The sports industry is rapidly booming due to increased sports enthusiasm among the masses. Most of these activities require strenuous physical involvement that can lead to injuries and other health-related issues. Sportspersons often require different medications to treat injuries to enhance their endurance levels. The medicines specially tailored for the health needs of athletes are referred to as sports medicines.
LONDON, May 22, 2023 /PRNewswire/ — Brandessence Market Research has recently published a report on the Global Sports Medicine Market. The reports cover all the pivotal aspects of this business sphere. Growth drivers, restraints, opportunities, and challenges are extensively explained in this study. Apart from that, the key segments, geographies, and companies are well assessment in this report. This report is curated with an aim to empower the industry participants within depth insights on this business vertical.
Key Takeaways
- Rising number of sports enthusiasts, growing instances of sports-based injuries, and increased healthcare expenditure are aiding market expansion.
- By product, the body reconstruction and repair segment are reckoned to amass notable gains over due to the rising incidences of sports-based injuries.
- MEA is projected to account for a substantial volume share owing to the rising popularity of sports like football, increasing R&D activities, and rapidly evolving sports infrastructure.
The Sports Medicine Market is anticipated to accrue notable returns over the assessment timeline of 2022-2029.
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Elaborating the key trends and dynamics of Sports Medicine Market
Rising number of sports enthusiasts, growing instances of sports-based injuries, and increased healthcare expenditure are primarily augmenting the outlook of this marketplace. Also, surging number of sports-based tournaments, increased government spending on sports sector, and growing focus of healthcare organizations and pharma companies to develop efficient medicines for athletes are creating lucrative opportunities for this business sphere to prosper. Moreover, rising R&D activities, and escalating demand for minimally invasive treatment methods are adding momentum to the development of this industry vertical.
Major Growth Drivers
Booming sport sector- Every nation strives to excel in the field of sports. The concerned authorities including the government make extensive investments to enhance their sports infrastructure. Tournaments on both domestic and international levels are held frequently. Athletes are provided with the required training along with other amenities so that they can concentrate on their game. This has also increased the demand for sports medicine to ensure the wellbeing of sportspersons.
Growing prevalence of injuries and other sports-triggered ailments- Many sports require strenuous physical labour. Some even lead to serious injuries including ligament tears, fractures, and many more. Certain athletes also get diagnosed with sports-triggered ailments which require immediate and long-term treatment. Therefore, sports medicines that are specifically tailored for the health needs of athletes are gaining immense traction.
Challenges
Lack of structured guidelines- Sports medicine is relative a new branch of medical science. It is yet to gain proper recognition across various nations. Some are even unaware of the existence of this branch. Therefore, as of now there are no proper medical research guidelines on the same. This has made it difficult for the participants of this industry to conduct proper R&D activities on this same. These factors are hindering the remuneration scope of this market.
Competitive landscape of Sports Medicine Market
The prominent players defining the competitive terrain of this business vertical are Arthrex Inc., CONMED Corporation, DJO Global, Johnson & Johnson, Mueller Sport Medicine, Orthofix International N.V, Smith & Nephew Plc., Stryker Corporation, Wright Medical group, and Zimmer Biomet Holdings, Inc.
Segmental Assessment
By product, the body reconstruction and repair segment are reckoned to amass notable gains over 2022-2029 due to the rising incidences of sports-based injuries.
Based on application, the knee injuries segment is anticipated to amplify exponentially over the stipulated timeframe. This is due to the increased popularity of high impact sports such as soccer, football, and basketball, among others.
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Geographical analysis and landscape
Middle East & Africa Sports Medicine Market
The industry in MEA is projected to account for a substantial volume share. This is credited to the rising popularity of sports like football, increasing R&D activities, and rapidly evolving sports infrastructure. Also, growing government expenditure on the same along with rising number of sports tournaments are spurring the growth of this regional market.
Asia Pacific
Asia Pacific is slated to register the fastest growth over 2022-2029. This is supported by the increasing number of sports enthusiasts, growing prevalence of sports-based injuries, and presence of notable industry players.
Opportunities in this market
Growing popularity of remote health monitoring- The onset of the COVID-19 pandemic has accelerated the adoption of telemedicine and remote monitoring technologies in healthcare, including sports medicine. This has revolutionized the use of virtual care solutions in the sports sector. Remote consultations, virtual rehabilitation programs, and remote monitoring of athletes’ progress and vital signs can provide convenient and accessible care, particularly for athletes in remote locations or those with limited access to sports medicine specialists. This has created an upward trend in this market.
Major developments in the Sports Medicine Market
Acquisitions
In 2021, Medtronic announced the acquisition of tan Spine, a company specializing in titanium spine interbody implants.
In 2021, DJO Global announced to have acquired Trilliant Surgical, a company focused on developing innovative technologies for minimally invasive orthopedic surgery.
Porter’s Five Forces Analysis
Threat of New Entrants: The threat of new entrants in the sports medicine market is relatively low. Developing and commercializing medical devices, orthopedic implants, and specialized sports medicine products require significant investment in research and development, regulatory compliance, and manufacturing capabilities. Established companies have built strong brand recognition, distribution networks, and relationships with healthcare providers, creating barriers to entry for new players. Additionally, stringent regulatory requirements and the need for clinical validation pose challenges for new entrants.
Bargaining Power of Buyers: The bargaining power of buyers in the sports medicine market varies depending on the specific segment. Buyers in this market include hospitals, healthcare facilities, orthopedic surgeons, and athletes. The bargaining power of these buyers is moderate to high due to the availability of multiple suppliers and the importance of product quality and performance. Buyers have the ability to compare and choose from various brands and negotiate pricing and terms. However, switching costs and the critical nature of specialized sports medicine products can also limit the bargaining power of buyers to some extent.
Bargaining Power of Suppliers: The bargaining power of suppliers in the sports medicine market is moderate. Suppliers in this context refer to manufacturers of medical devices, orthopedic implants, and related products. While there are several suppliers in the market, the concentration of suppliers may vary for specific components or specialized products. Suppliers can exert some bargaining power by controlling the supply of critical raw materials or components. However, the sports medicine market is characterized by competition among suppliers, which can limit their bargaining power. Manufacturers also have the option to diversify their supplier base to mitigate potential risks.
Threat of Substitutes: The threat of substitutes in the sports medicine market is relatively low. Sports medicine products and treatments are often specialized and tailored to the unique requirements of athletes and individuals with sports-related injuries. While alternative treatment options may exist, such as physical therapy or non-invasive interventions, the specific needs of athletes and the demand for high-performance solutions differentiate sports medicine from general orthopedics or other healthcare fields. The importance of targeted and effective interventions in sports-related injuries minimizes the threat of substitutes.
Competitive Rivalry: The competitive rivalry in the sports medicine market is high. The market is characterized by a range of established players, including multinational medical device companies, orthopedic implant manufacturers, and specialized sports medicine companies. These competitors engage in intense research and development, product innovation, and marketing efforts to gain market share. Differentiation through advanced technologies, clinical evidence, surgeon training programs, and customer support is crucial to gain a competitive edge. Price competition may exist, but the emphasis is often on quality, performance, and established brand reputation.
On Special Requirement Acute Repetitive Seizures Market Report is also available for below region:
North America
Europe
- Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
Asia-Pacific
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
Latin America
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
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