Sports Medicine Market Growth & Trends
The global sports medicine market size is projected to reach USD 9.4 billion by 2030, expanding at a CAGR of 8.2% during the forecast period, according to a new report by Grand View Research, Inc. The rising demand for sports medicine, owing to the increasing shift from a sedentary lifestyle to a healthy lifestyle by the younger population, and increasing incidences of injuries among fitness enthusiasts, are some of the major factors driving industry growth.
The market for sports medicine includes products such as braces, supports, and compression garments, as well as diagnostic tools and devices, surgical equipment, and rehabilitation products. The growing popularity of sports and fitness activities is driving the demand for sports medicine products and services. As more people participate in these activities, the risk of injuries increases, creating the need for various advanced products and services to prevent and treat these injuries.
The National Cricket Academy released an Injury Surveillance Report in 2020, which highlighted that 14.75% of male and female players suffered shoulder injuries, making it the most common injury. Knee injuries followed, with over 13% of players affected. The report also revealed that a significant proportion (74%) of career-threatening Anterior Cruciate Ligament (ACL) injuries occurred within the first two years of resuming sporting activity. In cricket alone, the report indicated that 262 cricketers, comprising 218 men and 44 women, underwent rehabilitation programs between April 2019 and March 2020.
Furthermore, with the increasing healthcare expenditure worldwide, more resources are being directed toward innovations and advances in sports medicine research, development, and treatment. This is creating opportunities for companies specializing in sports medicine solutions to expand their product offerings and market reach.
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Sports Medicine Market Report Highlights
Based on the product, the body reconstruction & repair segment accounted for the largest revenue share of 39.0% in 2022. On the other hand, the accessories segment is anticipated to witness the fastest CAGR over the forecast period, as the demand for wound care products is increasing
Based on application, the knee segment accounted for the largest revenue share of 30.3% in 2022. The ankle & foot segment, on the other hand, is expected to witness the fastest growth rate over the forecast period
North America dominated the market for sports medicine, accounting for the largest revenue share of 47.1% in 2022. This is owing to the presence of major companies and the high healthcare expenditure in the region. Asia Pacific is anticipated to expand at the highest CAGR during the projection period
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