Global Sports Medicine Devices Market, By Product Type (Orthopedic Products, Recovery Products, Support Products, Braces & Support Products, Physiotherapy Equipment, and Others), By Application (Knee Injuries, Shoulder Injuries, Foot & Ankle Injuries, Elbow & Wrist Injuries, Back & Spine Injuries, and Others), By End User (Hospitals, Physiotherapy Centers, Sports Franchises & Teams, Ambulatory Surgery Centers, and Others (Wellness & Fitness Centers, among others)), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 6.64 Mn in 2023 and is expected to exhibit a CAGR of 7.8% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Sports medicine devices are used for the treatment and prevention of injuries related to sports and exercise. These include orthobiologics, scaffolds, and surgical equipment used for repairing damaged tissues and bones. Arthroscopic devices, prosthetics, braces, and supports are also utilized.
The global sports medicine devices market is expected to witness significant growth over the forecast period, owing to the rising incidence of sports injuries across the world. According to the statistics by the National Athletic Trainers' Association, over 3.5 million sports injuries are recorded annually in the U.S. alone in children and adolescents engaged in organized sports and physical activities. This has increased the demand for innovative devices for preventing and treating sports injuries. Furthermore, continuous advancements in the fields of biomaterials and 3D printing are helping to develop novel implants and surgical tools with enhanced strength, biocompatibility, and customization. The development of bioabsorbable fixation devices is also fueling the market growth.
Global Sports Medicine Devices Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of things from one place to another.
Furthermore, key market players operating in the global sports medicine devices market faced major challenges on various fronts due to the COVID-19 pandemic. The major challenges include the supply of raw materials required for manufacturing sports medicine devices due to irregularities in transportation facilities. Moreover, distributors of sports medicine devices systems were experiencing irregular demand for products from retailers.
Global Sports Medicine Devices Market: Key Developments
On March 7, 2023, Smith Nephew, a medical technology company, announced the launch of UltraTRAC QUAD ACL Reconstruction Technique which consists of the new QUADTRAC Quadriceps Tendon Harvest Guide System, X-WING Graft Preparation System and family of ULTRABUTTON Adjustable Fixation Devices. These technologies work together to provide an innovative procedural solution, expanding Smith+Nephew's ability to address surgeon graft preference.
On August 17, 2023, Smith Nephew, a medical technology company, announced the launch of its OR3O Dual Mobility System for use in primary and revision hip arthroplasty in India. Compared with traditional solutions, dual mobility implants have a small diameter femoral head that locks into a larger polyethylene insert - increasing stability, reducing dislocation risk, and offering improved range of motion.
Browse 35 Market Data Tables and 39 Figures spread through 160 Pages and in-depth TOC on “Global Sports Medicine Devices Market”- Forecast to 2030, Global Sports Medicine Devices Market, By Product Type (Orthopedic Products, Recovery Products, Support Products, Braces & Support Products, Physiotherapy Equipment, and Others), By Application (Knee Injuries, Shoulder Injuries, Foot & Ankle Injuries, Elbow & Wrist Injuries, Back & Spine Injuries, and Others), By End User (Hospitals, Physiotherapy Centers, Sports Franchises & Teams, Ambulatory Surgery Centers, and Others (Wellness & Fitness Centers, among others)), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/sports-medicine-market-1116
Key Takeaways of the Global Sports Medicine Devices Market:
- The global sports medicine devices market is expected to exhibit a CAGR of 7.8% during the forecast period. The development of wearable sports devices offers lucrative growth opportunities for players in the global sports medicine devices market.
- Among product type, the orthopedic products segment is expected to provide a lucrative opportunity for the growth of the global sports medicine devices market during the forecast period, and this is attributed to increasing product launches by key market players. For instance, on January 26, 2023, Orthofix US LLC., a manufacturer of medical devices, announced the launch of its product Mariner Deformity Pedicle Screw System. To meet the special clinical needs of complicated adult deformity spine cases, Mariner Deformity Pedicle Screw System is based on the robustness and adaptability of the original Mariner Pedicle Screw System. To provide effective and potent surgical intervention, the full commercial launch incorporates sophisticated reduction and correction instrumentation, specialist implant technologies, and sturdy osteotomy tools.
- Among region, North America is expected to be the dominant region in the global sports medicine devices market, owing to the increasing prevalence of sports injury in the U.S. For instance, according to the data published by The Johns Hopkins Hospital and Johns Hopkins Health System, a hospital in the U.S., about 30 million children and teens participate in some form of organized sports, and more than 3.5 million injuries each year in the U.S., which cause some loss of time of participation, are experienced by the participants. Almost one-third of all injuries incurred in childhood are sports-related injuries.
- Major players operating in the global sports medicine devices market are 3M, 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
