February 25, 2024

Sports Medicine Devices Market Is Expected To Be Flourished By Rise In Sports Injuries

Sports medicine devices are used for prevention, diagnosis, and treatment of sports injuries. These include body reconstruction products, body support and recovery products, and body monitoring and evaluation devices. Body reconstruction products such as surgical implants, internal fixation devices, prosthetic devices are used to reconstruct damaged tissues and joints. Body support and recovery products include braces and supports, physiotherapy and rehabilitation equipment, arch supports, compression clothing, and thermotherapy equipment. Body monitoring and evaluation devices include heart rate monitors, body composition monitors, digital inclinometers, and electromyography devices. The global Sports Medicine Devices Market is estimated to be valued at US$ 1259.84 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics
Rise in Sports Injuries: Increase in participation in sports and games especially football, basketball, tennis, gymnastics has led to rise in sports injuries like fractures, ligament tears, dislocation, muscular injuries, tendinitis etc. This increases demand for sports medicine devices for effective treatment and prevention of recurring injuries. These devices assist in injury management and faster recovery during rehabilitation.

Product Innovation: Development of technologically advanced sports medicine devices with precision and accuracy improves treatment effectiveness and minimizes chances of re-injury during sports activities. For example, 3D motion tracking systems evaluate incorrect postures and movements that can help identify injury risks and design customized rehabilitation programs. Wearable sensors monitors body performance during training to optimize workouts according to players’ physical condition and capabilities.

Segment Analysis
The Global Sports Medicine Devices Market Size is segmented by product into body reconstruction devices, body support devices. The body reconstruction devices segment dominated the market in 2022 and is expected to maintain its dominance over the forecast period. This is due to the rising number of orthopedic injuries associated with sports and recreational activities which require surgical reconstruction of tendons, ligaments or bone tissues.

PEST Analysis
Political: The government policies and regulations supporting sports events and activities are driving the growth of this market. Favorable reimbursement policies for sports medicine procedures are also fueling market growth.
Economic: Rising disposable income levels and growing health awareness are increasing spending on sports and related medical devices. Economic growth is also enabling more funding for sports industries and participation globally.
Social: Changing lifestyles, increased participation in sports and fitness activities along with growing focus on preventive healthcare are major social factors spurring demand. Sports injuries are also becoming more common due to aggressive playing, prompting use of medical devices.
Technological: Adoption of advanced materials and computer-assisted designs in implants is improving patient outcomes. 3D printing technologies are helping develop customized implants. Technologies for fast recovery and pain management are enhancing the post-operative experience.

Key Takeaways
The global sports medicine devices market is expected to witness high growth over the forecast period supported by the rising sports participation globally along with economic growth.

Regional analysis: North America currently dominates the global market due to advanced healthcare systems and greater spending on sports medicine. However, Asia Pacific is emerging as the fastest growing regional market with India, China and other developing nations providing lucrative opportunities.

Key players: Key players operating in the sports medicine devices market are Celanese Corporation, Dairen Chemical Corporation, Kuraray Co. Ltd., LyondellBasell Industries, The Dow Chemical Company, and Wacker Chemie AG. Dairen Chemical Corporation has a strong presence in the APAC region while LyondellBasell Industries has a wide portfolio of reconstruction and support devices globally.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it