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A surprise surge in healthcare utilization rates has recently hit shares of big insurance companies — and a team of Wall Street analysts is blaming pickleball.
Earlier this month, UnitedHealth Group, the nation’s largest health insurer, warned that elective procedures like hip replacements and knee surgeries were rising in cost at an unexpectedly rapid clip — news that sent its shares tumbling more than 9% in a single day.
While some analysts initially blamed a slew of surgeries that had been delayed by the pandemic, a team of researchers at Swiss investment bank UBS attributed the increase to pickleball injuries — and calculated they’re poised to cost Americans at least $377 million this year, according to Bloomberg.
The wildly popular game, a cross between tennis, ping-pong and badminton, has become America’s fastest-growing sport after initially gaining traction in 2020.
After surging 86% to 8.9 million players in 2022, according to the Sports & Fitness Industry Association, UBS predicts that figure will spike to 22.
