Market Trends of Global Sports Medicine Industry
Braces are Expected to Observe Good Growth over the Forecast Period
By product, the braces segment is expected to witness healthy growth. According to the United Nations article, in May 2020, the Olympics and Paralympics were postponed to 2021 due to the spread of COVID-19 across the world. However, with activities resuming now, including sports, the risk of sports-related injuries increases. Hence, the need for cast braces is expected to increase in the coming years.
As per the data provided by the Nations Safety Council, about 122.7 per 100,000 people got injured in basketball games. This number is expected to decrease as most of the sports activities got postponed in 2020.
As a result, many organizations are taking definite measurements related to sports medicines. For instance, in April 2020, Aspetar, an orthopedic and sports medicine hospital situated in Qatar, launched the "COVID-19 Evidence for Athletes Service'', a platform that will provide information on sports medicines (including braces) to athletes, their healthcare teams, coaches, etc.
A brace plays an important role in recovery from a fracture by allowing limited joint mobility, increased muscle activity, and the needed continuous support to regain full range of motion. New product developments by companies are expected to accelerate the market growth in this segment. For instance, in February 2020, a startup, Cast 21, developed a novel waterproof cast. Thus, due to the above-mentioned developments, the market is expected to grow in this segment.
North America is Expected to Contribute a Significant Share in the Sports Medicine Market
Within North America, the United States is expected to dominate the sports medicine market. The major factors contributing to the market growth are technological advancements, a rising number of sports injuries, and awareness initiatives.
The COVID-19 pandemic has significantly impacted the sports medicine market in the United States. Initially, the surgeries (including surgeries related to sports injuries) were put on hold, which impacted the demand for sports medicines negatively. According to a research article by Francesca Vannini et al., published in the International Orthopaedics Journal, in August 2020, during the initial spread of the novel coronavirus, elective surgery was stopped, and only emergency procedures were allowed. In response to this outbreak, the Centers for Disease Control and Prevention issued guidelines in December 2020 to conduct sports activities safely and prevent the transmission of the virus, including limiting in-person contact, wearing masks, and using own equipment such as headgears.
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.
Hence, due to the above-mentioned developments, the market is expected to grow during the forecast period.
