Report : Asia Pacific Sports Medicine Devices Market Forecast to 2028 – COVID-19 Impact and Regional 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 & Foot Injury, Spine Injury, and Others), and End User (Hospitals & Clinics, Physiotherapy Centers, Sports Centers, and Ambulatory Surgery Centers)
At 8.1% CAGR, the Asia Pacific Sports Medicine Devices Market is speculated to be worth US$ 2,104.35 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific sports medicine devices market was valued at US$ 1,321.08 million in 2022 and is expected to reach US$ 2,104.35 million by 2028, registering an annual growth rate of 8.1% from 2022 to 2028. Rising incidences of sports injuries and benefits of the surging demand for minimally invasive methods are the critical factors attributed to the market expansion.
The introduction of new games in the Olympics and other international games is one of the most important factors that encourage people to choose this profession. In addition, the International Olympic Committee announced the inclusion of five new sports activities in the Tokyo 2020 Games, including skateboarding, surfing, baseball/softball, sport climbing, and karate. This addition of athletics to international sporting events increased the attendance and demand for this drug. Additionally, the perks associated with an athletic career are expected to boost the number of youths pursuing professional athletics. Some of these include celebrity status and fame, high compensation, the availability of other sources of income, such as endorsements, and access to the best medical care.
Emerging markets such as India and China host a large patient base and offer potential growth opportunities for players involved in the sports medicine devices market, primarily due to the rising disposable incomes in these countries and increasing participation in sports and physical activities. Further, the emerging countries of Asia Pacific, the Middle East and Africa are entering into the sports such as cricket, football, and athletics. Along with cricket and football, several local games are being played in the countries, leading to an increase in the number of sports injuries. In addition, the governments of these countries are currently taking initiatives to expand and modernize their respective healthcare infrastructures. The regions are also witnessing a rise in start-up companies investing more in the healthcare sector. Furthermore, the development of the infrastructure and opportunities such as corporate funding and grants are significant factors that are expected to drive the growth of the sports medicine devices market.
On the contrary, high cost of devices and dearth of skilled professionals hurdles the growth of Asia Pacific sports medicine devices market.
Based on product, the market is segmented into body reconstruction and repair, body support and recovery, body monitoring and evaluation, and accessories. Body reconstruction and repair held 37.5% market share in 2022, amassing US$ 495.02 million. It is projected to garner US$ 766.56 million by 2028 to expand at 7.2% CAGR during 2022–2028.
Based on application, the Asia Pacific 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 29.6% market share in 2022, amassing US$ 391.10 million. It is projected to garner US$ 632.54 million by 2028 to expand at 8.3% CAGR during 2022–2028.
In terms of end user, the Asia Pacific sports medicine devices market is segmented into hospitals and clinics, physiotherapy centers, sport centers, and ambulatory surgery centers. The hospitals & clinics segment held 36.8% market share in 2022, amassing US$ 468.63 million. It is projected to garner US$ 767.22 million by 2028 to expand at 7.9% CAGR during 2022–2028.
Our regional analysis states that China captured 27.5% market share in 2022. It was assessed at US$ 363.14 million in 2022 and is likely to hit US$ 592.67 million by 2028, exhibiting a CAGR of 8.5% during the forecast period.
Key players dominating the Asia Pacific sports medicine devices market Arthrex Inc.; Breg Inc.; Conmed Corporation; DePuy Synthes; DJO Asia Pacific Inc.; Karl Storz SE & Co., KG.; Medtronic; Smith & Nephew; Stryker; and Zimmer Biomet among others.
- In March 2021, In March 2022, Medtronic entered into a contract with Vizient to add Touch Surgery Enterprise to Vizient's offerings, which serve various healthcare providers.
- In December 2021, In February 2022, Stryker announced that it completed the previously announced acquisition of Vocera Communications Inc., a digital care coordination and communication company.
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