As one of the fastest-growing healthcare arenas globally, sports medicine deals with on and off-field sports injuries resulting from athletic activities. The rising involvement in sports and the awareness associated with physical well-being are among the major drivers propelling the market’s growth.
However, this factor leads to a significant rise in sports injuries, thus fueling the demand for sports medicine devices worldwide. The emerging innovations and the high demand for minimally invasive surgical procedures have essentially compelled the growth of the global sports medicine devices market. As a result, it has evolved into a million-dollar market performing at a CAGR of 6.53% during the forecasting years of 2022 to 2030. Moreover, for improved accessibility, Inkwood Research has further segmented the study of the global market into device type and applications.
Our expert analysis also suggests that leading companies like Stryker Corporation, Arthrex, and Johnson & Johnson are establishing efforts to promote their products and services through a comprehensive portfolio. Since these companies compete based on new innovative technology, price, and product features, the global market is fragmented and, thus, highly competitive.
Increasing Sports Injuries – Primary Contributor to the Global Market
Although sports-related activities reported a dip in 2020 due to the COVID-19 pandemic, international and national-level athletic events resumed operations as infection rates declined. This factor contributes to a surge in sports injuries, given the increasing participation rates.
For instance, injuries across Europe’s big five leagues increased by over 13% in the 2020/2021 season, with total injury cost to clubs equating to $503.51 million. Aligning with this, the Europe sports medicine devices market is set to record significant growth, especially as increased awareness encourages people to participate in athletics.
Similarly, there has been increased consciousness among the masses about the need for physical activity post the COVID-19 pandemic. This factor increases the prevalence of acute injuries, including sprains and fractures. Therefore, with over 4.5 million people treated in the European Union (EU) for sports injuries annually, the sports medicine devices market is set to grow in the upcoming years.
Regional Growth to Reinforce Global Trends & Developments
Key regions like the Asia-Pacific and North America have observed major developments in the field of sports medicine. These include sports commercialization and the recommencement of athletic events, subsequently playing a vital role in fueling the market’s growth.
Asia-Pacific: Leading Regional Market – CAGR 7.43%
- Compared to other countries in the Asia-Pacific, China is at the forefront, capturing the highest market share of 79% in 2021. This is primarily accredited to the rise in sports participation and the growing government support.
- Moreover, this factor leads to the adoption of minimally invasive surgeries and body support gear, consequently supplementing the Asia-Pacific sports medicine devices market growth.
- While the scenic landscape of New Zealand drives adventure tourism, it results in sports injuries like foot and ankle abrasions. Hence, as the fastest-growing application in the market, the ankle and foot injuries segment is set to grow with the highest CAGR of 77% over the forecasting years.
North America dominates the global market with a share of 41.59%
- The surge in participation in sports and leisure activities in the region and resultant injuries have presented the North America sports medicine devices market with key growth opportunities.
- Knee injuries is the dominating application that is expected to capture 02% by 2030. The high prevalence is accredited to the rise in water sports and increased participation in games like football and baseball. Since North America accounts for the highest cases of knee injuries, it is the leading market for the segment’s growth.
- The market in the United States largely focuses on manufacturing surgical equipment for reconstruction procedures. In this regard, the body reconstruction and repair device type segment held the highest market share of 74% in 2021.
Closing Considerations | Challenges Emerging as Market Opportunities
While the global sports medicine devices market is expected to register notable growth during the forecast period, challenges like the lack of skilled professionals and the high cost of devices may hinder its expansion. For example, in the United States, knee repair surgery procedures cost $5,400 to $36,700. Likewise, developing nations do not recognize sports medicine as a full-fledged career, despite the increasing demand for skilled personnel.
Therefore, it is essential that healthcare professionals working in this interdisciplinary field are equipped to treat sports-related injuries and conduct performance training. Hence, overcoming these limitations by developing cost-effective devices and efficiently training professionals will present the global sports medicine devices market with lucrative opportunities.
FAQs:
Which is the fastest-growing device type in the market?
Body monitoring and evaluation is set to be the fastest-growing device type in the market.
Which is the leading orthopedic device in the global market?
Prosthesis is the leading orthopedic device in the global market.