Arthroscopic enabling equipment and implantables. Orthobiologics, wearables and braces are not included in this chapter.
January 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.
Sports medicine sales surpassed $6.7 billion in 2023 and account for 11.4% of the $59 billion global orthopedic market. Improving procedure volumes helped sports medicine recover over the last two years, but component supply shortages limited the segment’s capital equipment availability at times.
In 2023, certain sports medicine volumes slowed a bit as surgeons and distributors focused on the long-awaited rebound of large joint replacement procedures.
Ongoing pressures like supply chain disruption and staffing shortages were mitigated during 2023. We expect the sports medicine segment to generate $6.7 billion in 2023, or +6.9% growth, as the market rebounds from disruption. Sports medicine will generate $8.4 billion in worldwide sales by 2027.
Exhibit 1: Worldwide Sports Medicine Sales by Year ($millions)
Get More Orthopedic Market Data. Download the Orthopedic Revenue 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.
Fast-growing subsegments, adoption of surgical robots and a national VBP tender in China are some of the factors we considered in our sports medicine forecast.
Complementary and fast-growing areas within sports medicine drive its attractive growth profile. Anika estimates that its sports medicine products for rotator cuff disease equate to an $850 million market, growing in the mid-to high-single digits. Nanochon estimates the U.S. sports medicine application for cartilage repair at $2 billion annually, representing an underserved niche that provides a substantial opportunity. We expect new treatment options for younger and more active patients to accelerate market growth.
The sports medicine segment is no stranger to capital equipment, but 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 lasting change on the sports medicine market.
We know that there are advantages to our platform. FDA agrees, which is why the agency granted us Breakthrough Device Designation. While arthroscopy is different than joint replacement, clinical studies have shown that having someone to collaborate with in the operating theater, even if it’s just a robot, aids in cutting and balancing. Patients who underwent robotic-assisted surgery left the hospital sooner and returned to function quicker.
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 VBP tender to impact about 2% of total company sales, but also already experienced a slowdown as distributors destock in anticipation of the tender.
U.S. sports medicine sales surpassed $4.4 billion and accounted for 66% of the market in 2023, while OUS sales reached $2.3 billion. Sales for consumables and capital in China slowed ahead of a national VBP tender in sports medicine expected in the second quarter of 2024.
Exhibit 2: Sports Medicine Sales by Region ($millions)
Region | FY23 | FY22 | $ Chg | % Chg |
---|---|---|---|---|
US | $4,457.9 | $4,158.7 | $299.2 | 7.2% |
OUS | $2,276.1 | $2,142.4 | $133.7 | 6.2% |
EMEA | $1,266.0 | $1,190.9 | $75.1 | 6.3% |
APAC | $612.8 | $586.0 | $26.8 | 4.6% |
ROW | $397.3 | $365.5 | $31.8 | 8.7% |
Total | $6,734.0 | $6,301.1 | $433.0 | 6.9% |
Exhibit 3: Sports Medicine Market Share by Region ($millions)
Arthrex and Smith+Nephew maintain dominant positions in the sports medicine market, accounting for 57% of global sales in the segment. More players in orthopedics’ $1 billion revenue tier, especially Stryker and Zimmer Biomet, are shifting investment dollars toward sports medicine and experiencing meaningful growth.
Stryker’s ASC offense synergizes well with its sports medicine business. Meanwhile, Zimmer Biomet’s active portfolio management prioritizes higher-growth areas like sports medicine.
Orthopedic ASCs are buying across product lines. They are buying capital, disposables and implants. That definitely plays to our advantage because we're very deep within these service lines.
Exhibit 4: Top 10 Sports Medicine Players and All Others ($millions)
Company | FY23E | FY22A | $ Chg | % Chg |
---|---|---|---|---|
Arthrex | $2,286.4 | $2,155.0 | $131.5 | 6.1% |
Smith+Nephew | $1,522.5 | $1,436.8 | $85.7 | 6% |
DePuy Synthes | $929.7 | $880.9 | $48.8 | 5.5% |
Stryker | $866.0 | $806.0 | $60.0 | 7.4% |
CONMED | $483.4 | $437.8 | $45.6 | 10.4% |
Zimmer Biomet | $208.5 | $195.3 | $13.2 | 6.7% |
Vericel | $161.9 | $132.0 | $29.9 | 22.7% |
KARL STORZ | $153.2 | $140.7 | $12.5 | 8.9% |
Anika Therapeutics | $21.4 | $19.5 | $1.8 | 9.4% |
Aesculap | $14.2 | $12.8 | $1.4 | 11% |
All Others | $86.8 | $84.2 | $2.6 | 3.1% |
Segment Total | $6,734.0 | $6,301.1 | $433.0 | 6.9% |
Exhibit 5: Sports Medicine Market Share by Company ($millions)
The sports medicine segment grew +6.9% in 2023 to a global total of $6.7 billion. Procedure volumes have generally improved in the last two years. Electronic component shortages seem to have mitigated some compared to 2022.
