Sports medicine devices are used for rehabilitation, injury detection, injury prevention, and performance enhancement in sports and physical activities. These devices include orthopedic products such as joint reconstruction and repair devices, arthroscopy devices, fracture repair devices, support braces and products for soft tissue injuries. Sports medicine also encompasses physiotherapy and rehabilitation services which involves the use of various devices to aid in the recovery process of sportspeople suffering from injuries. The growing demand for physiotherapy from sportspersons has driven the use and development of innovative sports medicine devices aimed at faster healing and return to play. Products like continuous passive motion devices, heat cold therapy devices, ultrasound therapy equipment, and electrical stimulation devices are commonly utilized during physiotherapy sessions for sports-related injuries.
The global Sports Medicine Devices Market is estimated to be valued at US$ 1259.84 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Technology innovation is a key trend shaping the sports medicine devices market. Manufacturers are investing heavily in developing novel devices leveraging technologies like robotics, 3D printing, AI, and sensor integration. For instance, 3D printed implants are gaining popularity as they can be custom-made as per patient’s injury or bone structure. Wearable sensors and AI-powered imaging and diagnostic tools allows real-time injury tracking and early detection. They provide medical professionals advanced data-driven insights to offer targeted treatment plans. Such innovative devices offer advantages like miniaturized designs, higher accuracy, and personalized care pathways which is boosting the demand for sports medicine technology.
Porter’s Analysis
Threat of new entrants: Low barriers to entry and low capital requirements make the threat of new entrants moderate. However, established brands and regulations pose entry barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of substitutes. However, customized devices create switching costs.
Bargaining power of suppliers: A few major suppliers dominate the supply of raw materials. This gives them moderate bargaining power over manufacturers.
Threat of new substitutes: Emerging alternatives like 3D printed devices pose a mild threat. Strong brand loyalty and performance differentiation keep substitute threat moderate.
Competitive rivalry: The global market is consolidated with top players. Intense competition on product innovation and quality keeps rivalry high.
Key Takeaways
The Global Sports Medicine Devices Market Growth is expected to witness high.
Regional analysis: The North American region currently dominates the global market due to high sports culture and rising sports injuries. However, Asia Pacific is expected to be the fastest growing market due to increasing healthcare investments and sports participation.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
