by 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 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Sports medicine devices are medical instruments or implants used to prevent or treat injuries resulting from sports activities. These include reconstructive devices like plates, screws and staples for joint repair, as well as arthroscopic devices used for soft tissue repair and reconstruction of tendons and ligaments. Sports medicine devices help in faster healing of athletes and allow them to return to playing field sooner. With growing popularity of active lifestyles and competitive sports, demand for sports medicine devices is on the rise.
Market key trends:
One of the key trends in the sports medicine devices market is growing popularity of minimally invasive procedures. Manufacturers are focusing on developing advanced arthroscopic devices and surgical techniques that involve smaller incisions and speedier recovery. This is driving the adoption of sports medicine procedures. Additionally, there is rise in sports injuries owing to increasing participation in sports and recreational activities globally. As per National Health Interview Survey, around 30 million sports injuries are reported annually in the U.S. This wide patient pool necessitates the need for latest sports medicine treatment options and devices.
Porter’s Analysis
Threat of new entrants: The sports medicine devices market requires high initial investments for research and development. This poses a barrier for new companies to enter the market.
Bargaining power of buyers: Individual consumers have low bargaining power due to lack of influence over price setting and limited alternatives. However, hospitals and sports clinics have moderate bargaining power due to the large volume of purchases.
Bargaining power of suppliers: The presence of many component suppliers gives buyers options and limits supplier bargaining power. Suppliers also do not hold threaten position over buyers.
Threat of new substitutes: There is a low threat as sports medicine devices have few product substitutes that can provide similar clinical results for injury treatment and recovery.
Competitive rivalry: The market is highly competitive with the presence of many global players.
Key Takeaways
The Global Sports Medicine Devices Market Size is expected to witness high growth, exhibiting CAGR of 4.4% over the forecast period 2023 to 2030, due to increasing participation in sports and fitness activities.
North America currently dominates the global sports medicine devices market owing to rising healthcare expenditure, rapid adoption of advanced technologies, increasing prevalence of sports injuries and presence of major players in the region. However, Asia Pacific is anticipated to exhibit the fastest growth rate during the forecast period driven by growing healthcare infrastructure, rising disposable income and increasing awareness about sports injuries.
Key players operating in the sports medicine devices market include 3M Company, Arthrex, Inc., ArthroCare Corporation, Biomet, Inc., BREG, Inc., Conmed Corporation, DePuy Mitek, Inc., DJO Global, Inc., Mueller Sports Medicine, Inc., Ossur hf, and OttoBock Healthcare GmbH. For instance, Arthrex dominates the global sports medicine market with strong product portfolio of shoulder repair products, implants and knee repair products.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