Arthrex furthered its vision of connected operating rooms by collaborating with Skytron, a healthcare safety and efficiency company specializing in capital equipment.
Zimmer Biomet continued allocating more resources to sports medicine, most recently acquiring Embody for $155 million, plus another $120 million in milestone payments. Embody specializes in sports medicine soft tissue healing, featuring the TAPESTRY biointegrative implant for tendon healing and TAPESTRY RC, reportedly one of the first arthroscopic implant systems for rotator cuff repair.
In late 2022, Laith M. Jazrawi, M.D., Chief of Sports Medicine at NYU Grossman Medicine, performed the first U.S. surgery with Lazurite’s ArthroFree System, a wireless arthroscopic camera. He described the experience as “truly liberating.”
As network speeds and camera quality improve, wireless and single-use sports medicine instruments could push more procedures into office settings with lower costs and higher patient satisfaction. Longer-term, Dr. Jazrawi believes that genetic testing could lead to patient-specific care plans for sports medicine.
Stryker’s sports medicine business has been “on fire,” as CEO Kevin Lobo described it, with a long string of double-digit growth quarters. The company’s broad portfolio and dedicated ASC team have fueled its sports medicine gains.
Zimmer Biomet repeatedly cites sports medicine as a priority segment for investment as it scales up its ASC infrastructure through acquisitions. Still, a vast gulf of revenue exists between segment leaders Arthrex and Smith+Nephew and everyone else in the space.
After Bioventus’ fumbled acquisition of CartiHeal last year, Smith+Nephew moved in with a definitive agreement in November 2023 to acquire the developer of Agili-C, a novel sports medicine technology for cartilage regeneration in the knee. Smith+Nephew will pay $330 in cash for the transaction.
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.
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.
Arthroscopic enabling equipment and implantables. Orthobiologics, wearables and braces are not included in this chapter.
January 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.
Sports medicine sales surpassed $6.7 billion in 2023 and account for 11.4% of the $59 billion global orthopedic market. Improving procedure volumes helped sports medicine recover over the last two years, but component supply shortages limited the segment’s capital equipment availability at times.
In 2023, certain sports medicine volumes slowed a bit as surgeons and distributors focused on the long-awaited rebound of large joint replacement procedures.
Ongoing pressures like supply chain disruption and staffing shortages were mitigated during 2023. We expect the sports medicine segment to generate $6.7 billion in 2023, or +6.9% growth, as the market rebounds from disruption. Sports medicine will generate $8.4 billion in worldwide sales by 2027.
Exhibit 1: Worldwide Sports Medicine Sales by Year ($millions)
Get More Orthopedic Market Data. Download the Orthopedic Revenue 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.
Fast-growing subsegments, adoption of surgical robots and a national VBP tender in China are some of the factors we considered in our sports medicine forecast.
Complementary and fast-growing areas within sports medicine drive its attractive growth profile. Anika estimates that its sports medicine products for rotator cuff disease equate to an $850 million market, growing in the mid-to high-single digits. Nanochon estimates the U.S. sports medicine application for cartilage repair at $2 billion annually, representing an underserved niche that provides a substantial opportunity. We expect new treatment options for younger and more active patients to accelerate market growth.
The sports medicine segment is no stranger to capital equipment, but 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 lasting change on the sports medicine market.
We know that there are advantages to our platform. FDA agrees, which is why the agency granted us Breakthrough Device Designation. While arthroscopy is different than joint replacement, clinical studies have shown that having someone to collaborate with in the operating theater, even if it’s just a robot, aids in cutting and balancing. Patients who underwent robotic-assisted surgery left the hospital sooner and returned to function quicker.
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 VBP tender to impact about 2% of total company sales, but also already experienced a slowdown as distributors destock in anticipation of the tender.
U.S. sports medicine sales surpassed $4.4 billion and accounted for 66% of the market in 2023, while OUS sales reached $2.3 billion. Sales for consumables and capital in China slowed ahead of a national VBP tender in sports medicine expected in the second quarter of 2024.
