. Other important factors identified as growth drivers for this market include the consistent economic growth in target markets and initiatives to develop and improve healthcare infrastructure. These factors are particularly evident in developing countries, making them important opportunity areas in the market.
Global Sports Medicine Market Dynamics
Driver: Government funding and initiatives to propel the growth of sports medicine
Government funding plays an important role in driving the growth of the sports medicine market by providing funding to establish sports training centers, promote research in sports medicine, provide medical care to athletes, and conduct different sports events. Moreover, government-led health campaigns enhance awareness about the significance of sports medicine, raising the need for and upgrading access to healthcare. For instance, in 2023, the Indian Union Ministry for Youth Affairs and Sports announced that the athletes competing in the Khelo India Para Games would receive comprehensive medical coverage as part of the event. Similarly, in the 2024-25 budget, the Australian government announced USD 494.2 billion for physical and sports activities. Consequently, the sports medicine market is set for significant progress, fueled by continuous government support globally.
Restraint: Lack of sufficiently trained sports medicine professionals
Sports medicine services require competence from orthopedic surgeons, physicians, physiotherapists, and sports trainers. Unfortunately, there is a shortage of these specialists, which leaves patients waiting for a long time and overworked practitioners. This problem, especially in underprivileged areas, can lead to treatment delays and restricted access to required therapies. Moreover, advanced therapeutic procedures, such as non-invasive surgeries and the application of orthobiologics, necessitate specific knowledge and experience. A scarcity of trained specialists to perform these therapies may stifle market expansion. Thus, the lack of qualified sports medicine specialists may hinder the industry’s expansion and its capacity to address the rising need for diagnosing, managing, and preventing sports injuries.
Opportunities: Digital health can broaden the reach of sports medicine
Digital health can enhance the growth of sports medicine by increasing the reach, availability, and patient involvement. Mobile applications and websites created for sports medicine can offer athletes advice on preventing injuries and rehabilitation initiatives. Additionally, by facilitating contact between patients and physicians, these apps can provide guidance and assistance to athletes. For instance, in January 2024, Arthrex, Inc. (US) introduced ACLTear.com, a patient-centered website showcasing the knowledge of ACL injuries. Similarly, in December 2022, Arthrex, Inc. (US) started another website called BunionPain.com to guide patients on bunion therapies. In addition, mobile health apps and wearable technology are essential for injury monitoring, injury prevention, and recovery. Thus, digital health enables sports medicine to reach a larger patient base by increasing its reach, personalization, and efficiency, ultimately leading to better patient outcomes.
Challenges: High costs of innovative treatments and devices
The huge costs of novel therapies and technology are significant factors that challenge the sports medicine market. They restrict accessibility, especially for young individuals, amateur athletes, and those without full health insurance. Additionally, innovative equipment, such as implants, arthroscopy, orthobiologics, prosthetics, braces, and physiotherapy equipment, comes with a high price tag. These huge costs can make it difficult for patients to receive sports medicine care, especially in low-income nations with constrained financial resources. This may cause athletes to avoid care entirely or depend on less efficient therapies. The financial barrier may also deter people from participating in sports and slow market penetration.
Global Sports Medicine Market Ecosystem Analysis
Stryker is a leading player in reconstructive, medical, surgical, neurotechnology, and spine products. Smith+Nephew focuses on arthroscopy, surgical instruments, implants, and joint reconstruction, especially for the shoulder, knee, and hip. DePuy Synthes, part of Johnson & Johnson, provides a wide range of orthopedic and trauma solutions and innovative surgical tools. Arthrex has expertise in arthroscopy and minimally invasive orthopedic techniques. Zimmer Biomet offers a wide range of orthopedic reconstructive products and solutions for sports medicine, biologics, extremities, and trauma care.
Fracture and ligament repair products to register largest market share in 2024.
Based on the product, body reconstruction products hold the largest share of the sports medicine market. This market is further segmented into fracture and ligament repair products, arthroscopy devices, implants, orthobiologics, and prosthetics. Among these subsegments, fracture and ligament repair products have the largest sports medicine market share. Fractures and ligament injuries most commonly occur in contact sports; fractures affect the hands, wrists, ankles, and feet, while ligament injuries are commonly reported in the anterior (ACL) and posterior cruciate ligaments (PCL). Fracture and ligament repair products are medical devices that promote quicker healing of bone and ligament injuries. Fracture repair products comprise plates and screws, casts, and splints. Ligament repair products comprise sutures and grafts. The rising number of injuries drives the demand for these products.
Physiotherapy equipment to register the highest CAGR during the forecast period.
Physiotherapy equipment has been classified under body support and recovery products; this segment is expected to reach the highest CAGR during the forecast period. Physiotherapy equipment is divided into thermal therapy equipment, electrostimulation equipment, and other physiotherapy equipment. Among them, other physiotherapy equipment comprising ultrasound therapy and laser therapy is expected to have the highest growth due to the effectiveness of these technologies. Ultrasound therapies utilize high-frequency sound waves (800,000 Hz to 2,000,000 Hz) to allow faster recovery of muscles and tissues. Laser therapy is a minimally invasive solution that reduces pain and inflammation and is used for sprains, ACL tears, knee injuries, and strains.
Hospitals hold the largest share of the end-user market during the forecast period.
Hospitals offer comprehensive medical services and innovative infrastructure to treat various sports-related injuries. Hospitals have the infrastructure and personnel to offer commonly required therapies such as ligament reconstruction, fracture repair, and arthroscopy under one roof. Hospitals are also affiliated with research laboratories of prestigious universities and medical schools, which keeps them on the cutting edge of sports medicine breakthroughs. Several government initiatives for the integration of digital health in hospitals, as well as the development of advanced infrastructures and technological innovations, have caused the growth of the sports medicine market for hospitals. Additionally, government-backed programs are conducted regularly to improve the skills of orthopedic surgeons, physiotherapists, and sports medicine professionals.
Recent Developments of Sports Medicine Market
- In 2023, Smith+Nephew acquired CariHeal (Israel) to improve the results of cartilage repairs and to lead to enormous value creation.
- In 2022, DePuy Synthes acquired CrossRoads Extremity Systems to expand its offerings in orthopedics, particularly with regard to lower extremity treatments.
- In 2023, Stryker acquired SERF SAS to strengthen its European position and increase the orthopedic portfolio’s market growth.
- Arthrex,Inc. (US) and Skytron (US) partnered to offer comprehensive solutions for operative care facilities, improving surgical quality and patient care with advanced technology and operating room infrastructure.
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