Home Business Global Sports Medicine Market Showing Signs of Recovery Post COVID-19—Projected to Reach USD 8.20 – GlobeNewswire

Global Sports Medicine Market Showing Signs of Recovery Post COVID-19—Projected to Reach USD 8.20 – GlobeNewswire

by Bioreports
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Noida, India, June 17, 2021 (GLOBE NEWSWIRE) — A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting revealed that the global sports medicine market was worth USD 5.19 billion in 2020 and is further projected to reach USD 8.20 billion by 2027, at a CAGR of 6.70% during the forecast period (2021-2027). The global sports medicine market is driven by several factors, such as the increasing number of sports-related injuries, advancements in regenerative medicines, an increasing number of youngsters adopting sports as a full-time profession, and increasing demand for minimally invasive surgeries. Apart from this, a growing focus on preventive care is also supporting the growth of the market.

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Growing Number of Sports-Related Injuries is expected to Propel the Growth of the Global Sports Medicine Market

Sports injuries make up a large portion of all the injuries suffered globally. The number of sports injuries is steadily increasing in recent years. With the launch of new leagues around the world to maximize profits and attract audiences, the number of games played has increased dramatically over the years. Players are now playing games non-stop. Nevertheless, players received much-needed relief in 2020 for a few months, when all sports-related activities came to a standstill due to the coronavirus-induced lockdown. However, as sports-related activities resumed and sports leagues decided to finish the remaining matches of the season before starting the new season on schedule, the burden on players increased drastically as players had to play large number of matches within a short period of time without having proper time to rest.

According to Premier League Injury Table, the number of injuries went up by a massive 20% in 2020 with a 17% rise in soft-tissue muscular strain during the first 10 rounds of the English Premier League. A total of 133 muscle injuries were suffered by the players in the first nine rounds of the premier league games in 2020. A total of 462 injuries were suffered in the 2019-2020 campaign with 464 injuries in the season before that. According to the National Safety Council (NSC), exercising inflicted 468,000 injuries in the U.S. followed by 417,000 from bicycling, 404,000 from basketball and 292,000 from football. As the number of games played increases every year, the players are subjected to a greater burden, resulting in a greater number of injuries. These injuries are projected to drive high demand for sports medicine and boost the sports medicine market’s growth throughout the forecast period.

Increasing demand for minimally invasive surgeries is supporting the growth of the global sports medicine market

In today’s hyper-competitive world, it is essential for sports players to stay in touch with their respective sports, otherwise, they are in danger of losing their spot in the team. When a player suffers an injury, they do not want to undergo surgery as surgeries require a lot of time and special care to heal. Virgil Van Dijk, a football player for Liverpool FC—a football club in English Premier League, suffered an ACL injury in a match in October 2020. He hasn’t recovered from the surgery even after 8 months and he may need another 3-4 months before he is back. FC Barcelona player Ansu Fati is another player who has to undergo surgeries to repair a torn meniscus in his left knee. The player is preparing for a third surgery in the hope of fully recovering from the injury.

Players choose minimally invasive surgeries since it allows them to spend less time on the sidelines and return to their respective teams sooner. As a result, , demand and need for minimally invasive surgeries and treatment methods is going up day by day and is expected to propel the growth of the sports medicine market during the forecast period. 

The high cost of orthopedic implants and devices is expected to restrict the growth of the global sports medicine market

Developing countries like India, Latin American countries, countries in Africa, and South-East Asia have a very small portion of the population under insurance coverage. The cost of treatment for sports-related injuries is highly costly, and without insurance; thus, the majority of families in developing countries fail to afford the treatment. According to IRDA (Insurance Regulatory and Development Authority) data, more than three-fourths of India’s population is uninsured, and the bulk of them cannot afford the expensive cost of orthopedic implants (more than USD 12,000) or bone marrow stem cell injections (USD 2,000 – 5,000) in the event of a serious accident. Because of the high cost of implants and other treatments, many families and athletes are unable to afford them, which is a major limitation on the growth of the global sports medicine market over the forecast period.

The knee segment held the largest market share in the global sports medicine market in 2020

Based on the application, the global sports medicine market is segmented into knee, head & neck, shoulder, ankle and foot, wrist and elbow, and others. The knee segment held the largest market share in the year 2020 and is expected to progress at a significant rate during the forecast period. The anterior cruciate ligament (ACL) is a very common yet very serious injury for any sportsperson. Football players are very prone to ACL injuries and stay sidelined for 8-12 months due to ACL. Fractures, dislocations, anterior cruciate ligament (ACL), Posterior Cruciate Ligament (PCL) are some of the most common injuries suffered by sports players. According to Asian Journal of Sports Medicine, the ACL is the most common injury suffered by Indian Kabaddi players, accounting for 89.5% of all injuries, with 44 players retiring after sustaining knee injuries.  The high volume of knee injuries and the severity of these injuries have contributed to the segment’s considerable market position in the global sports medicine market.

