The market is projected to expand at over 7.5% CAGR through 2031. It is expected to be driven by increasing application in the treatment of knee, shoulder and ankle foot injuries to cater the manufacturer’s growth. Despite facing a slight drawback with the onset of COVID-19, future projections indicate a positive growth through 2021 and beyond.
Furthermore, active participation in sports activity has increased the incidence of sports injuries. FMI evaluates, body reconstruction is the leading segment and is expected to propel the market growth through 2021 & beyond. According to a recent survey by Centers of Disease Control and Prevention, 34.7% of the sports related injuries are rotator cuff tears or injures that needs to reconstruct by severe therapy or surgery. Rising cases of sports injuries will continue inducing growth prospects for the market.
“In order to gain competitive edge, the market players are focusing on various expansion strategies. Among these, product launches will remain highly sought-after,” remarks the FMI analyst.
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Breg Inc., Johnson & Johnson, Medtronic PLC, Wright Medical Group NV, Mueller Sports Medicine Inc., Zimmer Biomet Holdings Inc., CONMED Corporation, Stryker Corporation, Smith & Nephew PLC, and Arthrex Inc. among others. Majority of these players are emphasizing on diversifying their products further.
For instance, in May 2020, Orteq Sports Medicine announced the publication of 5-year multi-center clinical data for the Acifit meniscal scaffold in the American Journal of Sports Medicine and received approval from US Food and Drug Administration.
Also, in June 2020, Smith & Nephew received the CE mark approval for Regeneten Bioinductive Implant, advanced healing solution for biological enhancement and tendon regeneration across all rotator cuff tear types.
More Insights on FMI’s Sports Medicine Market
Future Market Insights brings the comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016-2020 and forecast from 2021-2031. The global sports medicine market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on sports medicine market on basis of product type (body reconstruction, body support & recovery, body monitoring & evaluation, and accessories), application (knee injuries, shoulder injuries, ankle & foot injuries, back & spine injuries, elbow & wrist injuries, hip injuries, and other applications) across North America, Europe, Latin America, East Asia, South Asia, Oceania and Middle East and Africa.
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