Report : South America 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 6.9% CAGR, the South America Sports Medicine Devices Market is speculated to be worth US$ 595.38 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South America sports medicine devices market was valued at US$ 399.49 million in 2022 and is expected to reach US$ 595.38 million by 2028, registering an annual growth rate of 6.9% from 2022 to 2028. Developing countries getting more inclined towards sports participation and regular technological advancements in sports medicine devices are the critical factors attributed to the market expansion.
Sports injuries are usually minor, but orthopedists try to avoid surgical interventions in the case of more significant injuries. Minor injuries can generally be treated with minimally invasive methods such as physiotherapy, orthotics, acupuncture, arthroscopic surgery, and sports medicine. Professional athletes risk their lives for excellence in their respective sports, which often leads to many sports injuries, sometimes even permanent injuries at the end of a career. Newer and minimally invasive surgical techniques for dealing with sports injuries also shorten the time it takes for players to return to sports. These treatments are less invasive than surgery and generally require a shorter recovery period. These minimally invasive methods are inexpensive. The introduction of novel implants and prostheses and the development of performance monitoring devices are creating numerous opportunities in the market. Among the procedures popular today, arthroscopy has become a major elective procedure. Frost & Sullivan estimates that approximately 180,000 to 200,000 arthroscopic procedures are performed in India.
Increasing demand for minimally invasive surgeries and the growing number of sports medical centers is shaping the growth and development of the sports medicine devices market. The high growth is attributed to the increasing adoption of computer-assisted robotic surgeries to reduce hospital stays and recovery times and a faster return to normal activities in sports injuries, which is increasing the market growth. In addition, the University of California San Francisco (UCSF) Sports Medicine Center serves athletes of all skill levels and strives to return each patient to the highest level of physical activity possible. There is also a significant increase in the number of physicians specialized and trained in minimally invasive surgical procedures that ensure a shorter recovery time and better cosmetic results. The anterior cruciate ligament (ACL) and meniscal repair procedures comprise most methods, followed by shoulder arthroscopy. Furthermore, the technological development on the part of the joint repair implants and the demand for minimally invasive procedures are the factors driving the market growth.
On the contrary, high cost of devices and dearth of skilled professionals hurdles the growth of South America 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 36.9% market share in 2022, amassing US$ 147.49 million. It is projected to garner US$ 213.58 million by 2028 to expand at 6.4% CAGR during 2022–2028.
Based on application, the South America 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 29.7% market share in 2022, amassing US$ 118.63 million. It is projected to garner US$ 179.51 million by 2028 to expand at 8.3% CAGR during 2022–2028.
In terms of end user, the South America 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$ 147.21 million. It is projected to garner US$ 217.12 million by 2028 to expand at 6.7% CAGR during 2022–2028.
Our regional analysis states that Brazil captured 58.8% market share in 2022. It was assessed at US$ 234.83 million in 2022 and is likely to hit US$ 357.92 million by 2028, exhibiting a CAGR of 7.3% during the forecast period.
Key players dominating the South America sports medicine devices market Arthrex Inc.; Breg Inc.; Conmed Corporation; DePuy Synthes; DJO South America 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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