Sports Medicine Devices Market: Current Analysis and Forecast (2022-2028)
Emphasis on Application (Knee Injuries, Shoulder Injuries, Foot & Ankle Injuries, Spine & Back Injuries, Elbow & Wrist Injuries and Others) By Product (Body Reconstruction & Repair, Body Support & Recovery, Surgery Devices and Others) By End-Users (Hospitals, Physiotherapy centers & Clinics and Trauma centers) and Region/Country
The sports medicine devices market was valued at USD 5.5 Bn and is expected to grow at a strong CAGR of around 8.5% during the forecast period (2022-2030) owing to the increasing incidences of sports injuries in developing countries is anticipated to drive the market during the forecasting period. For instance, according to the national safety council (NSC), in 2021, around 3.2 million people were treated in the emergency department for injuries involving sports and recreational equipment these activities were most frequently associated with injuries involving exercise, cycling and basketball. Furthermore, the rising prevalence of chronic diseases such as diabetes, cardiovascular disease and obesity coupled with rising awareness about healthy lifestyles, has led to increasing participation of people in sports & fitness-related activities. These are some of the driving factors fueling the market growth.
Some of the major players operating in the market include Arthrex, Inc., Smith & Nephew plc, Medtronic, Bioventus., Stryker, Mueller Sports Medicine, Inc., CONMED Corporation., KARL STORZ, Performance Health, Zimmer Biomet.
Insights Presented in the Report
“Amongst applications, the ankle & foot segment is anticipated to grow with the highest CAGR of the market in 2021”
Based on application, the market is segmented into knee injuries, shoulder injuries, foot & ankle injuries, spine & back injuries, elbow & wrist injuries and others. Amongst these, the foot & ankle segment would be growing at the fastest CAGR in the market in 2021. This is because of increased participation in physical activities leading to severe foot and ankle injuries. For instance, according to a study conducted by Int J Environ res public health, in 2021, sports injuries related to ankle & foot injuries were the highest accounted for (36.12%), amongst knee (19.32%) and shoulder (6.47%). Furthermore, as per the above-mentioned source, 59.28% of the injuries occurred during practice and 40.72% of injuries occurred during competition.
“Amongst Products, the surgery device segment would dominate the market in 2021”
Products segment the market segmented into body reconstruction & repair, body support & recovery, surgery devices and others. Among these, surgery devices captured the majority share of the sports medicine devices market in 2021. The Surgical accessories include bandages, tapes, band-aids etc. This can be attributed to the shifting consumer preference towards PRICE (Protection, rest, ice, compression and elevation) therapy relief, providing immediate relief for sports-related injuries. Furthermore,
“Amongst end-users, the physiotherapy segment would be growing with significant CAGR market in 2021”
Based on end-users the market is segmented into hospitals, physiotherapy centres & clinics and trauma centres. The physiotherapy segment end-users held a major share of the sports medicine devices market in 2021 and is expected to grow at a substantial CAGR during the forecasted period. This is driven primarily due to its easy accessibility and cost-effective treatment. Physiotherapy centres are easily accessible near residential areas and often provide cost-effective treatment care to patients when compared to hospitals.
“North America dominated the sports medicine devices market in 2021”
The North America region would dominate the sports medicine devices market in 2021. This is attributed market due to the factors such as high participation rates in sports activities, rising awareness and demand for preventive care are some of the factors governing the market growth in this region. Additionally, favourable government initiatives and programme in this region is anticipated to fuel market growth. For instance, the Canadian Centre for Ethics in Sports (CCES) is an independent organization that promotes ethical sports practice in Canada. The CCES provides resources and supports to athletes and coaches on topics such as doping, harassment and abuse in sports. Thus the above-mentioned factors are anticipated to fuel the market growth in this region.
Sports medicine devices Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global sports medicine devices market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Sports medicine devices Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global sports medicine devices market were the three major steps undertaken to create and analyze the adoption of sports medicine devices in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global sports medicine devices market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the sports medicine devices market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the sports medicine devices market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as applications, products, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the sports medicine devices market. Further, we conducted factor analysis using dependent and independent variables such as application, product, and end-users of the sports medicine devices market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the sports medicine devices market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global sports medicine devices market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the sports medicine devices market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global sports medicine devices market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global sports medicine devices market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the application, product, and end-users in the global sports medicine devices market.
The main objective of the Global Sports medicine devices Market Study
The current & future market trends of the global sports medicine devices market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the sports medicine devices market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the application, product, and end-users
- Define and analysis of the regulatory framework for the sports medicine devices industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviours of the industry
- Analyze the current and forecast market size of the sports medicine devices market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the sports medicine devices market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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