Sports Medicine Devices Market to Witness 5.6% CAGR during 2021 - 2028, Reaching USD 13.85 Bn: TMR Study

Wilmington, Delaware, United States, April 29, 2023 (GLOBE NEWSWIRE) -- Increase in preference for minimally invasive surgeries and surge in adoption of arthroscopic surgery for the treatment of common sports injuries are propelling market growth. Surge in usage of joint implants to treat knee and ankle injuries in athletes is expected to augment the sports medicine device market during the forecast period. The global sports medicine device market was valued at USD 9.08 Bn in 2020 and is projected to reach USD 13.85 Bn by 2028.

Growing trend of wearable devices such as fitness bands and pulse oximeters among sportspersons to avoid fatigue-related injuries is anticipated to strengthen the adoption of sports medicine devices across the globe. Furthermore, enhanced participation of specially-abled individuals in athletic activities is expected to boost the sports medicine device industry in the near future.

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Surge in awareness about fitness in the elderly population is likely to encourage their participation in sports, which is likely to broaden the sports medicine device market outlook. Furthermore, rapid advancements in joint repair implants used in sports medicine are projected to accelerate market development.

Key Findings of Study

Rapid Increase in Adoption of Arthroscopy in Sports Medicine: Rise in number of arthroscopy procedures among athletes is expected to drive adoption of sports medicine devices. For instance, in the past decade, a significant number of athletes who underwent hip arthroscopy, especially for femoroacetabular impingement syndrome, have benefitted from the procedure. Surge in adoption of sports medicine devices, especially in orthopedic procedures, is anticipated to offer significant opportunities to companies in the market.
Rise in incidence of injuries of upper limb, head, neck, and trunk in athletes in football and hockey is likely to bolster global sports medicine device market development. Sports practice is significantly benefitting from rapid advancements in arthroscopic surgery. Rapid increase in demand for diagnosis and treatment of joint injuries in professional athletes is expected to strengthen market growth.

Rise in Demand for Wearable Performance Devices: Surge in popularity of wearable devices in sports medicine is expected to propel the market. A range of wearable performance devices are utilized by sports teams and individual endurance athletes to maximize performance and minimize the incidence of injury. Surge in commercialization of recovery & support products, such as electro simulators, compression clothing, and hot & cold packs, across several countries is likely to fuel the market movement in the next few years.

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Competition Landscape

Prominent companies in the sports medicine device market are Allergan plc, Takeda Pharmaceutical Company Limited, Bayer AG, Pfizer Inc., F. Hoffmann - La Roche Ltd., Novartis AG, Graybug Vision, Inc., Santen Pharmaceutical Co., Ltd., and Regeneron Pharmaceuticals.

Key Drivers

Rise in injuries among youth athletes, especially shoulder and elbow injuries, is a key driver of the sports medicine device market. For instance, the past decade has witnessed a rapid increase in injuries in contact/collision sports such as rugby, ice hockey, and football. Rise in prevalence of sports-related injuries in teens and children in developed countries is anticipated to boost the uptake of various sports medicine devices available.
Surge in participation of the elderly population in sports is likely to propel the sports medicine device market. Rapidly increasing demand for sports medicine among paralympic athletes is likely to bolster R&D activities in sports science, which is likely to augment the market. Rise in number of physically disabled athletes and sportspersons in swimming, sprinting, wheelchair tennis, and basketball is projected to drive the market size.

Regional Growth Dynamics

North America accounted for major market share in 2020. The trend is likely to continue during the forecast period. Rise in demand for cost-effective orthopedic implants in the U.S. and Canada is likely to augment the market in the region. Presence of several prominent sports injury treatment product manufacturers in North America is likely to fuel the market. These companies are focusing on constant product innovations with high patient compliance. Rapid adoption of arthroscopy procedures in the elderly patient population is likely to favor market growth.

Asia Pacific is a lucrative market for sports medicine devices. Surge in awareness about fitness among the elderly and rise in prevalence of sports injuries, including fractures, knee injuries, and sprains and strains in young athletes, are expected to propel market development in the region. South Korea, China, Japan, Australia, and New Zealand are expected to offer lucrative opportunities to market players.

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Sports Medicine Device Market Segmentation

Orthopedic Products

Artificial Joint Implants
Arthroscopy Devices
Fracture Repair Devices
Prosthesis
Orthobiologic

Recovery & Support Product

Braces
Performance Monitoring Devices
Accessories
Other Recovery Products
- Thermotherapy
- Cryotherapy
- Ultrasound
- Electric Stimulation Devices
- Compression Clothing

Region

North America
Europe
Asia Pacific
Lati America
Middle East & Africa

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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