Sales in the sports medicine segment eclipsed $6.7 billion in 2023 and accounted for 11.4% of the $59 billion global orthopedic market, according to ORTHOWORLD estimates. ORTHOWORLD reports that the market’s worldwide sales will reach $7.1 billion in 2024 and $8.4 billion by 2027.
In 2023, Stryker’s broad product portfolio and focus on the ASC market allowed the company to capture nearly 13% of the sports medicine market and reach $887 million in sales, 10% more than the previous year.
“Orthopedic ASCs are buying across product lines,” said Stryker CEO Kevin Lobo. “They are buying capital, disposables, and implants. That definitely plays to our advantage because we’re very deep within these service lines.”
Arthrex and Smith+Nephew continued to pace the segment, however, with $2.2 billion and $1.5 billion in sales and 34% and 23% market share, respectively.
ORTHOWOLRD noted that sports medicine case volumes slowed slightly in 2023 amid persistent supply shortages and as orthopedic companies focused on keeping pace with increasing joint replacement demand. Still, ORTHOWORLD said that improving procedure volumes in sports medicine will lead to the market’s full recovery.
Additionally, research presented at this year’s American Academy of Orthopaedic Surgeons Annual Meeting reported that sports-related injuries in individuals over the age of 65 are expected to increase by 123% from 2021 to 2040.
Image Credit: Dan Cook | BONEZONE
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