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The global sports medicine market size is expected to reach USD 13.4 billion by 2026, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 7.8% during the forecast period. Changing lifestyle and shift towards healthier living coupled with rising incidence of sports injuries and the number of professional athletes across the globe is projected to further fuel the growth.
Introduction of new games in Olympics and other international sports events is encouraging people to choose sports as a career. For instance, kitesurfing was introduced in 2016 Rio Olympics. In addition, the International Olympic Committee announced the addition of five new sports in the Tokyo 2020 games which, includes skateboard, surfing, baseball/softball, sports climbing, and karate.
Furthermore, perks associated with a sports career are expected to increase the number of youths seeking professional sports. Some of these perks include High remuneration, celebrity status and fame, availability of other sources of income such as endorsements, and access to best medical care. This factor is anticipated to drive adoption of sports as the primary career, which is projected to drive the market for sports medicine.
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Presence of opportunities such as corporate funding and scholarships and developing sports infrastructure are expected to propel growth of the sports medicine market growth. This is expected to increase the number of people seeking a career in sports. Athletes are prone to accidents and injuries, which is likely to drive the market. For instance, the Sports Sector Strategy of Qatar (2011-2016) is working toward increasing physical activity of their citizens and promoting participation in professional sports. Hence, the market growth is anticipated over the forecast period.
Further key findings from the report suggest:
- In terms of revenue, body reconstruction and repair segment is expected to hold the largest market share over the forecast period. Increasing cases of sports injuries coupled with adoption of healthy lifestyle contributes to the growth of the segment
- Knee devices segment is expected to witness the fastest growth over the forecast period. Increasing rate of sports related surgeries and increasing number of individuals choosing sports as a career are expected to drive the segment growth
- Asia Pacific sports medicine market is expected to witness the fastest growth over the forecast period owing to the increasing number of sports related surgeries in this region
- Prominent key players are Stryker Corporation; Arthrex. Inc.; Tornier N.V.; and Wright Medical Technology