Global Sports Medicine Devices Market Opportunities And Strategies 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s sports medicine devices market report forecasts the sports medicine devices market size to grow to $9.85 Billion by 2027, with a CAGR (compound annual growth rate) of more than 7%.
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Sports Medicine Devices Market Size Forecast
The global sports medicine devices market is expected to grow from $6.86 billion in 2022 to $7.44 billion in 2023 at a compound annual growth rate (CAGR) of 8.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many markets across the globe. The global sports medicine device market size is expected to reach $9.85 billion in 2027 at a CAGR of 7.2%.
North America held the largest sports medicine devices market share, and Asia-Pacific was the fastest-growing region in 2022.
Key Sports Medicine Devices Market Driver – Rise In Sports Injuries
Injuries from sports and recreation, for example, have grown by 20% in 2021, according to research issued by the National Safety Council (NSC), a US-based public service organisation promoting health and safety. Injuries sustained while using recreational and leisure equipment necessitated the emergency treatment of 3.2 million people in 2021. Males are injured around twice as often as females (2,158,887 females vs. 4,148,404 males in 2021), and 91% of injury victims are treated and released from emergency facilities. As a result, the surge in sports injuries is propelling the sports medicine device market forward.
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Key Sports Medicine Devices Market Trend – Technological Advancement
Major players in the sports medical device market are focusing on the development of innovative technologies. Smith & Nephew, a UK-based medical technology company, for example, will launch the JOURNEY II Medial Dished (MD) in September 2021. The product’s capacity to give more normal kinematics regardless of the state or absence of the posterior cruciate ligament (PCL) distinguishes it. The JOURNEY II collection as a whole is intended to simulate the normal forms, postures, and mobility of the healthy knee.
Sports Medicine Devices Market Segment
1) By Product: Orthopedic Devices, Body Reconstruction And Repair, Body Support And Recovery, Body Monitoring And Evaluation, Accessories
2) By Orthopedic Product: Artificial Joint Implants, Arthroscopy Devices, Fracture Repair Devices, Prosthesis, Orthobiologic
3) By Recovery And Support Product: Braces, Performance Monitoring Devices, Accessories, Other Recovery Products
4) By Application: Knee Injury, Shoulder Injury, Ankle-Foot Injury, Back-Spine Injury, Hand-Wrist Injury, Hip-Groin Injury, Arm-Elbow Injury
5) By End Users: Ambulatory Surgical Centers, Hospitals, Orthopaedic Clinics, Other End Users
Sports Medicine Devices Market Major Players and Strategies
Major players in the sports medicine devices market are Arthrex Inc., Conmed Corporation, DJO LLC, Johnson & Johnson Services Inc., Stryker, Smith+Nephew, Mueller Sports Medicine Inc., Zimmer Biomet, Wright Medical Group NV, Orthofix US LLC., Karl Storz SE & Co. KG, RTI Surgical, Medtronic, Santen Pharmaceutical Co. Ltd., and Kubota Pharmaceutical Holdings Co. Ltd.
DJO LLC, a medical device business based in the United States, paid an unknown sum for Trilliant Surgical in January 2021. The acquisition of Trilliant Surgical’s cutting-edge product technology and clinical efficacy complements DJO’s planned expansion into the neighbouring $1 billion US foot and ankle market, which is seeing significant growth. Trilliant Surgical is a surgical equipment manufacturer and provider based in the United States.
The Sports Medicine Devices Global Market Report 2023 covers regional data on sports medicine devices market size, sports medicine devices market trends and drivers, opportunities, strategies, and sports medicine devices market competitor analysis. The countries covered in the sports medicine devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Sports medicine devices are those that help patients recover from injuries experienced while participating in sports, exercise, or other physical activities. It is used to prevent and cure musculoskeletal difficulties like sprains, strains, fractures, and ligament repairs, as well as repetitive motion injuries and upper and lower back discomfort caused by sports.
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