Sports such as cricket, football, basketball, baseball, sprinting, tennis, and badminton mainly cause soft tissue damage such as anterior cruciate ligament rupture, rotator cuff tear, Achilles’ tendon tear, meniscus tear and ulnar collateral ligament damage. Generally, fractures and joint dislocation occur in rugby, wrestling, motor racing, skateboard sports, and other extreme sports.
The global sports medicine devices market is estimated to account for US$ 8,645.3 Mn in terms of value in 2020 and is expected to reach US$ 11,656.1 Mn by the end of 2027.
Global Sports Medicine Devices Market: Drivers
Increasing number of sports events is expected to propel growth of the global sports medicine devices market over the forecast period. For instance, the number of sports contested at every summer Olympic Games increased from 26 in 2012 to 28 in 2016 and 33 sports are scheduled for 2020.
Global Sports Medicine Devices Market: Opportunities
Use of IoT in orthopedic braces & support, casting & splints is expected to offer lucrative growth opportunities for players in the global sports medicine devices market. For instance, in August 2019, Intellirod Spine launched iLink, a Bluetooth-enabled sensor module that can be attached to any brace, orthotic or prosthetic to measure wearing compliance, upright posture time and mobility daily through a free smartphone app.
Global Sports Medicine Devices Market: Restraints
Lack of reimbursement for academic sports injuries is expected to limit the market growth. Most of the insurance companies do not cover injuries for schools and college sports activities and in certain cases, if they do cover, additional clauses restrict the reimbursement.
The global sports medicine devices market was valued at US$ 8,284.0 Mn in 2019 and is forecast to reach a value of US$ 11,656.1 Mn by 2027 at a CAGR of 4.4% between 2020 and 2027. Major factors driving the growth of global sports medicine devices market during the forecast period include increasing preference towards sports medicine, product launches, and increasing focus on sports careers in developing economies.
Orthopedic Products held dominant position in the global sports medicine devices market in 2019, accounting for 68.5% share in terms of value, followed by Recovery Products. Increasing product launches, and increasing sports related injuries is expected to support growth of the segment over the forecast period.
The market is witnessing several M&A activities. For instance, in February 2019, Colfax Corporation, a technology company, acquired DJO Global, Inc.
Major players in the market are focused on launching new products to expand their product portfolio. For instance, in February 2019, Breg, Inc. launched Breg Quantum OA, a next generation unloader knee brace for mild to severe osteoarthritis.
Global Sports Medicine Devices Market: Competitive Landscape
Major players operating in the global sports medicine devices market include, 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.
Global Sports Medicine Devices Market: Key Developments
Major players in the market are focused on launching new products to expand their product portfolio. For instance, in July 2019, DJO Global, Inc. launched the AltiVate Reverse Short Stem, a fully-convertible, inlay, short stem shoulder arthroplasty system in the U.S.
Major players in the market are also focused on adopting partnership strategies to enhance their market share. For instance, in October 2018, Arthrex, Inc. partnered with the Florida Everblades, a minor league ice hockey team based in Florida, U.S., as the team’s presenting sponsor for the second straight season.