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Sports Medicine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Sports Medicine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • September 2021
  • 130 pages
  • ID: 6155623
  • Format: PDF
  • Mordor Intelligence LLP

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The sports medicine market was valued at approximately USD 7,150 million in 2020, and it is expected to reach USD 9,850 million by 2026, registering a CAGR of 5.5% over the forecast period, 2021-2026.

To curb the disease, most international, regional, and national level sports activities have been postponed, which has led to fewer sports injuries, and thereby, a decline in demand for sports medicine. For instance, in April 2020, the Confederation of Africa Football announced its plan to shift the African Champion’s League’s semi-finals due to the outbreak of COVID-19. This factor restricts the sales by companies in this region. Similarly, other countries in other geographies have also been affected. Therefore, a short-term negative impact can be expected on the market growth due to COVID-19. However, in the coming years, the market studied is expected to grow as the sports activities will upsurge by the end of 2021.

Furthermore, the factors that are fueling the market include the rising burden of sports injuries, consistent innovation of new products and treatment modalities, and rising demand for minimally invasive surgeries. According to the article published by Sarah Megginson in February 2020, 89% of Australian adults participate in sports every year, with 62% participating at least three times a week. Furthermore, in 2019, a study published by Wu Jianxi, et al., in the International Journal of Sports and Exercise Medicine reported that the increasing popularization of futsal in China led to the highest number of ankle-related injuries, as futsal is a whole-body contact sport of technical confrontation. Thus, with the rising number of sports injuries, the demand for sports medicine is also expected to increase across the world.

The launches of novel products related to sports medicine are also expected to propel the market growth over the forecast period. In December 2019, Fuse Medical Inc. launched various products in orthopedics and sports medicines. These include the Galen Medial, the Kopis Knotless Anchor, Galen XT Suture Anchors, and the Vida Interference Screws. In September 2020, Smith and Nephew launched its new product, ’’HEALICOIL KNOTLESS Suture Anchor’’, in the market. This product, in combination with REGENESORB Material, supports in-bone formation and healing. Hence, the increasing number of product approvals is also expected to boost the market growth.

Key Market Trends

Braces are Expected to Observe Good Growth over the Forecast Period

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 are resuming now, including sports, the risk of sports-related injuries increases. Hence, in the coming years, the need for cast braces is expected to increase.

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. As per the 2019 data by the Mount Elizabeth Hospitals, fractures comprise 20% of the sports-related injuries among all the sports injuries in the United States. Thus, with such novel products, the market is expected to grow in this segment.

North America is Expected to Contribute With a Significant Share in the Sports Medicine Market

North America is expected to dominate the sports medicine market. 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 the sports activities safely and prevent the transmission of the virus, including limiting in-person contacts, wearing masks, using own equipment such as headgears, etc.

Additionally, in 2019, the US Department of Health and Human Services estimated that 8.6 million sports injuries occur each year, and one-third of all sports injuries occur in a sports facility, athletic field, or playground. The most common types of sports injuries are sprains, strains, and fractures. Besides, 2 million injuries occur among high school athletes each year, with 500,000 doctor visits and 30,000 hospitalizations, as per the same source. To foster scientific investigation and R&D practices within the sports medicine discipline, the American Medical Society for Sports Medicine (AMSSM) grants research funding of USD 50,000 per year to its members. A study published by Cary Orthopaedics, United States, in 2019, stated that each year, 500,000 doctor visits and 30,000 hospitalizations occur due to sports injuries in high school athletes. 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. Hence, this is expected to accelerate the market growth in the region.

Competitive Landscape

The sports medicine market is dominated by few major players and is moderately competitive. The major players of this market include Medtronic PLC, CONMED Corporation, Smith & Nephew PLC, and Stryker Corporation, among others. Furthermore, with the technological innovations in implants and the growing price competition, some new companies are also penetrating the market. In June 2020, Smith & Nephew introduced "Bioinductive Implant" in the European market.

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