The Global "Sports Medicine Market" is expected to grow at a high CAGR of 6.2% during the forecasting period (2022-2029).
Sports medicine is a broad field of medical practices associated with physical and sports activity. It is the branch of medicine that deals with physical fitness and treatment and prevention of injuries related to sports and exercise. It focuses on areas of performance enhancement, injury care, and prevention of sportsmen. It includes preventative measures such as injury prevention and coverings like rehabilitation and osteopathy.
The global sports medicine market growth is driven by factors such as the increasing incidences of sports injuries, continuous influx of new products & treatment modalities, developments in the field of regenerative medicine, and rising demand for minimally invasive surgeries.
The rising burden of sports injuries across the globe drives the market growth
Globally, the incidence of sports injuries has increased over the last few years, primarily due to the growing participation in sports as well as active participation in fitness activities (as a result of the growing focus on leading healthy lifestyles). According to Stanford Children’s Health, approximately 30 million adolescents and children in the US participate in sports annually, and more than 3.5 million sports injuries are reported each year. According to the Board of Certification for Athletic Trainers, an estimated 2 million acute ankle injuries occur annually in the US. The incidence of ligament tears and fractures is high among people participating in sports. Also, the lower extremity constitutes a major portion of sports injuries, globally. With the increasing participation in sports (among children as well as adults) and subsequent growth in the incidence of sports injuries, the demand for injury management and rehabilitation is expected to increase across the globe. This is considered a positive indicator of the growth of the sports medicine market.
According to the article published by Sarah Megginson in February 2020, 89% of Australian adults participate in sports every year, with 62% participating at least three times a week. Furthermore, in 2019, a study published by Wu Jianxi et al. in the International Journal of Sports and Exercise Medicine reported that the increasing popularization of futsal in China led to the highest number of ankle-related injuries, as futsal is a whole-body contact sport of technical confrontation. Thus, with the rising number of sports injuries, the demand for sports medicine is also expected to increase across the world.
The high cost of orthopedic implants and other devices will hamper the growth of the market
The major restraining factor for the growth of the sports medicine market is the high cost of implants. The cost of these implants is a major concern for market growth in countries such as India, where only a small section of the population is under insurance coverage (according to the IRDA, in 2017, 76% of the Indian population was uninsured). With an overall average cost of more than USD 12,000 in developing countries, affording such a costly treatment is still a big challenge for most of the population.
Similar to implants and prosthetics, regenerative medicine procedures are also expensive. For instance, the cost of a single PRP injection typically ranges from USD 500–to 2,000, whereas the cost of bone marrow stem cell injections ranges from USD 2,000–to 5,000 or more. Such therapeutic procedures often require more than one treatment, thus raising their overall cost.
The COVID-19 outbreak is an unprecedented health concern and has significantly impacted the sports medicine market worldwide. Sports have been classified based on their contact nature. Thus, several sports activities were on hold, and some were postponed during the pandemic, thereby impacting the growth of the market in the first quarter of 2020. According to a 2021 update by the National Safety Council (NSC) in America, the Consumer Product Safety Commission (CPSC) reports that during the first seven months of the COVID-19 pandemic, visits to emergency departments for consumer product-related injuries fell by 24%. The highest decrease in injuries were sports-related injuries associated with track and field. Hockey, soccer, baseball, football, and basketball witnessed a reduction of more than 60% from March through September 2020. As per the CPSC, these large decreases were due to the suspension of school and youth sports leagues in the spring and summer months of 2020 in response to the pandemic. These developments impacted the demand for sports medicine across the world.
The knee injuries segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)
The knee injuries segment held the largest share of the market, a trend that is expected to continue during the forecast period. The large share of this segment can be attributed to the fact that a large number of knee injuries are recorded across major sports, globally, accounting for approximately 40% of all injuries due to sports. Sporting activities have become important components of modern life as most people have more leisure time. There has been a steadily increasing number of men and women who have become members of fitness studios and sports clubs. The knee is under strain in daily life as well as, to a higher degree, during sporting activities. In addition to the surrounding muscles, there are passive stabilizers of the joint such as the ligaments, menisci, and the joint capsule that play important roles in stabilizing the joint. When secondary stabilizers in the knee are injured during a sports accident, it can lead to an overuse of other internal knee structures. Steinbrück showed that 32.6% of all sports injuries involve the knee.
North America region holds the largest market share of the global sports medicine market
North America dominates the global sports medicine market owing to it to the increasing prevalence of sports injuries, raising awareness among people regarding physical fitness a growing number of sports medical centers in the region. For instance, ACL injuries are common sports injuries. Additionally, as per the 2021 statistics by the Brain Injury Research Institute, about 1.6 million to 3.8 million recreation and sport-related concussions occur each year in the United States. Hence, this factor may contribute to the increasing demand for sports medicine. With rising sports injuries, the incidence rate of visiting hospitals and doctors for the treatment of these injuries is increasing, subsequently boosting the demand for sports medicines.
Moreover, in August 2021, Bioventus Inc., a global leader in innovations for active healing, completed a strategic investment in Trice Medical Inc., a company focused on developing and commercializing minimally invasive technologies for sports medicine and orthopedic surgical procedures.
The sports medicine market is a moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Arthrex Inc., CONMED Corporation, Johnson & Johnson, Medtronic PLC, Mueller Sports Medicine Inc., Performance Health, Smith & Nephew, Stryker Corporation, Wright Medical Group, Zimmer Biomet Holdings Inc.., among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the Sports Medicine Market globally. For instance, in July 2020, Anika Therapeutics Inc. received the US Food and Drug Administration (USFDA) clearance for six innovative products that address the needs of orthopedic and sports medicine surgeons. The products are planned to be commercialized in the future.
Stryker Corporation operates as a medical technology company. The company operates through two segments, MedSurg and Neurotechnology, and Orthopaedics and Spine. The Orthopaedics and Spine segment provides implants for use in hip and knee joint replacements, and trauma and extremities surgeries. This segment also offers spinal implant products comprising cervical, thoracolumbar, and interbody systems that are used in spinal injury, deformity, and regenerative therapies.
Triathlon Total Knee System: Triathlon Total Knee System portfolio offers many options to treat patients needing a total knee replacement. The Triathlon single radius is designed to work with the body to promote a natural-like circular motion, to help restore function and relieve pain.
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