Incidence of sports injuries has risen significantly in the last few years, when unwavering innovations of novel products and treatment modalities have also taken place.
Incidence of sports injuries has risen significantly in the last few years, when unwavering innovations of novel products and treatment modalities have also taken place. This, in turn, has resulted into high demand for sports medicine across the world. At the same time, growing preference for minimally invasive surgeries has also been beneficial for the growth of the global sports medicine market. As per a report issued by Sarah Megginson in 2020, almost ninety percent of adults in Australia tend to participate in sports every year, with sixty-two percent partaking at least thrice a week. Moreover, another study conducted in 2019 reveals that the rising popularity of futsal among Chinese gives way to maximum number of ankle-related damages & wounds, since futsal is a kind of sports that calls for whole-body contact.
According to Allied Market Research, the global sports medicine market is anticipated to manifest a noteworthy CAGR from 2021 to 2030. The launches of new products associated with sports medicine have also supplemented the market growth in several ways. As for example, in 2020, Smith and Nephew brought forth its new launch, ''HEALICOIL KNOTLESS Suture Anchor’’, which in amalgamation with REGENESORB material props up quick healing of bone injuries.
Rise in incidences of sports injuries, increase rise in participation in fitness and sports-related activities, and shift from proactive to preventive care for sports injuries drive the growth of the global sports medicine market. However, changing regulatory scenarios for medicine hinder the market growth. On the other hand, increase in awareness among individuals regarding fitness & sports, availability of medical instruments, and adoption of extreme sports activities create opportunities in the coming years.
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Such increasing number of sports injuries and augmented demand for sports medicine have made the key players in the industry come up with new strategies to hold their stand in the market. Lately, in 2021, DePuy Synthes, a subordinate to Johnson & Johnson, proclaimed that it would come up with novel products and high-end technology solutions remodeling new values of care for contemporary orthopedics during the AAOS annual summit. And, in the last February, this year itself, the DJO global company declared that it rehabilitated its collaboration with the PFATS. Professional Football Athletic Trainers Society is a specialized association comprising proficient athletic trainers employed in professional football. PFATS will indorse explicit DJO products as part of its alliance with DJO. It is one of the most prominent global providers of medical technologies committed to powering motion.
Impact of Covid-19 On Sports Medicine Market (Pre And Post Analysis)
Here, it’s worth stating that the outbreak of the Covid-19 pandemic led to an array of restrictions and regulations imposed by the majority of government bodies across the world, especially during the initial phase. To contain the spread, most regional, national, and international level sports activities were either cancelled or delayed, which naturally gave way to declined demand for sports medicine, thereby impacting the market negatively. However, the market has almost recovered by now.
Owing to cancellation of sports events and competitions to prevent the spread of Covid-19, the demand for sports medicines reduced considerably during the initial phases of the pandemic. The demand is expected to grow steadily post-pandemic.
Manufacturing activities of sports medicine were stopped completely or partially during the lockdown implemented by different governments. Lack of availability of skilled workforce and disrupted supply chain impacted the manufacturing activities.