Substantial Growth Predicted for Sports Medicine Market

The global sports medicine market will nearly double over the next decade, thanks to the rising number of sports-related injuries and demand for minimally invasive surgeries. 

Future Market Insights data estimates the market’s value to be $6.8 billion this year and grow 5.3% annually to reach $11.4 billion by 2032. Growth and development of the sports medicine market will be shaped by high demand for minimally invasive surgeries and an increasing number of sports medical centres. Rising usage of computer-assisted robotic operations to decrease hospital stay and recuperation time will complement growth in the market. 

Technological breakthroughs such as 3-D printed implants are a key market driver. 3-D printing is paving the way for a faster recovery time and the reconstruction of fractured bones. Arms, hands, legs, and even ears can be created with 3-D printing. Casts to help broken bones heal faster, footwear, shin guards, and helmets to help avoid concussions are among the safety devices manufactured using 3-D technology. As a result, technological advancements are expected to significantly boost the sports medicine market over the forecast period.

“Growing awareness regarding fitness, and technological advancements in regenerative medicine are anticipated to propel the demand in the sports medicine hemisphere over the forecast period,” said an FMI analyst. 
 
Sports medicine is a rapidly expanding healthcare specialty because the assistance provided by the sports medicine specialists appeals to athletes as well as a broader population. The application of scientific knowledge and practice for regulation of health and athletic performance integrates itself into the sports medicine realm. In the promotion of health and the scientific assessment, analysis, and understanding of sports performance, sports medicine straddles the line between science and practice.
 
Body reconstruction products are the leading product segment, and hold an 81.3% market value share in 2021, owing to the widespread adoption of implants and prosthetics during reconstruction surgeries.

The knee injuries segment is set to lead in terms of application of sports medicine, a projected market value share of around 27.4% by 2032, owing to the existing high metrics of ACL rupture as the most common form of a knee injury. 

North America is considered the leading region with a value share of 31% at the end of 2032, owing to the high prevalence of sports injury, and rising awareness regarding physical fitness in the region.
 
To gain a competitive edge in the market, manufacturers are relying on a variety of strategic initiatives such as innovative product launches, mergers and acquisitions, accreditations, strategic alliances, and partnerships. 
 
Because the sports medicine market is consolidated, bigger firms control a large portion of the revenue. Pricing, quality, and product diversification are all key determinants in market development. Some recent developments include: 

• Smith+Nephew added new fluid management and 4K surgical imaging technologies to their sports medicine wireless arthroscopic tower in April 2021.
• Stryker introduced the Insignia Hip Stem at the American Academy of Orthopedic Surgeons (AAOS) annual meeting in March.
• Zimmer Biomet and Canary Medical announced in August 2021 that FDA regulators granted them permission to launch the world’s first and only smart knee implant.