Medicine

Sports Medicine Market : Future, Growth and Trends | by Nilkanth Rathod MnM | Dec, 2021

Nilkanth Rathod MnM

According to The CovidSurg Collaborative, a 120-country research initiative formed to analyze the impact of the COVID- 19 pandemic on surgeries, around 28.4 million elective surgeries worldwide will be canceled or postponed in 2020, based on 12 weeks of peak disruption to hospital services due to COVID-19.

The COVID-19 outbreak has upended many lives and businesses on an unprecedented scale. Due to the pandemic, most organized sports activities have been on hold or postponed. In March 2020, the International Olympic Committee postponed the 2020 Tokyo Olympics and Paralympic to 2021. Such developments are expected to significantly affect the growth of the sports medicine market in the coming months.

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).

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=751

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.

The major restraining factor for the growth of sports medicine market is 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 500–2,000, whereas the cost of bone marrow stem cell injections ranges from USD 2,000–5,000 or more. Such therapeutic procedures often require more than one treatment, thus raising their overall cost.

Sports medicine is widely used for the prevention of sports injuries as well as for the cure, recovery, and rehabilitation of athletes. The sports medicine applications market is segmented into knee injuries, shoulder injuries, foot ankle, elbow wrist, back spine, hip groin, and other injuries. The knee injuries segment held the largest share of the market in 2019, a trend that is expected to continue during the forecast period.

The major vendors in the global sports medicine market include Arthrex, Inc (US), Smith Nephew plc (UK), Stryker Corporation (US), Breg Inc. (US), DJO Global, Inc. (US), Mueller Sports, Inc. (US), Wright Medical Group N.V. (US), Medtronic (Ireland), RTI Surgical (US), Performance Health International Limited (US), KARL STORZ (Germany), and Bauerfeind AG (US), Össur (Iceland), MedShape (US), Cramer Products (US), Biotek ( India), RôG Sports Medicine (US).


Source link

Related Articles

Leave a Reply

Back to top button