Soft Tissue Repair Market Overview, Demand Analysis, Industry Growth Values and Forecast to 2023
Market Highlights:
The global soft
tissue repair market is expected to grow at an approximate CAGR of 6.2% during the forecast
period, 2018–2023.
The
rising cases of sports-related injuries and technological advancements are some
of the key factors driving the soft tissue repair market. For instance, in
2016, Colorado Therapeutics received FDA approval for its xenograft implant.
The xenograft implant is designed for the surgical repair of damaged or
ruptured membranes.
Various
other factors such as increasing awareness about orthopedic disorders and other
related conditions, improvement in reimbursement policies, untapped emerging
markets, and increasing healthcare expenditure are also expected to propel the
growth of the market.
However,
the high cost of advanced equipment and a shortage of physicians in emerging
markets can hamper market growth over the forecast period.
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·
Stryker
Corporation
·
C.R. Bard
·
Arthrex
·
Integra
LifeScience Corporation
·
Depuy Synthes
·
Smith & Nephew
plc
·
Allergan Plc
·
Athersys
·
CryoLife
·
Medtronic Plc
·
Organogenesis Inc
·
Zimmer Biomet
Holdings
·
The global market
for soft tissue repair, by product, is segmented into fixation products, tissue
patch/match, laparoscopic instrument, and others. The fixation products segment
is further classified as a suture, suture anchors, and interference screw.
·
Based on
application, the market is segmented into orthopedic surgery, skin repair,
hernia repair, vaginal sling repair, dental reconstruction, cardiovascular
surgery, breast reconstruction, and others.
·
Based on end user,
the market is segmented into hospitals, clinics, research & academic
institutes, and others.
Regional Analysis:
The Americas
dominated the global market for soft tissue repair owing to the increasing
healthcare expenditure presence of major market players and rising geriatric
population within the region. As per the data suggested by the United Census
Bureau, by 2060, the US is projected to grow by 79 million people, from about
326 million today to 404 million. The population is projected to cross the
400-million threshold in 2058.
In 2017, it was
estimated that Europe stood second in the global soft tissue repair market.
Robust research and development (R&D) sector along with the availability of
funding opportunities in research and innovation will support the market
growth.
Asia-Pacific
(APAC) is expected to represent the phenomenal market growth throughout the
forecast period due to increasing demand for medical technology, growing health
awareness, and growing aging population coupled with the rising prevalence of
orthopedic diseases in India, Japan, and Australia. For instance, according to
the United Nations Economic and Social Commission for Asia and the Pacific
(ESCAP), in 2016, around 12.4% of the population in the region was 60 years or
older and is projected to reach to more than 1.3 billion by 2050.
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