Exhibit 2: Sports Medicine Sales by Region ($millions)
Region | FY23 | FY22 | $ Chg | % Chg |
---|---|---|---|---|
US | $4,457.9 | $4,158.7 | $299.2 | 7.2% |
OUS | $2,276.1 | $2,142.4 | $133.7 | 6.2% |
EMEA | $1,266.0 | $1,190.9 | $75.1 | 6.3% |
APAC | $612.8 | $586.0 | $26.8 | 4.6% |
ROW | $397.3 | $365.5 | $31.8 | 8.7% |
Total | $6,734.0 | $6,301.1 | $433.0 | 6.9% |
Exhibit 3: Sports Medicine Market Share by Region ($millions)
Arthrex and Smith+Nephew maintain dominant positions in the sports medicine market, accounting for 57% of global sales in the segment. More players in orthopedics’ $1 billion revenue tier, especially Stryker and Zimmer Biomet, are shifting investment dollars toward sports medicine and experiencing meaningful growth.
Stryker’s ASC offense synergizes well with its sports medicine business. Meanwhile, Zimmer Biomet’s active portfolio management prioritizes higher-growth areas like sports medicine.
Orthopedic ASCs are buying across product lines. They are buying capital, disposables and implants. That definitely plays to our advantage because we're very deep within these service lines.
Exhibit 4: Top 10 Sports Medicine Players and All Others ($millions)
Company | FY23E | FY22A | $ Chg | % Chg |
---|---|---|---|---|
Arthrex | $2,286.4 | $2,155.0 | $131.5 | 6.1% |
Smith+Nephew | $1,522.5 | $1,436.8 | $85.7 | 6% |
DePuy Synthes | $929.7 | $880.9 | $48.8 | 5.5% |
Stryker | $866.0 | $806.0 | $60.0 | 7.4% |
CONMED | $483.4 | $437.8 | $45.6 | 10.4% |
Zimmer Biomet | $208.5 | $195.3 | $13.2 | 6.7% |
Vericel | $161.9 | $132.0 | $29.9 | 22.7% |
KARL STORZ | $153.2 | $140.7 | $12.5 | 8.9% |
Anika Therapeutics | $21.4 | $19.5 | $1.8 | 9.4% |
Aesculap | $14.2 | $12.8 | $1.4 | 11% |
All Others | $86.8 | $84.2 | $2.6 | 3.1% |
Segment Total | $6,734.0 | $6,301.1 | $433.0 | 6.9% |
Exhibit 5: Sports Medicine Market Share by Company ($millions)
The sports medicine segment grew +6.9% in 2023 to a global total of $6.7 billion. Procedure volumes have generally improved in the last two years. Electronic component shortages seem to have mitigated some compared to 2022.
Arthrex furthered its vision of connected operating rooms by collaborating with Skytron, a healthcare safety and efficiency company specializing in capital equipment.
Zimmer Biomet continued allocating more resources to sports medicine, most recently acquiring Embody for $155 million, plus another $120 million in milestone payments. Embody specializes in sports medicine soft tissue healing, featuring the TAPESTRY biointegrative implant for tendon healing and TAPESTRY RC, reportedly one of the first arthroscopic implant systems for rotator cuff repair.
In late 2022, Laith M. Jazrawi, M.D., Chief of Sports Medicine at NYU Grossman Medicine, performed the first U.S. surgery with Lazurite’s ArthroFree System, a wireless arthroscopic camera. He described the experience as “truly liberating.”
As network speeds and camera quality improve, wireless and single-use sports medicine instruments could push more procedures into office settings with lower costs and higher patient satisfaction. Longer-term, Dr. Jazrawi believes that genetic testing could lead to patient-specific care plans for sports medicine.
Stryker’s sports medicine business has been “on fire,” as CEO Kevin Lobo described it, with a long string of double-digit growth quarters. The company’s broad portfolio and dedicated ASC team have fueled its sports medicine gains.
Zimmer Biomet repeatedly cites sports medicine as a priority segment for investment as it scales up its ASC infrastructure through acquisitions. Still, a vast gulf of revenue exists between segment leaders Arthrex and Smith+Nephew and everyone else in the space.
After Bioventus’ fumbled acquisition of CartiHeal last year, Smith+Nephew moved in with a definitive agreement in November 2023 to acquire the developer of Agili-C, a novel sports medicine technology for cartilage regeneration in the knee. Smith+Nephew will pay $330 in cash for the transaction.
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.
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