Sports Medicine Devices Market is Estimated to Witness High Growth
Sports medicine devices are used for the prevention and treatment of injuries related to sports and physical exercises. They include body reconstruction products such as joint reconstructive implants, arthroscopic enabling technologies, repair products for damaged ligaments and tendons, fracture and ligament repair products, and orthobiologics. These devices help in recovery, injury management, and pain relief from sports injuries.
The global sports medicine devices market is estimated to be valued at US$ 1451.34 Bn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising sports injuries is one of the key drivers propelling the growth of the sports medicine devices market. According to the National Electronic Injury Surveillance System of the U.S. Consumer Product Safety Commission, each year there are approximately 2.6 million sports-related injuries that require emergency room treatment in the United States. Common sports injuries include knee injuries, shoulder dislocations, ankle sprains, and hip injuries. Sports medicine devices help in faster recovery from these injuries and reduce future risks. Another driver is the increasing participation in sports and physical activities among older adults. According to the Sports and Fitness Industry Association, the percentage of Americans aged 50 and over who exercise at least 3 times per week increased from 31.3% in 2010 to 38% in 2017. This is expected to drive demand for sports medicine products for injury prevention and treatment.
SWOT Analysis
Strength: Sports medicine devices aims to treat and prevent injuries related to sports activities. The growing focus on fitness and healthy lifestyle has led to a rise in participation in sports and fitness activities globally. This raises the demand for advanced sports medicine devices for effective treatment and faster recovery. The increasing instances of sports injuries provide opportunities for incorporating innovative technologies in sports medicine devices.
Weakness: High costs associated with advanced sports medicine devices poses affordability challenges, especially in price-sensitive developing markets. Significant research and regulatory compliance requirements increase the product development time and costs.
Opportunity: Integration of cutting-edge technologies like artificial intelligence, 3D printing, robotics, etc. allows development of smart sports medicine devices. Rising health consciousness and fitness trends in emerging nations present a lucrative market. Growing public-private investments to promote sports present opportunities.
Threats: Stringent regulatory landscape and lengthy product approval process hampers faster market entry. Intense competition from local and global players poses pricing pressures. Trade barriers and geopolitical issues affect global supply chains and market access.
Key Takeaways
The Global Sports Medicine Devices Market Size is expected to witness high growth over the forecast period of 2024 to 2031. Rapid rise in sports injuries, growing health awareness, and investments in sports infrastructure will drive the demand. The global Sports Medicine Devices Market is estimated to be valued at US$ 1451.34 Bn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031.
Regional analysis: North America dominates the market currently owing to growing health and fitness trends, supportive insurance coverage, presence of major players and robust supply chain. Asia Pacific is expected to witness the fastest growth owing to rising incomes, healthcare investments, and increasing participation in sports.
Key players: Key players operating in the Sports Medicine Devices market are Celanese Corporation, Dairen Chemical Corporation, Japan VINYL ACETATE MONOMER & POVAL Co. Ltd., Kuraray Co. Ltd., LyondellBasell Industries, Ningxia Yinglite Chemical Co., Ltd., China Petroleum & Chemical Corporation (Sinopec Corp.), The Dow Chemical Company, Wacker Chemie AG. These players focus on product innovation, partnerships and geographical expansion to strengthen their market position.
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