Sports Medicine Market Size By Products (Implants, Fracture and Ligament Repair Products, Arthroscopy Devices, Prosthetics), By Injury Type (Knee Injuries, Shoulder Injuries, Foot and Ankle Injuries, Back and Spine Injuries, Hip and Groin Injuries), Indus

Sports Medicine Market Size By Products (Implants, Fracture and Ligament Repair Products, Arthroscopy Devices, Prosthetics), By Injury Type (Knee Injuries, Shoulder Injuries, Foot and Ankle Injuries, Back and Spine Injuries, Hip and Groin Injuries), Industry Analysis Report, Regional Outlook, Growth Potential, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2022 - 2028

The sports medicine market size is forecast to register momentous gains owing to the shifting global consumer inclination towards fitness and leading a healthy lifestyle. Sports medicine is among the branches of medicine that is concerned with physical fitness as well as the prevention and treatment of injuries related to exercise and sports.

While it may seem that sports medicine is solely directed towards professional athletes, the field is also catered towards the general populous; people who are just trying to lead a healthy lifestyle through fitness.

According to the Global Wellness Institute, in 2019, the global wellness economy held a valuation of more than $4.9 trillion, which fell to approximately $4.4 trillion through 2020, owing to the widespread impacts of the coronavirus pandemic.

Now, as the world emerges from COVID-19, the wellness economy is slated to record roaring growth, hitting the $7.0 trillion mark by 2025. This is expected to greatly translate into robust growth for the sports medicine market.

The overall sports medicine market is divided into different segments on the basis of product, injury type, and regional landscape.

Based on the products, the industry is further classified into ligament and fracture repair products, implants, prosthetics, arthroscopy devices, and others. Among these, the prosthetics segment is forecast to grow with a 6.5% CAGR through the analysis timeframe. Ongoing development of advanced technologies that offer 3D printed prosthetics, and rapidly growing concern pertaining to severe bone injuries would benefit the revenue growth for the segment.

With respect to the injury type, the market is divided into shoulder injuries, knee injuries, ankle and foot injuries, spine and back injuries, groin and hip injuries, and other Injuries. The hip and groin injuries segment was valued at over USD 400 million in terms of revenue back in 2021. Growing consumer involvement in running, cycling, baseball, swimming, soccer, cricket, and golf, which requires repetitive action of lower body would create favourable growth impetus for the segment. Additionally, increasing cases of muscle strain would also drive the product demand.

From a regional reference frame, the LATAM sports medicine market is expected to register a 5.8% CAGR through the analysis timeline. Rising awareness regarding the availability of the treatment options for numerous severe sports injuries is expected to drive regional growth. Meanwhile, increasing consumer participation in different sports as well as fitness activities across Southern American nations, and rapid development of the region’s healthcare facilities would greatly benefit the regional industry growth.