Sports Medicine Devices Market Growth Report 2031
The sports medicine devices market size is projected to reach US$ 11.8 billion by 2031 from US$ 6.5 billion in 2023. The market is expected to register a CAGR of 10.3% during 2023–2031. Increasing participation in sports and market penetration opportunities in emerging economies will likely remain a key trend in the market.
Sports Medicine Devices Market Analysis
The growth of the sports medicine devices market is estimated to grow owing to key driving factors such as increasing incidences of sports injuries and rising demand for minimally invasive methods. Furthermore, rising technological advancements in sports medicine devices will likely offer opportunities to the sports medicine devices market in the coming years.
Sports Medicine Devices Market Overview
Contributors to the increase in sports injuries are professional athletes, weekend athletes, young people, children playing in clubs, and sometimes adults. Most sports injuries are orthopedic injuries, including sprains, strains, fractures, broken ligaments, pain, and swelling. These injuries are roughly divided into acute and chronic. According to Stanford Children's Health, approximately 30 million youth and children in the US play sports annually, and more than 3.5 million sports-related injuries are reported each year. According to the Board of Certification for Athletic Trainers, an estimated 2 million acute ankle injuries occur in the US. The incidence of ligament tears and fractures is high in athletes. The incidence of sports injuries increases due to increasing participation in sports and active participation in fitness activities due to the growing focus on healthy living worldwide. Therefore, the demand for sports medicine devices is increasing due to the rising number of sports injuries worldwide.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Sports Medicine Devices Market: Strategic Insights
Market Size Value in US$ 6,094.67 million in 2022 Market Size Value by US$ 9,452.72 million by 2028 Growth rate CAGR of 7.6% from 2022 to 2028. Forecast Period 2022-2028 Base Year 2022
Mrinal
Have a question?
Mrinal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Sports Medicine Devices Market: Strategic Insights
| Market Size Value in | US$ 6,094.67 million in 2022 |
| Market Size Value by | US$ 9,452.72 million by 2028 |
| Growth rate | CAGR of 7.6% from 2022 to 2028. |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
Mrinal
Have a question?
Mrinal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Sports Medicine Devices Market Drivers and Opportunities
Rising Demand for Minimally Invasive Methods
Sports injuries are usually minor, but orthopedists try to avoid surgical interventions in the case of more significant injuries. Minor injuries can generally be treated with minimally invasive methods such as physiotherapy, orthotics, acupuncture, arthroscopic surgery, and sports medicine. Professional athletes risk their lives for excellence in their respective sports, which often leads to many sports injuries, sometimes even permanent injuries at the end of a career. Newer and minimally invasive surgical techniques for dealing with sports injuries also shorten the time it takes for players to return to sports. These treatments are less invasive than surgery and generally require a shorter recovery period. These minimally invasive methods are inexpensive. The introduction of novel implants and prostheses and the development of performance monitoring devices are creating numerous opportunities in the market. Among the procedures popular today, arthroscopy has become a major elective procedure. Frost & Sullivan estimates that approximately 180,000 to 200,000 arthroscopic procedures are performed in India.
Rising Technological Advancements in Sports Medicine
Medical technologies play a role in many aspects of an athlete's routine, from predicting and preventing sports-related injuries to monitoring fitness and enhancing recovery after a training session or competitive outing. The rise of artificial intelligence (AI), automation, and a host of other technological breakthroughs over the same period is leading to the introduction of innovations to optimize performance, maintain fitness, and extend athletes' careers. Further, new technologies and applications are also showing the potential to provide athletes and their coaches with even more valuable biometric data, including heart rate, metabolism, workload, and core temperature, which, in turn, can be used to detect fatigue and predict its likelihood of future injury. Additionally, the increasing use of wearable devices such as resistance bands and other sensory aids to monitor stress levels and prevent fatigue-related injuries among athletes is fueling the growth of the sports medicine devices market. For example, Athletigen Technology, Inc., a performance-driven company in Nova Scotia, works with various athletes to use the information they gather about their DNA to improve their performance and health while reducing the incidence of sports-related injuries. Such cases are expected to spur market growth over the forecast period, thereby providing numerous opportunities in the market.
Sports Medicine Devices Market Report Segmentation Analysis
Key segments that contributed to the derivation of the sports medicine devices market analysis are product, application, and end user.
- Based on product, the sports medicine devices market is segmented into body reconstruction and repair, body support and recovery, body monitoring and evaluation, accessories. The body reconstruction and repair segment held a largest market share in 2023.
- Based on application, the sports medicine devices market is segmented by elbow & wrist injury, shoulder injury, knee injury, ankle and foot injury, spine injury, others. The knee injury segment held a largest market share in 2023.
- Based on the end user, the sports medicine devices market is segmented by hospitals and clinics, physiotherapy centres, sports centers, ambulatory surgery centres. The hospitals and clinics segment held a largest market share in 2023.
Sports Medicine Devices Market Share Analysis by Geography
The geographic scope of the sports medicine devices market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The US is the largest market for sports medicine devices in North America. According to data published by the American Orthopaedic Society for Sports Medicine, as per the U.S. Centers for Disease Control (CDC), there has been a significant rise in the number of people participating in organized sports activities over the years. Approximately 30 million children and adolescents participate in youth sports in the US, leading to an increase in the number of sports injuries among America's young athletes. It is estimated that, More than 3.5 million kids below the age of 14 years receive medical treatment for sports injuries every year, accounting for nearly 40% of all sports-related injuries treated in hospitals. Sports are an essential part of the culture in the United States of America.
Sports Medicine Devices Market Report Scope
Sports Medicine Devices Market News and Recent Developments
The Sports Medicine Devices Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the sports medicine devices market are listed below:
- Smith+Nephew launched of its REGENETEN Bioinductive Implant allowing access to thousands of patients in Japan. With more than 100,000 procedures completed globally since its introduction in the US and Europe, REGENETEN has had a transformative impact on the way surgeons approach rotator cuff repair. (Source: Smith+Nephew, Company Website, January 202)
- Smith+Nephew launched 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. (Source: Smith+Nephew, Company Website, August 2023)
Sports Medicine Devices Market Report Coverage and Deliverables
The “Sports Medicine Devices Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Sports medicine devices market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Sports medicine devices market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Sports medicine devices market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the sports medicine devices market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product, Application, End User, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America dominated the sports medicine devices market in 2023
The growth of the sports medicine devices market is estimated to grow owing to key driving factors such as increasing incidences of sports injuries and rising demand for minimally invasive methods.
Increasing participation in sports and market penetration opportunities in emerging economies will likely remain a key trend in the market.
Arthrex Inc., Conmed Corporation, Medtronic, DePuy Synthes, Stryker, Smith & Nephew, DJO Global Inc., Zimmer Biomet, Karl Storz SE & Co., Kg, and Breg Inc.
The market is expected to register a CAGR of 10.3% during 2023–2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Get Free Sample For