by The Sports Medicine Devices Market is estimated to be valued at Us$ 1259.84 Bn or Mn in 2023 and is expected to exhibit a CAGR Of 4.4% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Sports medicine devices are used in the treatment and rehabilitation of injuries related to sports and exercise activities. They include body reconstruction products such as joint replacements, internal fixation devices, and prosthetic devices. Minimally invasive surgeries with the help of arthroscopic procedures are gaining popularity in treating sports injuries. The rise in sports activities and awareness regarding physical fitness is propelling the demand for innovative sports medicine devices and rehabilitation products.
Market Dynamics:
The sports medicine devices market is primarily driven by the increasing incidence of sports injuries. According to the American Orthopedic Society for Sports Medicine, over 3.5 million athletes in the U.S. suffer from sports injuries annually, out of which approximately 550,000 require hospital emergency department visits or hospitalizations. Rise in participation in sports and increasing awareness regarding physical fitness as a part of daily lifestyle are factors augmenting the risk of sports injuries. For instance, participation in marathons has increased exponentially over the past decade. Moreover, rapid technological advancement in recent years has led to the development of minimally invasive surgeries and advanced rehabilitation devices. This has significantly improved clinical outcomes and recovery time for patients undergoing surgery for sports injuries.
Segment Analysis
The sports medicine devices market is dominated by the orthobiologics sub-segment. Orthobiologics like bone grafts, viscosity supplements, stem cell therapy, platelet rich plasma etc are widely used for treatment of orthopedic injuries like ligament tears, muscle strains etc. These products help in faster healing and recovery of damaged tissues and bones. The strong growth in orthopedic injuries due to sports and recreational activities is driving the demand for orthobiologics sub-segment.
PEST Analysis
Political: Regulations regarding approval of new sports medicine products are getting streamlined, encouraging innovation. However, pricing pressures remain due to policies aimed at reducing healthcare costs.
Economic: Growing economy is enabling higher investments in sports infrastructure and fitness activities. Rising incomes are increasing spends on healthcare and injury treatment.
Social: Increasing health awareness and focus on fitness is driving participation in sports and recreational activities. Growing consumer demand for quick recovery is benefiting the sports medicine devices market.
Technological: Adoption of robotic technologies, 3D printing, and stem cell therapy is facilitating development of advanced implants and surgical tools. Technologies enhancing performance monitoring of athletes is an emerging area.
Key Takeaways
The Global Sports Medicine Devices Market Size is expected to witness high growth, exhibiting CAGR of 4.4% over the forecast period, due to increasing participation in sports and fitness activities leading to greater risk of orthopedic injuries.
The North American region dominates the sports medicine devices market owing to high consumer expenditures on healthcare and fitness, presence of major players, and growing number of sports medicine procedures. The Asia Pacific region is expected to exhibit the highest growth over the forecast period due to rising awareness about sports medicine, increasing healthcare spending, and growing participation in sports.
Key players operating in the sports medicine devices are 3M Company, Arthrex, Inc., ArthroCare Corporation, Biomet, Inc., BREG, Inc., Conmed Corporation, DePuy Mitek, Inc., DJO Global, Inc., Mueller Sports Medicine, Inc., Ossur hf, and OttoBock Healthcare GmbH. These players are focusing on developing advanced implants, surgical tools and performance monitoring devices through R&D and collaboration efforts.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
