Global Sports Medicine Market to reach USD 2,062.7 Million by 2033: Driven by Emphasis on Mental Health in Sports | FMI

Posted on 2024-06-16 by Future Market Insights in Healthcare // 0 Comments

The global sports medicine market is on an unprecedented trajectory of growth, driven by a remarkable emphasis on mental health within sports. Recent market analysis reveals an astounding forecast, with the market set to reach a valuation of USD 1,157.0 million by the end of 2023, and a projected Compound Annual Growth Rate (CAGR) of 6.0% from 2023 to 2033. This surge is poised to elevate the market value to an impressive USD 2,062.7 million by 2033.

The escalating recognition of mental well-being’s significance for athletes across all levels is a key driver behind this remarkable growth. As societal stigma surrounding mental health issues progressively diminishes, athletes are increasingly seeking support for challenges such as anxiety, depression, and burnout. This evolving landscape presents novel opportunities for the sports medicine market, fueling demand for specialized services and support systems tailored to athletes’ unique needs.

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The report also highlights other key factors contributing to the market’s growth, such as:

Rising participation in sports and fitness activities: As more people engage in athletic pursuits, the need for preventative care and injury treatment increases.
Technological advancements: Advancements in diagnostics, treatment methods, and rehabilitation equipment are improving patient outcomes and driving market growth.
Increasing government support for sports medicine initiatives: Many governments are recognizing the importance of sports medicine in promoting public health and well-being, leading to increased funding for research and development.

This positive outlook underscores the growing importance of mental and physical well-being in the sports industry. The sports medicine market is well-positioned to capitalize on this trend, offering innovative solutions and support systems to athletes of all backgrounds.

Key Takeaways from the Market Study:

Global sports medicine market was valued at USD 1,078.0 million by 2022-end.
From 2018 to 2022, the market demand expanded at a CAGR of 7.4%.
The market in India is expected to expand at a CAGR of 8.9% through 2033.
By product type, the standalone analyzers segment to account for a share of 55.9% in 2023.
From 2023 to 2033, sports medicine market is expected to flourish at a CAGR of 6.0%.
By 2033, the market value of sports medicine is expected to reach USD 2,062.7 million.

There is a shift towards patient centric approaches in sports medicine, emphasizing shared decision making, patient education, and engagement. Healthcare providers are focusing on creating personalized treatment plans that align with the preferences and lifestyles of patients, remarks an FMI analyst.

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Competitive Landscape:

Prominent players in the sports medicine market are Arthrex, Inc., DePuy Synthes, Smith & Nephew Plc., Stryker Corporation, Zimmer Biomet Holdings, Inc., Olympus Movement Performance, Karl Storz, Tornier N.V., Wright Medical Group N.V., DJO Global, Ossur HF, Medtronic Plc., CONMED Corporation, Mueller Sports Medicine, Inc., Cayenne Medical, NuOrtho Surgical Inc., Ottobock, RTI Surgical, and NuVasive, Inc., among others.

Recent Developments:

In 2023, Medtronic plc announced the launch of its new MyoSure Ablation System for sports medicine applications. The MyoSure system is designed to treat pain caused by muscle and nerve injuries.
In the same year, Arthrex, Inc. announced the launch of its new Augmenix Augmented Reality System for sports medicine applications. The Augmenix system is designed to help surgeons visualize anatomy during surgery.
In 2022, Abbott Laboratories announced the launch of its new FreeStyle Libre 3 Glucose Monitoring System for sports medicine applications. The FreeStyle Libre 3 system is designed to help athletes track their blood glucose levels.
In 2022, Boston Scientific Corporation announced the launch of its new Vertiflex Intervertebral Spacer for sports medicine applications, which is designed to treat spinal stenosis.

Segmentation Analysis of the Sports Medicine Market:

By Product:

Body Reconstruction Products
- Arthroscopy Devices
- Meniscal Repair Device
- Prosthetic Devices
- Orthobiologics
Body Support and Recovery Products
- Braces and Supports
- Compression Clothing
- Accessories

By Application:

Knee Injuries
Shoulder Injuries
Ankle and Foot Injuries
Back and Spine Injuries
Elbow and Wrist Injuries
Hip Injuries
Others

By Region:

North America
Latin America
Western Europe
Eastern Europe
South Asia & Pacific
East Asia
The Middle East & Africa

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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