It is no secret that sports medicine is constantly evolving, and the demand for these devices and procedures is on the rise. Particularly in developing regions such as Asia-Pacific and Latin America, where sports medicine is gaining widespread awareness and interest, the global market is being transformed. In this blog, we will delve into the growing demand for sports medicine in developing countries, exploring the reasons behind this trend and its impact on the global sports medicine market.
What Countries are Included within Asia-Pacific and Latin America?
- Hong Kong
- New Zealand
- South Korea
- Sri Lanka
- Costa Rica
- Dominican Republic
- Puerto Rico
Asia-Pacific’s Growing Demand for ACL/PCL Solutions
The Asia-Pacific region is expected to experience significant growth in the orthopedic sports medicine market in the coming years, with a projected Compound Annual Growth Rate (CAGR) of 10.6% into 2029. In 2022, the largest segment of the Asia Pacific orthopedic sports medicine market was the ACL/PCL (anterior cruciate ligament/posterior cruciate ligament) repair and reconstruction segment. By combining allograft products and fixation devices, Asia-Pacific sold the largest amount of ACL/PCL units in 2022.
Allograft products and fixation devices are increasingly being combined in Asia-Pacific due to factors including minimally invasive procedures and faster recovery times. Patients can benefit from allograft products since they eliminate the need for harvesting their own tissue, allowing for shorter recovery times and reduced surgical time. Furthermore, allografts can provide increased stability and strength compared to traditional surgical methods when used with fixation devices. In addition to providing a reliable alternative to traditional techniques, allografts and fixation devices also offer a cost-effective solution that reduces the procedure’s cost.
Overall, the growth of the healthcare sector in Asia-Pacific countries and the increasing availability of high-quality orthopedic products are contributing factors to the global growth. The market is expected to see a growing demand for minimally invasive surgical procedures and products that promote quicker recovery times, driven by a desire for faster and more effective treatment.
Knee Injuries Drive Growth in Latin America’s Orthopedic Market: ACL/PCL Repair
On the other hand, the Latin American orthopedic sports medicine market is in increasing at a CAGR of 7.6% over the forecast period. In 2022, the largest segment of the Latin American orthopedic soft tissue market was ACL/PCL repair and reconstruction. This segment is expected to continue to grow, driven by the increasing incidence of knee injuries and the need for effective repair and reconstruction solutions.
Knee injuries are increasing in Latin America largely due to several factors. Firstly, the growing number of people participating in sports and physical activities is leading to a higher risk of knee injury. With more people engaging in high-impact sports and other physically demanding activities, the risk of knee injury is also increasing. Additionally, the aging population in many Latin American countries is also contributing to the increase in knee injuries, as older individuals are more susceptible to knee problems due to the natural wear and tear of joints over time. These factors, among others, are likely contributing to the increase in knee injuries in Latin America.
Overall, the Latin American orthopedic sports medicine market is expected to continue to grow, driven by several factors such as the increasing incidence of knee injuries, the growing number of people participating in sports and physical activities, and the aging population.
In conclusion, the increase in demand for orthopedic sports medicine devices in Latin America and Asia-Pacific is having a positive impact on the global market, as it drives growth and innovation in the market, and provides opportunities for companies to expand their reach and increase their market share. It’s also worth noting that the exact demand for orthopedic sports medicine products in these countries can vary based on factors such as the availability of healthcare services, the level of economic development, and the level of sports participation. To learn more about the above regions and how the other regions compare in the global market, receive a complimentary executive summary below or view the report’s product page.