Sports Medicine Devices Market Size, $9.45 Billion by 2028, 7.6% CAGR Led by Body Reconstruction and Repair Segment (37.64% Market Share in 2021): The Insight Partners

NEW YORK , May 27, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Sports Medicine Devices Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Body Reconstruction and Repair, Body Support and Recovery, Body Monitoring and Evaluation, and Accessories), Application (Elbow and Wrist Injury, Shoulder Injury, Knee Injury, Ankle and Foot Injury, Spine Injury, and Others), End User (Hospitals and Clinics, Physiotherapy Centers, Sport Centers, and Ambulatory Surgery Centers), and Geography", the global sports medicine devices market size is likely to be valued at $6.09 billion in 2022 and is projected to reach to a value of $9.45 billion by 2028; it is expected to grow at a CAGR of 7.6% from 2022 to 2028.

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Sports Medicine Devices Market: Competitive Landscape and Key Developments

Companies operating in the sports medicine devices market implement various organic growth strategies, such as product launch and product development, to enhance the market growth. Several companies are implementing numerous inorganic strategies, such as partnerships and mergers and acquisitions.

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In May 2022, Conmed announced a definitive agreement to acquire privately held In2Bones Global, Inc. (In2Bones), on a cash-free, debt-free basis, for cash consideration of US$145 million at closing and up to an additional US$110 million in growth-based earnout payments over a four-year period. The transaction is not subject to a financing condition. It is subject to customary closing conditions, including receipt of the US regulatory approval, and is expected to close late in the second quarter or early in the third quarter of 2022.

In January 2021, Stryker acquired OrthoSensor, a privately held company dealing with the digital evolution of musculoskeletal care and sensor technology for total joint replacement.

In February 2022, DJO Global renewed partnership with the Professional Football Athletic Trainers Society (PFATS). PFATS is a professional society composed of the certified athletic trainers working in professional football. DJO is partnered with PFATS since 2008.

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The sports medicine devices market growth is driven by the increasing incidence of sports injuries and rising demand for minimally invasive methods. However, the high cost of devices and dearth of skilled professionals hamper the market growth. The knee injury segment dominated the global sports medicine market and held the largest sports medicine market share of 29.64% in 2021. The hospitals and clinics segment dominated the global sports medicine market and held the largest sports medicine market share of 36.64% in 2021.

Global Sports Medicine Devices Market: Key Insights – Future Trends

Market players are developing advanced products to increase their market share. The increasing use of wearable devices, such as resistance bands and other sensory aids, to monitor stress levels and prevent fatigue-related injuries among athletes is fueling the growth of the sports medicine devices market. For example, Athletigen Technology, Inc., a performance-driven company in Nova Scotia, works with various athletes to use the information they gather about their DNA to improve their performance and health while reducing the incidence of sports-related injuries. Such cases are expected to provide numerous opportunities in the market during the forecast period. In April 2021, HIT, a start-up company developed a wearable device at the Heriot-Watt University. The device measures and tracks head impact force to tackle head injuries in sport. The continuous developments in the field of sports medicine devices are expected to support the market growth during the forecast period.

The US holds a significant share of the sports medicine devices market in North America. The market growth in the country is primarily driven by huge participation by adults and children in sports and increasing incidence of sport injuries. According to US Centers for Disease Control (CDC), it is estimated that more than 3.5 million kids below the age of 14 years receive medical treatment for sports injuries every year, accounting for nearly 40% of all sports-related injuries treated in hospitals. Such a significant number of sports injuries every year is estimated to offer a favorable environment for the adoption of sports medical devices, which would eventually drive the US sports medicine devices market during the forecast period.

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The market players are adopting organic and inorganic strategies, such as advanced product launches, for market development. For instance, in December 2020, Arthrex Inc. introduced a FDA-cleared anterior cruciate ligament primary repair kit, SwiveLock. The kit enables patients to return to their activity faster while protecting the repaired ligament. Such developments support the growth of the sports medicine devices market.

Sports Medicine Devices Market: Segmental Overview

Based on application, the sports medicine devices market is segmented into elbow and wrist injury, shoulder injury, knee injury, ankle and foot injury, spine injury, and others. The knee injury segment held the largest market share in 2022. Knee joint is a complex structure formed with many components that are highly prone to the injuries. A few most common injuries seen in the knee joints are dislocation, ACL tear, bursitis, fractures, meniscus tear, overuse injuries, and patella instability. These injuries are likely to happen when athletes do not utilize proper form/technique or do not wear the correct equipment, such as supports and braces for their sport.

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Sports Medicine Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Body Reconstruction Products, Body Support and Recovery Products, Body Monitoring and Evaluation, Accessories); Application (Knee Injuries, Shoulder Injuries, Foot and Ankle Injuries, Elbow and Wrist Injuries, Back and Spine Injuries, Other Injuries); End User (Hospitals, Ambulatory Surgery Centres, Physiotherapy Centres and Clinics) and Geography

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