February 25, 2024
Sports Medicine Devices Market

The Global Sports Medicine Market Is Projected To Driven By Increasing Sports Injuries

Sports medicine devices help athletes and active individuals prevent, diagnose and treat injuries related to sports, exercise and physical activity. They include joint reconstruction and repair devices such as knee, hip and shoulder arthroplasty devices as well as external fixation devices, internal fixation devices like screws, plates, pins, rods and other internal fixation devices. In addition, therapeutic equipment like bracing and supporting devices, physiotherapy and rehabilitation equipment and continuous passive motion machines are also included. These devices help treat various musculoskeletal injuries and support post-surgery recovery. Sport medicine devices enable athletes to perform optimally and recover quickly from injuries. The need for such high-performance, durable and ergonomic devices has been increasing with greater participation in sports.

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 key trends:

One of the key trends in the sports medicine devices market is the development and use of bioresorbable materials, which get absorbed by the body over time. This eliminates the need for future surgery to remove implanted devices. Research is being conducted to develop bioresorbable implants made from magnesium or polymers like polylactic acid (PLA) that can be safely broken down by the body without causing inflammation. 3D printing is another emerging trend as it allows for custom designing implants based on individual patients’ anatomy. This improves implant fit and efficacy. Furthermore, wearable biometric sensors and devices enable real-time monitoring of athletes’ vital parameters as well as early detection of tissue damage and overuse. This facilitates preventive care and faster recovery. Technological advances are driving new product innovation in this market to fulfil the growing need for high-performance devices in sports medicine.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate. High capital requirements and stringent regulations deter new companies from entering the market. However, growing demand offers opportunities for new startups and established players.

Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many established companies offering substitutable products. Buyers can negotiate on price and switch between brands easily.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative raw material sources and suppliers. However, supply chain disruptions can impact established manufacturers.

Threat of new substitutes: The threat of substitutes is moderate as other treatment options are available but not direct replacements for sports medicine devices. However, more effective substitutes can pose a threat in the future.

Competitive rivalry: The competitive rivalry is intense with leading players competitively pricing their products and launching new technologically advanced solutions regularly to gain market share.

Key Takeaways

The Global Sports Medicine Devices Market Demand is expected to witness high growth. Growing participation in sports and fitness activities as well as rising incidence of sports injuries are major drivers for the market. 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.

Regional analysis: North America dominated the market in 2024 with a share of over 40%due to presence of leading players, higher healthcare spending on sports medicine, and growing popularity of sports. Asia Pacific is expected to witness the fastest growth during the forecast period supported by increasing healthcare investments, rising medical tourism, and growing middle-class population in countries such as China and India.

Key players: 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. Key players are focusing on launching innovative products and expanding business across global markets through acquisitions and partnerships.

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