The global sports medicine market size is predicted to USD 9.86 billion by 2026, exhibiting a CAGR of 5.8% during the forecast period. The rising prevalence of chronic conditions, including cardiovascular diseases and obesity, is escalating participation in sports activities. Moreover, rising awareness about a healthy lifestyle will spur participation of children in sports activities, which in turn will contribute positively to the sports medicine market revenue. According to Stanford children’s Health statics, more than 30 million children and teens in the U.S participate in organized sports. Whereas one-third of the injuries reported are sports injuries. Furthermore, innovation in new products and surgical devices will bolster the healthy growth of the market in the forthcoming years. In addition, the rising demand for minimally invasive surgeries in developed and developing nations will further create new sales opportunities for the sports medicine market analysis.
An Overview of the Impact of COVID-19 on this Market:
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Acquisition of Ivy Sports Medicine by Stryker will Enable Speedy Market Expansion
The announcement of Stryker’s Endoscopy division,a visualization platform enabling distinguish anatomy across all minimally invasive procedures, acquired Ivy Sports Medicine, LLC, medical equipment production company. The acquisition will enable Stryker to provide customers with a complete meniscal platform to better serve their patients. The agreement between the companies will boost the sports medicine market share owing to the portfolio of the company, which includes the only FDA-approved collagen meniscus implant (CMI) on the marketa reliable and innovative all-inside repair device, as well as an inside-out meniscal suturing platform. In addition, the developing sports infrastructure, along with the growing patient pool in hospitals, will facilitate the growth of the market. According to the EU IDB catalog of sports, about 4.5 million people aged 15 and above have been treated in hospital for a sports injury each year. In addition, the presence of opportunities such as corporate funding & scholarships for students will bode well for the market in the forthcoming years.
Rising Number of Medical Sports Centres will Accelerate Revenue in North America
North America stood at USD 2.60 billion in 2018 and is expected to grow rapidly during the forecast period. The increasing number of medical sports centers will aid the expansion of the market in North America. The growing participation in sports and physical activities by children will augment the healthy growth of the market in the region. Asia Pacific is predicted to grow significantly in the forthcoming years. The rising demand for sports medicine from developing countries such as China, India, and Japan will boost the sports medicine market trends. Furthermore, increasing government initiatives to educate healthcare professionals and promote research will further facilitate growth in the region.
