Sports Medicine Market Size and Share
Market Definition
Arthroscopic enabling equipment and implantables. Orthobiologics, wearables and braces are not included in this chapter.
April 2024
Mike Evers, Senior Market Analyst
Welcome to our overview of the sports medicine market. This page supplements the sports medicine chapter in THE ORTHOPAEDIC INDUSTRY ANNUAL REPORT®. The segment is fast-growing and of strategic importance to the biggest orthopedic companies.
The Market at a Glance
Sports medicine sales surpassed $6.7 billion in 2023 and account for 12% of the $59 billion global orthopedic market. The segment’s high growth rate and penetration in the ASC setting make it an area of strategic focus for the largest players in orthopedics, leading to a highly consolidated market.
We expect sports medicine to maintain a buoyant growth rate as younger patients seek orthopedic care and older patients remain active for longer. The rapid ascent of Pickleball is a great demonstration of these dynamics.
Market Forecast
Sports medicine has some short-term challenges in supply constraints and VBP in China, but it maintains one of the best growth profiles in orthopedics. We expect the sports medicine segment to generate just over $7.2 billion in 2024 and grow to $8.4 billion by 2027. We anticipate favorable patient demographics and maturing regenerative products to drive market growth after short-term disruption mitigates.
Exhibit 1: Worldwide Sports Medicine Sales by Year ($millions)
Get More Orthopedic Market Data. Download the Orthopedic Companies Sales Matrix for our most complete and granular numbers. It contains worldwide orthopedic sales for 68 public and private companies by segment from 2016 through 2023.
Here are some of the sports medicine market dynamics we considered in our forecasts:
Accelerating Markets Driving Segment Growth
Complementary and fast-growing areas within sports medicine drive its attractive profile. Anika estimates that its products for rotator cuff disease equate to an $850 million market, growing in the mid-to high-single digits. The startup Nanochon estimates the U.S. sports medicine application for cartilage repair to be worth $2 billion annually, representing an underserved niche that provides substantial opportunity. We expect new treatment options for younger and more active patients to accelerate market growth.
Surgical Robotics on the Horizon for Sports Medicine
Thus far, robotic systems are lacking for arthroscopic procedures. Advancements in robotics over the last five years, like smoother camera control and reduced latency, could make the systems viable for sports medicine applications. Convergence Medical plans to have 30 arthroscopic robots on the market by 2026. Depending on the adoption curve, these systems could have a lasting impact on the sports medicine market.
Cartilage degeneration is an issue that virtually everyone will experience in their lifetime. It is a clinically relevant problem that needs to be addressed adequately for patients. Cartilage degeneration has huge long-term health implications.
Ben Holmes, Nanochon Founder and CEO
VBP in China
The Chinese government’s expansion of its nationalized VBP tender policy will come to sports medicine in 2024. The policy has slashed prices for orthopedic products in the joint replacement, spine and trauma segments over the last few years. Moreover, the competitive dynamics shift significant market share to domestic Chinese companies. Smith+Nephew expects the upcoming sports medicine tender to impact about 2% of total company sales, but also already experienced a slowdown as distributors destock in anticipation of the bid.
Sales by Region
U.S. sports medicine sales neared $4.5 billion and accounted for 66.2% of the market in 2023, while OUS sales reached $2.3 billion. CONMED’s higher concentration of international sales gave it a broad market perspective in 2023. The company said the global healthcare situation is solid and it was optimistic about its markets. However, sales for consumables and capital in China slowed ahead of a national VBP tender in sports medicine expected in the second quarter of 2024.
Exhibit 2: Sports Medicine Sales by Region ($millions)
| Region | FY23 | FY22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $4,485.4 | $4,158.7 | $326.7 | 7.9% |
| OUS | $2,290.1 | $2,142.4 | $147.8 | 6.9% |
| EMEA | $1,273.8 | $1,190.9 | $82.9 | 7% |
| APAC | $616.6 | $586.0 | $30.6 | 5.2% |
| ROW | $399.8 | $365.5 | $34.3 | 9.4% |
| Total | $6,775.6 | $6,301.1 | $474.5 | 7.5% |
Exhibit 3: Sports Medicine Market Share by Region ($millions)
Top Companies
Arthrex and Smith+Nephew dominate the sports medicine market, accounting for over 56% of all sales in the segment. The top four players in the space control 80% of the market. Arthrex and Smith+Nephew are the only two players with more than $1 billion in annual sports medicine sales, though Stryker will soon reach that threshold. Smith+Nephew’s sports medicine business isn’t as impacted by the operational issues that hamper its joint replacement franchise.
