Sports Medicine Market on Anticipated Surge by 2032
Author: Precedence Research
The global sports medicine market size surpassed USD 10.93 billion in 2022 and is estimated to hit around USD 21.86 billion by 2032, poised to grow at a CAGR of 7.18% during the forecast period 2023 to 2032.
The sports medicine market is a rapidly growing sector and is becoming a special discipline. It is also known as a sports and exercise medicine market. It is a branch of medicine in which the detection, prevention, treatment, and monitoring of sports-related injuries is done. Professionals working in sports medicine help people, especially athletes, to go back to their regular routine after a sports injury. A multidisciplinary approach is used in which professionals from different disciplines, like certified athletic trainers, orthopedic surgeons, specialty SEM physicians, physical medicine and rehabilitation specialists, and sports physical therapists are involved.
One of the misconceptions regarding sports medicine is that it is only utilized by athletes and sportspersons. However, it can be utilized by everyone, including healthy and active people. Over the years, people started taking an interest in sports and physical activity due to inactive and unhealthy lifestyles, which generated the interest of common people in sports medicine.
How North America Stands as a Leading Marketplace in Sports Medicine Market?
North America dominated the sports medicine market in 2023 and is expected to dominate the market in the forecasting period. The rising popularity of sports in Western countries is the prevalence of the market. People are not only interested in sports but are also focusing on a healthy lifestyle, which is also increasing the market revenue in North America.
U.S.
The U.S. is among the most athletic countries that promote sports and fitness on a professional level; it is the most successful country when it comes to basketball, baseball, swimming, golf, tennis, golf, boxing, figure skating, volleyball, and many more sports which increases the use of sports medicine. In the World Athletics Championships 2023, the US ranked number with the highest number of medals, followed by Canada. This indicates that the sports medicine market has a great opportunity to grow in the U.S. and Canada.
The National Safety Council estimated the number of injuries that can occur due to different sports and recreational activities. The number was lower in the previous years due to COVID-19, but the number increased again once the routine got back to normal. 3.6 million people in 2022 were admitted to the emergency department due to injuries associated with recreational equipment and sports. The three major activities associated with injuries were exercise, cycling, and basketball. These sports and other activities need more attention and equipment to prevent and treat injuries.
Canada
Canada is also a sports enthusiast and ranked second in the World Athletics Championships 2023. Around 55% of people aged 15 years and above participated in different sports activities in 2023, out of which 69% were men and 49% were women. Physical health and fitness were among the top motivations that motivated 82% of people to participate in sports.
- Canada is highly invested in preventing sports-related injuries, and in December 2023, the Minister of Health, Mark Holland, announced $250,000 in funding to Parachute (an injury prevention firm) to prevent concussions that occur during recreation activities and sports.
SWOT analysis of Sports Medicine Market
Strengths
- Sports medicine demand: Sports are forms of entertainment promoted worldwide. With time, sports have become more popular, and each and every person consumes one or other type of sports content. Globalization and technology have been valuable factors in increasing the popularity of sports activities. People got introduced to new sports and activities due to technology. With increased sorts of activity came an increased number of sports-related injuries and other health needs. These injuries and health needs are fulfilled by sports medicine and are one of the biggest strengths of the sports medicine market.
- Increased fitness activity: The lifestyle people are living, especially in urban areas, is very inactive and associated with various diseases. People are becoming more aware of physical fitness and healthy lifestyle. This increased awareness is increasing the number of people participating in fitness activities and needing the help of professionals, which they can get through sports medicine.
- Specialized treatment: Different sports are associated with different injuries. Popular sportspersons and teams have their personal trainer and professionals who provide personalized solutions. Personalized solutions are highly essential in providing high-quality care and fast recovery. Also, every person has their needs and preferences, which are important to consider when it comes to providing health-boosting solutions. Specialized treatment is one of the strengths that boosts the growth of sports medicine, especially among professional sportspersons.
Weaknesses
- Limited pool of patients: The sports medicine market caters to a specific population that is associated with sports and fitness. This reduces the number of people who want to seek sports medicine. Also, a major amount of revenue in the market is generated by official activities that do not occur in the off-season (monsoon), ultimately fluctuating revenue generation.
