Sports Medicine Market to register 7.20% CAGR during 2016-2023
Sports medicine is also referred as sports and exercise medicines, it is a division of medicine which deal with the prevention, treatment of injuries incurred during sports activities, and other aspects related to exercise and sports. Sports medicine is an emerging field in the medical sector that focuses on enhancing the performance of athletes and also involves training and nutrition. This branch of medicine includes body monitoring, body evaluation, body reconstruction, recovery and support along with the surgical procedure. Leading market research provider, Decisiondatabases.com foresees the global sports medicine market to cross approximate 27.33 Bn by the close of 2023 at a 7.20% CAGR during the estimated period 2016–2023.
Rising demand for minimal invasive surgeries and technological innovation in healthcare sector and instrument for joint repair is likely to augment the growth of sports medicine market. Also, body reconstruction and repair devices are expected to contribute toward the market growth of sports medicine. Rising knee injuries incidence during sports activity is expected to further propel the growth of the sports medicine. Furthermore, the growing number of age-related problems caused by diseases such as rheumatoid arthritis is also fueling growth of market. In addition, the rise in global acceptance of western sports has given rise to injuries that is also another key factor pushing the market growth.
The rising incidence of dislocations, hip fractures, ligaments and tendons tears is further expected to encourage the market growth of sports medicine. Moreover, innovation in surgical procedures and the technological advancement in surgical equipment are another key factor augmenting the growth of sports medicine market.
Further, active participation of government in encouraging sports activities along with the escalating awareness about physical fitness among people is major aspect influencing the market positively. Not only young adult but also baby boomers are highly motivated towards exercise in order to stay healthy. They are at high risk of injuries during exercise owing to the weakening of bones due to aging; this in turn is creating more opportunity for sports medicines market.
Additionally, the rising sports activities and associations across the world is expected to uplift the market of sports medicine. The growing number of players in the sports medicine and new players entering the market coupled with the growing government support are set to raise the growth of the sports medicine market.
North America is the most attractive market for sports medicines owing to an improvement over healthcare infrastructure is an important factor enhancing the growth of the market. Followed by Europe, which is a matured market for sports medicine due to rising demand for prevention and treatment of sports-related injuries. Asia-Pacific region is likely to grow robustly in the near future due to increasing adoption of sports as a career and raising awareness regarding injuries. Also, the Asia Pacific Knee, Arthroscopy and Sports Medicine Society (APKASS) work on promoting research and creating a platform for education and awareness regarding sports. It conducts a conference annually to educate healthcare professionals about the recent transformations in this field.
However, the lack of trained professionals for sports medicine and overpricing of certain devices and products is expected to hinder the market growth of sports medicine. Also, unfavorable reimbursement policies have been holding back the market growth.
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