Our REGENETEN Bioinductive Implant was the largest growth driver across the sports portfolio and will remain a key focus in 2024, with increasing market penetration and the development of new applications. We added a new opportunity with the acquisition of CartiHeal.
Deepak Nath, Smith+Nephew CEO
Exhibit 4: Sports Medicine Players Over $100 Million and All Others
| Company | FY23 | FY22 | $ Chg | % Chg |
|---|---|---|---|---|
| Arthrex | $2,286.4 | $2,155.0 | $131.5 | 6.1% |
| Smith+Nephew | $1,533.5 | $1,436.8 | $96.7 | 6.7% |
| Stryker | $887.0 | $806.0 | $81.0 | 10% |
| DePuy Synthes | $707.2 | $653.8 | $53.4 | 8.2% |
| CONMED | $486.7 | $437.8 | $48.9 | 11.2% |
| Zimmer Biomet | $192.8 | $182.4 | $10.4 | 5.7% |
| Vericel | $164.8 | $132.0 | $32.8 | 24.9% |
| KARL STORZ | $153.2 | $140.7 | $12.5 | 8.9% |
| All Others | $364.0 | $356.6 | $7.4 | 2.1% |
| Segment Total | $6,775.6 | $6,301.1 | $474.5 | 7.5% |
Exhibit 5: Sports Medicine Market Share by Company ($millions)
While sports medicine M&A activity most recently peaked in 2019-2020, we expect the top players to purchase smaller companies as regenerative treatments mature and ASC joint replacement procedures reach an inflection point.
Among the mid-tier players, CONMED emerged from 2023 with newfound resilience, while Zimmer Biomet worked through acute supply issues and ultimately performed in line with expectations. Vericel’s MACI product continued its incredible growth in 2023, and the company made progress on an arthroscopic delivery system that will increase its addressable market.
Important Developments in the Sports Medicine Market
What Are Startups Working On?
Commentary from early-stage sports medicine companies highlighted further expansion into foot and ankle products, biologics as the future of ligament repair and the role of in-house manufacturing in handling specialty materials and avoiding supply chain constraints. As orthopedic patients trend younger, more focus will be placed on early interventions for those not ready for total joint replacement. Anika Therapeutics is an example of a commercialized company targeting the early part of the patient journey.
Stryker’s Rocket Ship of Growth
Stryker’s sports medicine business grew from a startup 12 years ago to a “rocket ship” growth driver for the company in 2023. A strong sports medicine portfolio is helping Stryker win ASC deals it would have previously lost. Those wins are doubly important to the largest orthopedic players as total joint procedures shift to the ASC setting. Estimates vary, but more than half of the total joint procedures in the U.S. could move out of the hospital by 2030.
Smith+Nephew Purchases CartiHeal
CartiHeal marked an important milestone in mid-2023 with the first U.S. commercial case using Agili-C, a novel sports medicine technology for cartilage regeneration in the knee. With Bioventus unable to complete its 2022 acquisition of CartiHeal, Smith+Nephew moved in with a definitive agreement in November 2023 to acquire the company for $330 million in total consideration. The CartiHeal deal closed early this year and underscored Smith+Nephew’s bullishness on regenerative treatments.
Further Reading
Thanks for visiting! Need more insight into the sports medicine market? Questions and comments are always welcome. You can reach me by email. Until then, here are a few sports medicine posts I found interesting.
January 10, 2024
,
Julie A. Vetalice
December 12, 2022
,
Dan Cook
November 15, 2023
,
Mike Evers
Our overview of the nearly $7 billion sports medicine market includes up-to-date information on forecasted growth, the top companies and industry-driving trends.
