Sports Medicine Market Estimated to Deposit US$ 11,656.1 Million by 2027 | CAGR: 4.4%: Coherent Market Insights
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The global sports medicine devices market was pegged at US$ 8,284.0 Mn in 2019 and is projected to witness an impressive 4.4% CAGR over the forecast period (2020-2027).
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Sports medicine find extensive use in the treatment and prevention of sports-related injuries. As an integral part of this, various instruments, technologies, and implants are used to perform minimally invasive surgeries, including the repair of soft tissue injuries and degenerative conditions of the knee, shoulder, and hip. In 2015, the British medical equipment manufacturer, Smith & Nephew, launched the iQ-FIX All-suture anchor for procedures like rotator cuff repair in the shoulder and labral repair in the hip and shoulder. Consistent development of new products by manufacturers in the field of sports medicine is a major growth propeller for the global sports medicine devices market.
Among regions, Asia Pacific is poised to witness enormous growth in the global sports medicine devices market over the projected timeline, supported by the growing participation of the populace in various international sports events, and rising awareness of a fit and healthy lifestyle among them. Events such as the 2008 Beijing Olympics augmented the inclination of people in this region towards sports. The regional market is predicted to gain further traction by virtue of the ascending number of sports events being held in India, for instance, the Indian Premiere League (IPL), Indian Super League (ISL), and Pro Kabaddi.
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Sports professionals and athletes are the primary adopters of the novel treatment methods emerging in this space. Less invasive methods of injury management are more preferable for faster recovery. Therefore, the minimally invasive and small incision replacement surgeries for improved rehabilitation and pain management are gaining higher popularity around the globe.
In July 2015, Mitek Sports Medicine introduced two new arthroscopic surgery radiofrequency devices, namely, the VAPR TRIPOLAR 90 Suction Electrode and the VAPR ARCTIC Suction Electrode. These devices are known to improve soft tissue ablation and coagulation during arthroscopy surgeries.
Among product types, the body reconstruction products segment would acquire the largest share in the global sports medicine devices market over the forecast timeline, as suggested by market experts. On the other hand, the knee injuries application segment accounted for the largest market share in 2016, owing to the growing incidence of knee-related sports injuries. According to the American Academy of Orthopedic Surgeons, 2014, nearly 90% of the people undergoing knee replacement surgeries experience a drastic reduction in pain, along with improved ability to perform daily chores post-surgery.
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The leading vendor involved in the global sports medicine devices market is 3M Company, Arthrex, Inc., ArthroCare Corporation, Biomet, Inc., BREG, Inc., Conmed Corporation, DePuy Mitek, Inc., DJO Global, Inc., Mueller Sports Medicine, Inc., Ossur hf, and OttoBock Healthcare GmbH.
These players are actively engaged in strategic acquisitions and collaborations in a bid to expand their product portfolios, with the introduction of new platform technologies. For instance, in April 2016, Zimmer Biomet Holdings, Inc. entered into a definitive agreement to acquire Arizona-based Cayenne Medical, Inc., with the intent to strengthen the company’s sports medicine portfolio, with the launch of technologically advanced soft tissue reconstruction solutions.
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