Sports medicine devices are used to prevent, diagnose, treat and rehabilitate injuries related to sports and exercise. These devices include products such as orthopedic devices, body reconstruction products and body repair products. Orthopedic devices include joint reconstructive implants such as knee and hip implants. Body reconstruction products include ligament reconstruction implant used to repair ACL or PCL injuries. Body repair products include fracture repair devices such as screws, plates, pins and rods used to repair broken bones. Sports medicine also includes arthroscopic devices used for surgical repair of sports injuries. 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:
The global sports medicine devices market is estimated to witness high growth owing to growing number of sports injuries. According to national statistics, sports injuries accounts for over 30 million injuries per year in the U.S. alone. The high rate of sports injuries has significantly increased the demand for advanced sports medicine devices for both treatment and rehabilitation. The market is further driven by growing participation in sports activities globally. According to a survey, 31.1% of U.S. population participates in some form of sports activity on a regular basis. This has increased the risk of sports injuries and subsequently boosted adoption of sports medicine devices such as orthopedic devices, arthroscopic devices and body reconstruction products. Growing geriatric population is another factor fueling the market growth. Elderly athletes have high risk of musculoskeletal injuries due to age related decline in agility and flexibility. This has increased adoption of sports medicine devices among elderly sports enthusiasts.
SWOT Analysis
Strength: The sports medicine devices market has experienced significant growth over the past few years due to rising sports injuries. The increasing participation in sports and gym activities has further boosted demand. Technological advancements have led to improved quality and precision of devices, allowing for faster recovery times.
Weakness: High costs associated with technologically advanced sports medicine devices can restrict their adoption in developing regions. Lack of reimbursement policies for such devices in many countries poses financial challenges for users.
Opportunity: Untapped potential exists in developing countries due to growing health awareness and disposable incomes. Introduction of affordable devices through innovative designs and materials can expand the customer base. Growing preference for minimally invasive surgeries presents an opportunity for companies.
Threats: Stringent regulatory approvals and quality standards prolong market entry timelines. The presence of alternatives like physiotherapy poses competition. Economic slowdowns can negatively impact the discretionary spending on such devices.
Key Takeaways
The Global Sports Medicine Devices Market Demand is expected to witness high over the forecast period of 2023 to 2030. Factors such as increasing awareness about health and fitness, rising sports injuries, participation in sports, and ongoing technological advancements are driving the market.
Regional analysis: North America currently dominates the global market and is expected to maintain its leading position till 2030. This can be attributed to the active lifestyle of people and high spending on healthcare in the US and Canada. However, Asia Pacific is projected to witness the fastest growth during the forecast period on account of growing middle-class population, increasing disposable incomes, and improving healthcare infrastructure in countries like China, India and Japan.
Key players operating in the sports medicine devices market are Celanese Corporation, Dairen Chemical Corporation, Japan VINYL ACETATE MONOMER & POVAL Co. Ltd., Kuraray Co. Ltd., LyondellBasell Industries, Ningxia Yinglite Chemical Co., Ltd., China Petroleum & Chemical Corporation (Sinopec Corp.), The Dow Chemical Company.
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