Dublin, July 21, 2023 /PRNewswire/ — ResearchAndMarkets.com has released the “Sports Medicine Devices Global Market Report 2023” report, which predicts that the sports medicine device market will exhibit strong growth. The market is projected to grow from $6.86 billion in 2022 to $7.44 billion in 2023, with a compound annual growth rate (CAGR) of 8.4%. Furthermore, the market is expected to reach $9.85 billion by 2027, with a CAGR of 7.2%.
The major players in the sports medicine device market include Arthrex Inc., Conmed Corporation, DJO LLC, Johnson & Johnson Services Inc., Stryker, Smith+Nephew, Mueller Sports Medicine Inc., Zimmer Biomet, Wright Medical Group NV, Orthofix US LLC., Karl Storz SE & Co. KG, RTI Surgical, Medtronic, Santen Pharmaceutical Co. Ltd., and Kubota Pharmaceutical Holdings Co. Ltd.
The report offers several reasons to purchase, such as gaining a comprehensive global perspective with coverage of 50+ geographies, understanding the market’s response to COVID-19 and its impact, measuring the influence of high global inflation on market growth, and identifying investment opportunities in growth segments.
Sports medicine devices refer to devices used in the recovery of patients from injuries sustained during sports, exercise, or physical activities. These devices aid in preventing and treating musculoskeletal issues such as sprains, strains, fractures, ligament repairs, repetitive motion injuries, and upper and lower back pain resulting from sports activities.
The main products in the sports medicine device market include orthopedic devices, body reconstruction and repair devices, body support and recovery devices, body monitoring and evaluation devices, and accessories. Orthopedic devices are specialized gear designed to treat deformities, maintain and restore the functionality of the human skeleton, joints, and related components. These devices are used in various settings such as ambulatory surgical centers, hospitals, orthopedic clinics, and others to address injuries in different body regions.
One key trend in the sports medicine device market is technological advancement, with major companies focused on developing new technologies to improve treatment outcomes. For example, Smith & Nephew launched the JOURNEY II Medial Dished (MD) in September 2021, which provides more normal kinematics regardless of the state or absence of the posterior cruciate ligament (PCL), enhancing patient outcomes.
North America was the largest region in the sports medicine device market in 2022, and significant growth is expected in the Asia-Pacific region in the forecast period. The report covers various regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa, analyzing key countries within these regions.
The rise in sports injuries is expected to drive the growth of the sports medicine device market. Sports injuries not only require treatment but also performance training, physical therapy, and injury prevention. There has been a significant increase in injuries from sports and recreation, with males experiencing more harm than females. This rise in sports injuries is contributing to the growth of the sports medicine device market.
The sports medicine device market includes sales of pedometers, accelerometers, heart rate monitors, sleep monitors, and other related devices. The market value also includes the value of services provided by the creators of these devices.
In conclusion, the global sports medicine device market is expected to exhibit strong growth in the coming years. Factors such as technological advancements, the rise in sports injuries, and the need for effective treatment and prevention solutions are driving the market. Major players in the industry are innovating and developing new technologies to improve patient outcomes. The market is segmented by product, orthopedic product, recovery and support product, application, and end-users. North America currently leads the market, but significant growth is expected in the Asia-Pacific region.