Impingement Syndrome is Estimated to Witness High Growth Owing to Rise in Sports-related Injuries
Impingement Syndrome refers to a common cause of shoulder pain that occurs due to compression of soft tissues between the bones of shoulder joint. It is caused due to overuse or repetitive motions like throwing which lead to inflammation of tendons beneath shoulder blade. Impingement syndrome can affect people of all ages but is common among athletes and people involved in overhead activities. The syndrome causes sharp or burning pain in the shoulder region, especially while lifting or carrying objects overhead. Non-surgical treatments using medications and physical therapy are generally prescribed to relieve pain and improve shoulder mobility.
The global Impingement Syndrome Market is estimated to be valued at US$ 2,173.5 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
Rise in sports-related injuries is expected to drive the growth of impingement syndrome market. Strenuous sports activities which involve repetitive overhead motions like baseball, swimming, and tennis can cause shoulder impingement over time. According to statistics, shoulder injuries account for nearly 16% of all sports injuries in the US. The risk of impingement syndrome is nearly five times higher among athletes compared to general population. Growing participation in sports and recreational activities globally has led to surging incidences of shoulder injuries. This provides significant growth opportunities for manufacturers in the impingement syndrome market to develop advanced treatment solutions and management therapies targeted towards sports medicine applications.
Porter’s Analysis
Threat of new entrants: The biotechnology industry has high barriers to entry due to stringent regulatory requirements for product approval and development. However, the growing demand presents opportunities for new players.
Bargaining power of buyers: Individual consumers have moderate bargaining power due to availability of alternative treatment options. However, large healthcare organizations and hospitals have significant influence over prices due to their purchasing ability.
Bargaining power of suppliers: A few global players dominate the supply of critical raw materials and equipment. Suppliers thus wield strong influence over prices.
Threat of new substitutes: Alternate treatment methods like physiotherapy, pain medications and hydration therapy pose threats. However, targeted therapies are developing rapidly with few direct substitutes currently available.
Competitive rivalry: The impingement syndrome market is fairly consolidated with key players differentiating through advanced research and newer biomarkers. M&A activity is intensifying competition.
SWOT Analysis
Strengths: Growing geriatric population susceptible to sport injuries and lifting accidents boost demand. Research into diagnostic biomarkers and personalized treatment aids market expansion.
Weaknesses: High costs of targeted therapies limit coverage. Lack of disease awareness in developing nations constrain revenue growth.
Opportunities: Partnerships with hospitals to streamline diagnosis and care pathways present lucrative opportunities. Expanding into Asia Pacific and Latin America offers scope for market penetration.
Threats: Threat from alternate non-drug care methods. Stringent regulatory norms for drugs and devices approval can slow market evolution.
Key Takeaways
The global Impingement Syndrome market is projected to witness robust growth between 2023-2030 driven by rising sports injuries worldwide. North America currently dominates the market due to developed healthcare infrastructure and favorable reimbursement policies for orthopedic procedures. However, Asia Pacific is emerging as a lucrative region on account of large patient population and growing medical tourism.
Regional analysis: North America is expected to maintain its lead position during the forecast period. This can be attributed to growing awareness about impingement syndrome diagnosis and treatment options. Asia Pacific is likely to register the fastest CAGR over 2023-2030 backed by growing healthcare expenditures, rising medical tourism and increasing joint disorders in India and China.
Key players operating in the Impingement Syndrome market are Thermo Fisher Scientific Inc., GE Healthcare, Merck KGaA, Bio-Rad Laboratories, Inc., Lonza, Abcam plc, PerkinElmer Inc., Bio-Techne, BioVision Inc., Cell Signaling Technology, Inc., and Geno Technology Inc. The companies mainly focus on expanding their product portfolios through mergers, acquisitions and strategic collaborations.
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