The sports medicine market is expected to grow at a CAGR of 8.1%
Market Data Forecast
Sports medicine is a type of medicine that helps treat and prevent sports and exercise-related injuries. These medicines are manufactured by a special team in the pharmaceutical sector based on research and clinical trials. Athletes use sports medicine to improve their strength and performance, which are also used to gain or lose weight for competitions.
Increasing sports injuries and increasing awareness of sports medicine among the player drives the market forward.
Growing focus on participating in sports is the primary factor for the cause of sports injuries, which demands sports medicine market growth. In recent years most children and young people are showing interest in participating in national and international sports which require more and more practice. These practices may have leg/ hand strain or injuries to the head, legs, hands, etc.
Due to increasing awareness campaigns and the advertisement about sports medicine by the big players to increase the demand.
There are several websites for precise information about the use of sports injuries and the benefits and side effects if they use sports medicine. All these factors drive the market forward. Additionally, increasing research and development, investment by the government, and private and public funds in the manufacturing of sports medicine drive the market forward.
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The availability of different options for treating sports injuries supports the product segment.
The product segment comprises reconstruction and repair, support and recovery, and accessories. The reconstruction and repair segment has the highest market share due to increasing fractures and accidents in sports activities.
The occurrence of several types of injuries to the body supports the application segment.
The application segment was divided into head injuries, shoulder injuries, elbow, and wrist injuries, back and spine injuries, hip and groin injuries, knee injuries, and foot and ankle injuries. Knee injuries are the possible injuries in most sports that demand segment growth.
Regional Outlook of the Sports Medicine Market
North America sports medicine market has the highest market share due to increasing government programs to increase awareness of athletes in any activity and increasing innovative medicine. The North American sports medicine market was valued at USD 2.72 billion in 2022 and is expected to grow to USD 3.93 billion by 2027 with a CAGR of 7.6%. Canada holds the largest market share. In the U.S., nearly 30 million children and youngsters participate in different sports, with 3.5 million injuries each year. In addition, many Canadian sports medicine physicians have acquired postgraduate training in sports Medicine from various national and international universities and other institutions.
The European sports medicine market was valued at USD 2.02 billion in 2022 and is estimated to grow to USD 2.87 billion by 2027 with a CAGR of 7.2%. Factors such as increasing manufacturing of personalized medicine and increasing health and fitness drive the market forward.
Asia pacific sports medicine market was valued at USD 1.50 billion in 2022 and is estimated to increase by USD 2.38 billion by 2027 with a CAGR of 9.6%. Increasing exercises in gyms and increasing sports activities are the factors that drive the market forward in this region. India and China hold the maximum share.
Middle East Africa has grown with a CAGR of 8.3%, and Latin America has grown with a CAGR of 8.9%.
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Key Players in the Sports Medicine Market
Stryker Corporation, Arthrex, Wright Medical Technology, Otto Bock Healthcare, Zimmer Biomet, Muller Sports, Inc, RTI Surgical, KARL STORZ, Bauerfeind AG, CONMED Corporation, Smith & Nephew, Breg, Inc, Johnson & Johnson, Ossur Corporate, Cramer Product, Inc, Anika Therapeutics, Inc are Some of the key players in the sports medicine market
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