Press Release

The sports medicine devices market was valued at USD 7.3 Bn in 2021. The market is projected to grow USD 19.3 Bn in 2030, at a CAGR of 5.5%. 

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The rising frequency of chronic diseases such as cardiovascular disease and obesity, as well as increased awareness of a healthy lifestyle, are two important factors driving increased engagement in sports activities. According to the Centers for Disease Control and Prevention (CDC), more than 30 million children and teens participate in organised sports in the United States, with one-third of them reporting sporting injuries. Additionally, continual invention of new products in reconstruction and surgery technologies, as well as increased demand for minimally invasive operations in developed and developing countries, are driving market expansion.

Furthermore, technical advancements in the orthopaedic field, such as 3D printing of implants and the introduction of bionic technology, as well as sensor technology in prosthetic limbs, will provide the sports medicine business with unparalleled growth potential throughout the projection period. Furthermore, increased personal health awareness, as well as a major increase in government intervention in promoting and encouraging sporting activities, is predicted to drive global market predictions. As a result, an increase in sports activities may result in an increase in sports injuries. According to the National Safety Council (NSC), there were over 400,000 sports-related injuries in the United States in 2019. As a result, the aforementioned variables will help to increase the sports medicine market.

However, rising product recalls and a lack of healthcare infrastructure in developing nations are impeding market expansion. In 2016, Zimmer Biomet, for example, issued a recall for a number of medical equipment, including trauma and sports medicine instruments, implants, surgical screws, implants, and bones. Furthermore, in the first quarter of 2018, medical device recalls surged by 126 percent. Customers' perceptions of the product and the company are tarnished by product recalls, which is currently impeding the sports medicine sector.

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The body reconstruction & repair devices segment has dominated the market share of the global sports medicine devices market in 2020 owing to products like as braces, supports, and physiotherapy equipment are required. The knee held the largest market share in 2020 of the global sports medicine devices market attributing to the rising prevalence of colorectal cancer (CRC) in younger adults, as well as the growing geriatric population in the United States, China, Japan, and India, has resulted in a greater awareness of the target demographic for CRC screening. The hospitals segment is dominated the market share in 2020 owing to the occurrence of complex diagnostic procedures is becoming more widely used in hospitals, and government and private financing for healthcare is expanding, as is the availability of competent healthcare personnel and technologically advanced facilities.

North America region is dominating the market share of global sports medicine devices market owing to the Due to reduced funding allocation for sports, the global sports medicine devices market is expected to slow. Furthermore, a lack of reimbursement rules specifically designed for academic sports injuries may put a damper on market growth in the coming years. However, the launch of new implants and prostheses, as well as the development of performance monitoring technology, are expected to expand the market.

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REGIONAL INSIGHTS

The global sports medicine devices market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. North America region is dominating the market share of global sports medicine devices market owing to the Due to reduced funding allocation for sports, the global sports medicine devices market is expected to slow. Furthermore, a lack of reimbursement rules specifically designed for academic sports injuries may put a damper on market growth in the coming years. However, the launch of new implants and prostheses, as well as the development of performance monitoring technology, are expected to expand the market. Other factors expected to drive market growth include technological advancements in joint repair implants and need for minimally invasive procedures. However, Asia Pacific is expected to witness highest growth rate during the forecast period of sports medicine devices market due to the rising population and urbanization activities. Increased number of athletes and the growing popularity of various exercise activities are fueling the growth of the global sports medicine devices market.

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