Sports medicine devices are used for the treatment of sports injuries such as knee injuries, shoulder injuries, ankle/foot injuries, elbow & wrist injuries etc. These devices help in relieving pain and restoring the normal functioning of injured tissues. Some common sports medicine devices include orthobiologics, soft tissue repair devices, bracing and support devices. The increasing incidence of sports injuries and rising healthcare expenditure are propelling the demand for various sports medicine devices worldwide.
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 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The increasing demand for minimally invasive surgeries for treating sports injuries offers lucrative opportunities for the sports medicine devices market. Minimally invasive procedures help reduce surgical risks such as infection and minimize hospital stay which results in faster recovery of athletes. Moreover, they are less painful compared to open surgeries. With the increasing popularity of sports leagues and tournaments worldwide, the demand for minimally invasive procedures is expected to grow substantially during the forecast period. Market players can gain a competitive edge by developing innovative sports medicine devices that support minimally invasive procedures for treating common sports injuries.
Porter's Analysis
Threat of new entrants: The sports medicine devices market requires high R&D investment and regulations which make entry difficult for new players.
Bargaining power of buyers: Large buyers such as hospitals have significant bargaining power to negotiate on price and quality.
Bargaining power of suppliers: The presence of many suppliers of raw materials and components limits their bargaining power.
Threat of new substitutes: There is no significant threat as sports medicine devices have few substitutes for injury treatment and rehabilitation.
Competitive rivalry: The market has some key global players with other small regional players leading to high competition.
SWOT Analysis
Strength: Sports medicine devices offer minimally invasive procedures, faster recovery, and improved quality of life. Innovation and strong brand recognition of key players.
Weakness: High costs associated may limit market growth. Post-surgery complications and side effects remain challenges.
Opportunity: Rapidly growing aging population prone to orthopedic conditions provide growth prospects. Emerging economies and rise in sports activities boost demand.
Threats: Stringent regulations delay product approvals. Reimbursement issues and economic slowdowns impact market.
Key Takeaways
The Global Sports Medicine Devices Market Growth is expected to witness high over the forecast period due to rising incidence of sports injuries worldwide. 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: The North American region accounts for the largest share currently owing to higher healthcare spending, advanced medical technologies, and popularity of sports. The Asia Pacific region presents lucrative prospects for growth sparked by developing healthcare infrastructure, increasing sports participation, and rising middle class population.
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 companies compete based on product offerings, innovation, and geographic presence.
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