June 22, 2024
Sports Medicine Devices Market

Sports Medicine Devices Market is Expected to be Flourished by Adoption of Sports Medical Devices in Arthroscopic Surgeries

Sports medicine devices are extensively used in orthopedic surgeries and treatments to repair musculoskeletal injuries resulting from sports activities and accidents. Various devices such as internal fixation devices, external fixation devices, and arthroscopic devices are used in surgical procedures such as knee reconstruction, shoulder reconstruction, hip reconstruction, and other arthroscopic surgeries. Adoption of minimally invasive surgical (MIS) techniques such as arthroscopic surgeries reduces hospital stay and recovery time, improves patient outcomes. Arthroscopic surgeries require specialized devices to perform joint repairs through small incisions as opposed to traditional open surgeries.

The global sports medicine devices market is estimated to be valued at US$ 1451.34 Bn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

Increasing adoption of arthroscopic surgeries: Adoption of arthroscopic joint reconstruction surgeries is increasing owing to advantages such as less post-operative pain, reduced risk of infection, faster recovery, and shorter hospital stays. According to National Center for Biotechnology Information (NCBI), around 3 million arthroscopic knee procedures are performed annually in the US. Sports medicine devices such as arthroscopic shavers, tissue repair devices, radiofrequency ablation systems, and fluid management systems are extensively used in arthroscopic procedures.

Growing sports participation: Increasing participation in sports and recreational activities is increasing the risk of musculoskeletal injuries. According to the U.S. Department of Health and Human Services’ 2008 Physical Activity Guidelines for Americans, regular physical activity can help prevent chronic diseases and conditions. However, higher rates of sports injuries due to increased participation is also fueling the demand for sports medicine devices for treatments and surgeries.

Segment Analysis

The global sports medicine devices market is dominated by the orthobiologics sub-segment. Orthobiologics help in healing and regeneration of injured tissues. They are highly preferred by professional and amateur athletes for the treatment of various sports injuries like ligament tears, cartilage damage, and bone fractures. The orthobiologics sub-segment is growing at a faster rate as compared to other sub-segments due to increasing adoption of biologics for injury treatment.

PEST Analysis

Political: The sports medicine devices market is experiencing steady growth due to various government initiatives and investments to promote sports and prevent sports injuries. Most countries are focusing on improving sports medicine facilities and insurance coverage for sports injuries.

Economic: Continued economic growth across major countries is boosting healthcare spending including on advanced sports medicine devices. Rising purchasing power is increasing demand for sophisticated devices for faster recovery from injuries.

Social: Growing health consciousness and increasing participation in sports and fitness activities is driving the need for innovative sports medicine solutions. Improved access to devices is helping athletes and active individuals to quickly resume their activities post-injury.

Technological: The market is witnessing rapid technological advancements with the development of bioabsorbable implants, stem cell therapy, and 3D printing applications in device design. Smart devices and artificial intelligence are also gaining traction.

Key Takeaways

The Global Sports Medicine Devices Market Growth is expected to witness high over the forecast period supported by rising incidence of sports injuries worldwide, growing popularity of various sports, increasing healthcare spending, and technological advancements. The global Sports Medicine Devices Market is estimated to be valued at US$ 1451.34 Bn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031.

The North American region currently dominates the global market owing to high awareness about sports medicine, availability of advanced treatment options, and presence of key players in the region. The Asia Pacific region is emerging as a highly lucrative market for sports medicine devices due to flourishing medical tourism industry, rising health insurance penetration, and improving medical infrastructure in countries like China, India, and South Korea.

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, Wacker Chemie AG. Leading players are focusing on new product launches, mergers & acquisitions and expansion in high growth markets to strengthen their market position.

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