Growing cases of sports injuries, technological advancements and new product innovations in sports medicine, rising demand for minimally invasive surgeries, advancements in regenerative medicine, and increased awareness of the importance of physical fitness and sports activities are among the key factors driving market growth.
Sports medicine is an umbrella word for a wide range of specialties that connect the academic disciplines of medicine and physical education, as well as the basic sciences. Minimally invasive techniques are used to treat bone, cartilage, and tissue injuries. Patients may immediately resume their active lifestyles after the surgeries, which are commonly performed on the knee, hip, and shoulder.
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A slowdown in the demand for sports medicine points to an impending recession.
The recession’s detrimental impact on young people’ physical activity emphasizes the need of policymakers taking large economic downturns into account. Due to the impending recession, patients are anticipated to postpone minimally invasive surgical operations, especially sports surgery, until the overall economy appears more hopeful. Given the present economic and financial situations, patients are projected to be less willing to bear the price of these private-pay or discretionary operations, and may choose to forego such procedures or items in favor of alternative possibilities. Companies will likely witness a slight drop in their orthopedic robotic system sales as hospitals might tighten their spending amid an economic slowdown and a looming recession risk.
Potential of Sports Medicines in the Treatment of Sports Injuries Boosts the Growth of the Global Sports Medicine Market
Sporting injuries are inevitable for anyone who actively engages in physical activity. People of all ages are more active than ever before and whenever they seek treatment for an injury or a degenerative condition, they expect a fast recovery and rapid return to activity.
Development in regenerative medicine in the sporting arena focuses predominantly on cartilage, tendon, ligament, meniscal, and skeletal muscle injuries. Technological advancements in the orthopedic field such as the 3D printing of implants and the introduction of bionic technology, and sensor technology in prosthetic limbs offer unprecedented growth opportunities. The future contains a trend toward prevention through genetics, nutrigenomics, and numerous monitors and wearables in sports medicine which is further expected to drive the market in the forecasted period.
Growing Emphasis on Developing New Advanced Sports Medicine Products Fuels Sports Medicing Market
The field of sports medicine encompasses a wide variety of disciplines from orthopedics and physiotherapy to psychiatry and public health. There have been many recent advances in the products category of sports medicine such as rotator cuff repair, anterior cruciate ligament reconstruction, high altitude simulation training, anti-gravity treadmill, exoskeletons, bio-harnesses, smart fabrics, virtual and augmented reality and hip/knee arthroscopy that are revolutionizing the global sports medicine market. For instance,
- In November 2022, Smith+Nephew announced the introduction of its JOURNEY II ROX Total Knee Solution – a reverse hybrid construct for total knee arthroplasty. This new procedural product solution aims to provide surgeons with the clinical advantage of advanced bearing material and anatomic design combined with the efficiency and potential long-term tibia fixation of a cementless knee.
- In March 2022, DePuy Synthes, the Orthopaedics Company of Johnson & Johnson, announced the addition of two innovations to its kinematically advanced and proven ATTUNE Knee portfolio: the ATTUNE Cementless Fixed Bearing Knee with AFFIXIUM 3DP Technology and the ATTUNE Medial Stabilized Knee System.
Rising Incidence of Youth Sports Injuries Fuels the Global Sports Medicine Market
More than 3.5 million children under the age 14 receive medical treatment for sports injuries each year. Young athletes especially those younger than 8 are more prone to sports injuries than adults due to ongoing growth spurts, slower reaction times, and still-developing hand-eye coordination. Injuries to the face or head are more common and account for 27% of high school sports injuries. Also, more than 775,000 children, ages 14 and younger, are treated in hospital emergency rooms for sports-related injuries each year. Sports injuries in children must be treated properly by using different sports medicine techniques so that children can get back to their regular activities and avoid developing any chronic pain or long-term injuries.
Key Market Constraints Sports Medicine Market
The inflated cost of sports medicine & other devices, shortages of skilled & trained professionals, and a global shortage of some raw materials & components are some of the other key factors that are likely to hamper the growth of the sports medicine market in the coming years.
North America is Expected to Continue to Hold a Major Share in the Global Sports Medicine Market
From a geographical perspective, North America holds a major market share of the sports medicine market. This can be mainly attributed to the growing incidence of sports-related injuries and muscle tears, the increased number of people participating in fitness regimens and sports, the rising usage of absorbable implants, and improved sports healthcare infrastructure in the region. However, the Asia-Pacific region is expected to witness a strong growth in the upcoming years due to a growing product innovations such as the development of minimally invasive arthroscopic devices and a shift from proactive to preventive care of sports injuries in the region.
Competitive Landscape Analysis: Sports Medicine Market
Some of the leading and established players operating in the global sports medicine market are as follows:-
- Arthrex Inc.
- Smith & Nephew Plc.
- DePuy Synthes
- Stryker Corporation
- CONMED Corporation
- Zimmer Biomet Holdings Inc
- KARL STORZ
- IntraVu
- Mueller Sports Medicine
- Oxford Performance Materials, Inc
- Orthofix International N.V
- Wright Medical Group
Organic and Inorganic Growth Strategies Adopted by Leading Players to Establish Their Foothold in the Sports Medicine Market
All key players operating in the sports medicine market are adopting both organic and inorganic growth strategies such as collaborations, acquisitions, and new product launches to garner a higher market share.
For instance,
- In July 2022, Oxford Performance Materials, Inc (OPM) announced an agreement with Fuse Medical, Inc (Fuse) to develop new, world-class spinal, extremity, and sports medicine implant product lines utilizing OPM’s patented OsteoFab PEKK technology.
- In March 2022, DePuy Synthes, the Orthopaedics Company of Johnson & Johnson announced that their product INHANCE™ Shoulder System has received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for use in reverse total shoulder arthroplasty procedures.
The sports medicine market is expanding and is expected to gain traction in the coming years as a result of a strong emphasis on developing new minimally invasive products, investment in R&D to introduce several advanced products, increased awareness of fitness regimes and sports activities, and aggressive organic and inorganic growth strategies employed by market players.
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