Market Definition
Arthroscopic enabling equipment and implantables. Orthobiologics, wearables and braces are not included in this chapter.
April 2024
Mike Evers, Senior Market Analyst
Welcome to our overview of the sports medicine market. This page supplements the sports medicine chapter in THE ORTHOPAEDIC INDUSTRY ANNUAL REPORT®. The segment is fast-growing and of strategic importance to the biggest orthopedic companies.
The Market at a Glance
Sports medicine sales surpassed $6.7 billion in 2023 and account for 12% of the $59 billion global orthopedic market. The segment’s high growth rate and penetration in the ASC setting make it an area of strategic focus for the largest players in orthopedics, leading to a highly consolidated market.
We expect sports medicine to maintain a buoyant growth rate as younger patients seek orthopedic care and older patients remain active for longer. The rapid ascent of Pickleball is a great demonstration of these dynamics.
Market Forecast
Sports medicine has some short-term challenges in supply constraints and VBP in China, but it maintains one of the best growth profiles in orthopedics. We expect the sports medicine segment to generate just over $7.2 billion in 2024 and grow to $8.4 billion by 2027. We anticipate favorable patient demographics and maturing regenerative products to drive market growth after short-term disruption mitigates.
Exhibit 1: Worldwide Sports Medicine Sales by Year ($millions)
Get More Orthopedic Market Data. Download the Orthopedic Companies Sales Matrix for our most complete and granular numbers. It contains worldwide orthopedic sales for 68 public and private companies by segment from 2016 through 2023.
Here are some of the sports medicine market dynamics we considered in our forecasts:
Accelerating Markets Driving Segment Growth
Complementary and fast-growing areas within sports medicine drive its attractive profile. Anika estimates that its products for rotator cuff disease equate to an $850 million market, growing in the mid-to high-single digits. The startup Nanochon estimates the U.S. sports medicine application for cartilage repair to be worth $2 billion annually, representing an underserved niche that provides substantial opportunity. We expect new treatment options for younger and more active patients to accelerate market growth.
Surgical Robotics on the Horizon for Sports Medicine
Thus far, robotic systems are lacking for arthroscopic procedures. Advancements in robotics over the last five years, like smoother camera control and reduced latency, could make the systems viable for sports medicine applications. Convergence Medical plans to have 30 arthroscopic robots on the market by 2026. Depending on the adoption curve, these systems could have a lasting impact on the sports medicine market.
Cartilage degeneration is an issue that virtually everyone will experience in their lifetime. It is a clinically relevant problem that needs to be addressed adequately for patients. Cartilage degeneration has huge long-term health implications.
Ben Holmes, Nanochon Founder and CEO
VBP in China
The Chinese government’s expansion of its nationalized VBP tender policy will come to sports medicine in 2024. The policy has slashed prices for orthopedic products in the joint replacement, spine and trauma segments over the last few years. Moreover, the competitive dynamics shift significant market share to domestic Chinese companies. Smith+Nephew expects the upcoming sports medicine tender to impact about 2% of total company sales, but also already experienced a slowdown as distributors destock in anticipation of the bid.
Sales by Region
U.S. sports medicine sales neared $4.5 billion and accounted for 66.2% of the market in 2023, while OUS sales reached $2.3 billion. CONMED’s higher concentration of international sales gave it a broad market perspective in 2023. The company said the global healthcare situation is solid and it was optimistic about its markets. However, sales for consumables and capital in China slowed ahead of a national VBP tender in sports medicine expected in the second quarter of 2024.
Exhibit 2: Sports Medicine Sales by Region ($millions)
| Region | FY23 | FY22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $4,485.4 | $4,158.7 | $326.7 | 7.9% |
| OUS | $2,290.1 | $2,142.4 | $147.8 | 6.9% |
| EMEA | $1,273.8 | $1,190.9 | $82.9 | 7% |
| APAC | $616.6 | $586.0 | $30.6 | 5.2% |
| ROW | $399.8 | $365.5 | $34.3 | 9.4% |
| Total | $6,775.6 | $6,301.1 | $474.5 | 7.5% |
Exhibit 3: Sports Medicine Market Share by Region ($millions)
Top Companies
Arthrex and Smith+Nephew dominate the sports medicine market, accounting for over 56% of all sales in the segment. The top four players in the space control 80% of the market. Arthrex and Smith+Nephew are the only two players with more than $1 billion in annual sports medicine sales, though Stryker will soon reach that threshold. Smith+Nephew’s sports medicine business isn’t as impacted by the operational issues that hamper its joint replacement franchise.
