Growth in the sports medicine market is primarily driven by factors such the increasing incidences of sports injuries, continuous influx of new products & treatment modalities, developments in the field of regenerative medicine, rising demand for minimally invasive surgeries.
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.
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. This collaborative has also estimated that orthopedic procedures will be the most frequently canceled procedures, with 6.3 million orthopedic surgeries canceled worldwide over 12 weeks.
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).
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.
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In the sports medicine field, there is an increasing need for trained professionals with relevant experience and knowledge about using orthobiologics and performing specific surgeries. Sports medicine surgeons provide diagnosis and treatment for musculoskeletal injuries and related disorders that are caused during sports activities.
The body support & recovery products segment is expected to witness the fastest growth during the forecast period. Products such as braces, supports, and physiotherapy equipment are required before and after procedures involving reconstruction. Thus, the demand for these devices is growing due to the increasing number of sports injuries globally.
Market Research Developments
1. In June 2020, Smith & Nephew received the CE mark approval for Regeneten Bioinductive Implant, thus allowing its sale in key European markets.
2. In March 2019, Arthrex partnered with Clemson University, US, with the aim of providing 10 scholarships worth USD 7500 each, for students who will take courses and internships specifically tailored to the needs of the surgical device industry.
3. In August 2018, DePuy Synthes entered in an agreement with SERF (Société d’Etude, de Recherche et de Fabrication), France, in order to strengthen its hip portfolio by adding a dual-mobility acetabular cup in hip implants.