- Lack of professionals: It is challenging to recruit and retain skilled professionals in sports medicine. They need to analyze each and every aspect of health and injury. Age, gender, and the type of sports being played are analyzed to determine the type of injury that can occur and the type of fitness activities that are needed. Apart from medicines, professionals need to know about different sports. Significant events like football leagues, marathons, and so on require on-site professional attention, which can be hectic and lead to a turnover of professionals.
Opportunities
- Increasing customer base: People are becoming more and more interested in sports and fitness. The unhealthy lifestyle is the reason behind this increased interest. An unhealthy lifestyle has led to various chronic conditions, such as obesity and diabetes, which can cause various cardiovascular disorders and other conditions. People are becoming more and more conscious about their health and well-being. It has provided a great opportunity for the sports medicine market to expand itself in daily routine apart from professional sports activities.
- Technological advancements: technology is responsible for boosting every market, and continuous advancement in technology boosts growth. Technology like automation, machine learning, artificial intelligence, the Internet of Things, and so on provide opportunities for market growth. They help in introducing new products or services, improve efficiency and accuracy, and reduce human errors.
- Expansion in other areas: Sports medicine is for injuries related to sports, but there are fields where similar injuries can occur. These areas can be firefighting, construction, or any other industry that needs physical work where the chances of injuries are high. Sports medicine can expand its use in different fields.
- Psychological aspect: According to research conducted by Leonardelli and colleagues in 2023, it was found that 100% of the time, athletes were affected psychologically. The professionals can be trained to provide knowledge and skills to deal with the psychological impact of sports injuries, improving the quality of services and boosting market growth.
Threats
- Government Regulations: Government regulations and insurance policies change with time. The policies are changed based on the best interest of the people. However, these changes can be a threat to the sports medicine market because they can impact the way services are offered. Implementing changes increases resources. Utilization reduces performance, and it takes time to make changes and adjust according to the regulatory requirements.
- Cost of healthcare: There are a lot of reasons for the high cost of healthcare services. Inflation, cost of production, import, rarity, the complexity of the process, and so on are the reasons behind the high costs. The high cost of services restrains people from seeking health services and impacts the market growth.
- Market expansion in underdeveloped countries: The scope of the sports medicine market becomes limited and cannot be expanded to underdeveloped countries. In places where basic health needs are not fulfilled, the integration of sports medicine will be impossible or highly difficult.
What’s going on in the sports medicine market recently?
- The Lifespan Sports Medicine Center Clinic located in Dubai launched the Forever Chemicals Detoxification Program in February 2024. The purpose of this program is to provide expert consultation on regenerative medicine, internal medicine, and endocrinology. The program will also provide education, measurements of hormones and environmental toxins before and after therapy, personalized care, EBOO therapies, and guidance. The procedure will take place thrice in three weeks and will be repeated twice a year. The programs and therapies aim to enhance human performance with the help of advanced therapies and diagnostics.
- A global joint preservation company, Anika Therapeutics, Inc., announced the launch of the RevoMotion Reverse Shoulder Arthroplasty System and Integrity Implant System, along with other regenerative products, during the 2023 annual meeting of AAOS. These new products will be based on sports medicine solutions, bone-preserving implants, and regenerative technology that will serve as powerful tools for surgeons to provide proper services and ensure that people return to active living.
- Many athletes, especially runners, get injuries in their Achilles heels. Over time, it becomes difficult to treat the injury, causes pain while running, and hampers performance. In July 2023, UC San Diego Health Hospitals claimed it is the only hospital in San Diego that repairs tendon overuse injuries with minimum invasion. The hospital uses percutaneous ultrasonic tenotomy (PUT) to treat the injury. This treatment can also be used for hip, shoulder, hamstring, jumper’s knee, tennis and golfer’s elbow, bone spurs, and plantar fasciitis.
- Sports Medicine Centre and Sports Injury Prevention Research Centre hosted a special workshop for medical professionals. The workshop was mandatory for everyone who was going to take the IOC Diploma in Sports Medicine, which is a two-year program. The workshop offered many learning opportunities to 14 physicians, which included practical sessions, interactive presentations, lectures, and sharing and discussing knowledge with experts.
While concluding, the sports medicine market is growing rapidly due to its demand and application in other areas as well. People are becoming more and more aware of sports and exercise, which is positively impacting the growth of the market. Technological advancement and application to other areas will provide many opportunities for the growth of the market.
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