Our REGENETEN Bioinductive Implant was the largest growth driver across the sports portfolio and will remain a key focus in 2024, with increasing market penetration and the development of new applications. We added a new opportunity with the acquisition of CartiHeal.
Deepak Nath, Smith+Nephew CEO
Exhibit 4: Sports Medicine Players Over $100 Million and All Others
| Company | FY23 | FY22 | $ Chg | % Chg |
|---|---|---|---|---|
| Arthrex | $2,286.4 | $2,155.0 | $131.5 | 6.1% |
| Smith+Nephew | $1,533.5 | $1,436.8 | $96.7 | 6.7% |
| Stryker | $887.0 | $806.0 | $81.0 | 10% |
| DePuy Synthes | $707.2 | $653.8 | $53.4 | 8.2% |
| CONMED | $486.7 | $437.8 | $48.9 | 11.2% |
| Zimmer Biomet | $192.8 | $182.4 | $10.4 | 5.7% |
| Vericel | $164.8 | $132.0 | $32.8 | 24.9% |
| KARL STORZ | $153.2 | $140.7 | $12.5 | 8.9% |
| All Others | $364.0 | $356.6 | $7.4 | 2.1% |
| Segment Total | $6,775.6 | $6,301.1 | $474.5 | 7.5% |
Exhibit 5: Sports Medicine Market Share by Company ($millions)
While sports medicine M&A activity most recently peaked in 2019-2020, we expect the top players to purchase smaller companies as regenerative treatments mature and ASC joint replacement procedures reach an inflection point.
Among the mid-tier players, CONMED emerged from 2023 with newfound resilience, while Zimmer Biomet worked through acute supply issues and ultimately performed in line with expectations. Vericel’s MACI product continued its incredible growth in 2023, and the company made progress on an arthroscopic delivery system that will increase its addressable market.
Important Developments in the Sports Medicine Market
What Are Startups Working On?
Commentary from early-stage sports medicine companies highlighted further expansion into foot and ankle products, biologics as the future of ligament repair and the role of in-house manufacturing in handling specialty materials and avoiding supply chain constraints. As orthopedic patients trend younger, more focus will be placed on early interventions for those not ready for total joint replacement. Anika Therapeutics is an example of a commercialized company targeting the early part of the patient journey.
Stryker’s Rocket Ship of Growth
Stryker’s sports medicine business grew from a startup 12 years ago to a “rocket ship” growth driver for the company in 2023. A strong sports medicine portfolio is helping Stryker win ASC deals it would have previously lost. Those wins are doubly important to the largest orthopedic players as total joint procedures shift to the ASC setting. Estimates vary, but more than half of the total joint procedures in the U.S. could move out of the hospital by 2030.
Smith+Nephew Purchases CartiHeal
CartiHeal marked an important milestone in mid-2023 with the first U.S. commercial case using Agili-C, a novel sports medicine technology for cartilage regeneration in the knee. With Bioventus unable to complete its 2022 acquisition of CartiHeal, Smith+Nephew moved in with a definitive agreement in November 2023 to acquire the company for $330 million in total consideration. The CartiHeal deal closed early this year and underscored Smith+Nephew’s bullishness on regenerative treatments.
Further Reading
Thanks for visiting! Need more insight into the sports medicine market? Questions and comments are always welcome. You can reach me by email. Until then, here are a few sports medicine posts I found interesting.
January 10, 2024
,
Julie A. Vetalice
December 12, 2022
,
Dan Cook
November 15, 2023
,
Mike Evers
You are out of free articles for this month
Subscribe as a Guest for $0 and unlock a total of 5 articles per month.
You are out of five articles for this month
Subscribe as an Executive Member for access to unlimited articles, THE ORTHOPAEDIC INDUSTRY ANNUAL REPORT and more.
