In 2011, the sports medicine devices market was valued at $3.3 billion and has been forecast to increase at a compound annual growth rate of 9.3%, to reach a market value of $5.7 billion by 2017.
The sports medicine devices market is a very dynamic field that has made its mark in the healthcare sector in the last decade. The industry has witnessed a spurt in technology and has grown with the rise in medical diagnostic and therapeutic devices.
Factors contributing to the growth of the sports medicine devices market include; increasing activity levels of the aging baby-boomer population, increasing demand for minimally invasive and outpatient surgeries, increasing awareness of prevention and rehabilitation to maintain active lifestyles, the introduction of new surgical technologies, and increasing reimbursement for these technologies.
With regional sports gaining popularity, sports medicine devices are set to play an extremely vital role in a sportsperson's vital statistics, monitoring, and diagnostics by maintaining the highest level of balance between body exhaustion and recovery.
Each year, approximately 30 million children participate in organised sports and 150 million adults participate in non-work-related sports or recreational activities in the US.
Although these activities are generally beneficial to one's health, they do involve the risk of injury. According to the Centres for Disease Control and Prevention, approximately 4.3 million sports and recreation-related injuries are treated in US hospital emergency rooms annually.
Sports medicine devices will help monitor, diagnose and treat athlete burnout and injuries such as plantar fasciitis, heel spur, flat feet, morton's neuroma, anterior cruciate ligament (ACL), posterior cruciate ligament injuries (PCL), hammer toe, arthritis, chronic back pain, calf stiffness, tennis elbow, rotator cuff injuries, achilles tendon injury, etc.
The overall sports medicine market is quite fragmented with a large number of global players. The main strategies and strength of retail-based product companies lie in their marketing and distribution networks.
Key players within the sports medicine devices market includes; Arthrex (US), ArthroCare (US), Smith & Nephew (US), Stryker (US), Biomet (US), Shock Doctor (US), DePuy Mitek (US), Linvatec ConMed (US), Mueller Sports(US), McDavid (US), Breg (US), BSN Medical (Denmark), Cramer Sports (US) and Cho-Pat Sports(US).