Certain factors that are fuelling the market include rising burden of sports injuries, consistent innovation of new products and treatment modalities, and rising demand for minimally invasive surgeries.
Sports injuries include strains and sprains, spondylolysis and spondylolisthesis, stingers, disc injury, and Scheuermann's disease. According to 2018 article by Stanford children health statistics, in the United States, about 30 million kids and teenagers participate in some form of organized sports. More than 3.5 million injuries occur each year in the United States, which cause some loss of time of participation experienced by the participants. Almost one-third of all injuries incurred in childhood are sports-related injuries.
Moreover, trends suggest that incidences of injuries are expected to increase significantly in the coming years. Additionally, the rate of injury is expected to increase in the developing part of the world, as sports and physical activities are gaining significance in the region. The current high rate of injury in the developed countries, along with increasing incidences of injury in developed and developing countries, is expected to drive the sports medicine market across the world.
Key Market Trends
Cast Braces are Expected to Grow at a Faster Pace in the Product Segment
A cast brace plays an important role in your recovery from a fracture by allowing limited joint mobility, increased muscle activity, and needed continuous support to regain your full range of motion. Cast braces can also be utilized when a fracture is slow to heal. By providing the support you need as you progress through these crucial stages of healing, a cast brace encourages the limited motion that helps you get back to your daily life.
Moreover, among sports injuries, fractures are the second most common injuries after strains and sprains in the United States. As per 2019 data by the Mount Elizabeth Hospitals, Fractures comprise of 20% of the sports related injuries among all the sports injuries in the US. This is expected to increase the demand for braces, as they support healing frantures. This will boost the market growth.
United States Dominates the Market in the North American Region and is Anticipated to Follow the Same Trend in the Future
The United States (US) and Canada have a developed and well-structured health care system. These systems also encourage research and development. These policies encourage global players to enter the US and Canada. As a result, these countries enjoy the presence of many global market players. Additionally, Mexico is a developing nation with the benefit of being neighbor to the US. This allows many companies to penetrate in Mexico as well. This helps the growth in the region.
The sports medicine market is dominated by few major players, and is moderately competitive. Major players of this market include Medtronic PLC., CONMED Corporation, Smith & Nephew PLC, Stryker Corporation, and Zimmer Biomet Holdings Inc.
With the technological innovations in the implants and the growing price competition, some new companies are also penetrating the market.
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