The Global Sports Medicine Market: Regional insights

The global sports medicine market is segmented into five regions: North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. North America holds the largest market share in the market owing to a large number of sports injuries suffered every year. Europe is projected to follow North America in terms of the high popularity of sports, novel treatment methods, improved healthcare facilities, and the high quality of doctors and physicians.

More than 30 million children and teens participate in some form of sports activity in the US every year with 3.5 million injuries reported. Sports injuries account for 33% of all reported injuries, with over 75,000 children under the age of 14 ending up in hospital emergency rooms as a result of sports injuries. Also, there are 100,000 to 200,000 anterior cruciate ligament (ACL) tears every year in the US with almost 100,000 ACL reconstruction surgeries. The growing number of sports-related injuries, coupled with the presence of major industry players in the region has also supported the growth of the global sports medicine market in the region.

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COVID-19 Impact on Global Sports Medicine Market

COVID-19 has had a negative impact on the entire world, affecting all industries and markets. Countries are still attempting to mitigate the COVID-19’s impact and bring things together. Although ongoing mass vaccination programs have helped to reduce the risk of COVID-19, the second and third waves of the virus, combined with mutant versions of the virus, have made it difficult. When all sports activities were prohibited owing to nationwide lockdowns in March-April 2020, the need for sports medicine decreased; however, as regulations eased and sports activities resumed, the need for sports medications increased due to a rapid surge in injuries. German Football League, Bundesliga, was the first major sports league to resumed in Europe in September 2020. When leagues started, the odds of players being injured were 1.13 times higher than before the lockdown, with a 17% increase in muscular injuries with several players suffering lengthy injuries.

COVID-19 increased the burden on players and sporting associations around the world as they attempted to fit in all sports activities in a short period of time. With multiple major sporting events coming thick and fast in the coming years, the number of injuries and demand for sports medicines is expected to increase.

The Leading Players Operating in the Global Sports Medicine Market are Arthrex, Inc., Stryker, CONMED Corporation, Zimmer Biomet, Karl Storz Se & Co. KG, Johnson & Johnson Services, Inc., Smith & Nephew, Depuy Synthes Inc., Wright Medical Group N.V., DJO Global, Ottobock, OSSUR HF, Japan MDM, Performance Health International Limited, Cramer Products, RTI Surgical, Medtronic, Mueller Sports, Breg, and other prominent players.

Companies are eager to hire experienced and knowledgeable professionals in their respective fields in order to capitalize on market opportunities and achieve a competitive advantage. For example, Ortho Regenerative Technologies Inc., hired Messrs. Howard Walthall and Tim Cunningham as part of its board of directors. Additionally, the launch of new facilities and centers is also part of the strategy to gain an advantage over the other players. In addition, Texas Health Presbyterian Hospital Allen completed a new USD 12 million sports medical center in Texas. It would assist the company in earning more market share in the Texas domestic market as well as a competitive edge.

Recent Developments in the Global Sports Medicine Market

In June 2021, Denmark and Italian club, Inter Milan’s star football player, Christian Eriksen suffered cardiac arrest in the middle of a match between Denmark and Finland in EURO 2020 in Copenhagen. Prompt response from the medical team saved the life of the midfielder.

In June 2021, Sanford Orthopedics and Sports Medicine announced that it has opened a new facility in Fargo, North Dakota. The new facility is the result of a USD 30 million worth of remodeling project and this facility will act as the only orthopedics and sports medicine clinic in the region. The facility would have a full scope of orthopedic care including foot and ankle care, brain injury care and orthobiologics.

Scope of Report

By Device Type

Ø  Surgery devices

Ø  Bone reconstruction Devices

Ø  Body Support Devices

Ø  Others

By Application

Ø  Knee

Ø  Head & neck

Ø  Shoulder

Ø  Ankle and Foot

Ø  Wrist and Elbow

Ø  Others

By End-User

Ø  Hospitals

Ø  Speciality Clinics

Ø  Diagnostic Centers

Ø  Orthopedic Clinics

Ø  Rehabilitation Centers

Ø  Sports Institutes

Ø  Others

By Region

Ø  North America

Ø  Europe

Ø  Asia-Pacific (APAC)

Ø  Latin America (LATAM)

Ø  Middle-East & Africa (MEA)

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