Press release
Sports Medicine Devices Market to Witness a Robust CAGR of 5.6% During 2021 - 2028
According to the report, the global sports medicine devices market was valued at US$ 9.08 Bn in 2020 and is projected to expand at a CAGR of 5.6% from 2021 to 2028. The sports medicine devices market is witnessing strong growth due to increase in demand for doctors, surgeons, nurses, physical therapists, and other healthcare professionals specialized in the field. This can be attributed to rise in unmet needs of providing effective treatment for various types of condition restricting the physical activities due to sports injuries.
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Increase in contact sports and exercise has created significant opportunities for people of all ages and physical abilities, races, and classes. Moreover, interest in professional sports and students participating in casual sports have increased in the last few decades.
The sports medicine devices market is characterized by minimally invasive arthroscopic procedures, which require less hospital stay and long-term effect. The recovery procedures not only concentrate on quick recovery from the injuries, but also have a continuous check to avoid any further damage to the injured joint or ligament.
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The global sports medicine devices market covers joint implants, fracture repair, arthroscopy devices, prosthesis, orthobiologics, and support & recovery products such as braces, bandages, tapes, hot/cold therapy products, and performance monitoring devices.
Rise in Awareness about Health Fitness Among Baby Boomers
The global geriatric population has increased at a rapid rate in the past few years. This increase in the geriatric population and their rising interest toward fitness and exercise in an attempt to reduce cholesterol levels and control diabetes and obesity, and overall increased surge for life expectancy will significantly increase the use of medical devices. Majority of the elderly population engages in sports and fitness activities such as gym, yoga, and games including golf and cycling. Consequently, there have been incidences of dislocation of joints, trauma, fractures as well as ligament and meniscal injuries, requiring need of treatment, prevention, or rehabilitation with the use of sports medicine.
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Rise in Number of Sports Medicine Associations to Drive Market
Sports medicine associations established across the globe contribute to the growth of the sports medicine devices market. These associations support various research activities in sports medicine, conduct various education programs, and also engage in providing fellowships for advanced education in sports medicine.
Promotion of sports activities among the physically challenged is another important aspect of the developmental activities conducted by such associations.
Arthroscopy Devices Segment Held Significant Market Share
Arthroscopy is an endoscopic surgery used to treat a number joint injuries caused due to sports. The application of arthroscopy encompasses a range of sports injuries of shoulder, knee, foot, ankle, hip, elbow, and digits. Arthroscopy surgeries are a standard in treating anterior and posterior cruciate ligament of knee, rotator cuff tear of shoulder, and other cartilage, ligament, and tendon repair procedures.
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Athletes are always at a risk of acetabular labral tear due to rapid hip movements, sudden stop & turns, and extensive stretching. Labral tear causes pain in the groin and a sense of locking in the hip joint. Arthroscopic surgeries are performed to repair the cartilage if physiotherapy and other treatments have failed.
Advances in the imaging techniques such as HD and 3D HD coupled with bioabsorbable implants, knotless suture anchors, and fiber sutures have propelled the arthroscopy segment of the sports medicine devices market.
Performance Monitoring Devices Segment to Lead Global Market
Various vital signs are monitored and analyzed for surfacing the areas of improvement to observe the recovery of sports injuries. These devices include ECG monitors, pressure monitors, and heart rate monitors. New technology devices are portable and can be worn during the day to day activities, providing a continuous performance monitoring platform. Wearable ECG and heart rate monitors are widely used in sports and fitness areas where the sports trainers focus on stamina enhancement.
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Sensor insoles are used to analyze the pressure distribution and other dynamics of locomotion. Moticon manufactures sensor insoles, which measure weight distribution, balance, temperature, and acceleration. With the advent of smart phone applications and computer software suites, the market for sports performance monitors has expanded to non-professionals as well. These mobile phone applications are connected to monitoring devices through Bluetooth or Wi-Fi, and are more cost-effective than professional complex software suites.
Dominance of Local Players Manufacturing Support & Recovery Products in Sports Medicines to Hamper Market
Local manufacturers dominate the support & recovery segment, which includes braces, wraps, tapes, and hot & cold gel packs. These products are available at low cost compared to branded products. The local manufacturers save considerably on advertising and quality of products so that they can reduce the price and stay ahead in the competitive market. The product's quality does not have a significant effect on the recovery, hence, non-professionals usually prefer inexpensive local products.
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Regional Analysis
North America and Europe dominated the global market in 2020. However, the regions are projected to lose market share owing to strong market growth in Asia Pacific owing to economic development in emerging nations with high unmet medical needs. Asia Pacific is a lucrative market for these devices due to increase in sports injuries, rise in disposable income, surge in awareness about fitness among all generations in developing countries, increase in intensity of sports activities, and specialization of sports medicine included in latest educational courses.
Competition Landscape of Sports Medicine Device Market
The global sports medicine devices market is fragmented due to presence of large number of players. Key players operating in the global market include Allergan plc, Bayer AG, F. Hoffmann-La Roche Ltd., Graybug Vision, Inc., Kubota Pharmaceutical Holdings Co., Ltd., Novartis AG, Pfizer, Inc., Regeneron Pharmaceuticals, Inc., Santen Pharmaceutical Co., Ltd., Takeda Pharmaceutical Company Limited.
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