A new report by Future Market Insights (FMI) anticipates the global soft tissue repair market to exhibit a steady 5.5% CAGR throughout the forecast period (2017-2022). The global market for soft tissue repair is expected to account for over US$ 15,000 Mn revenues by 2022-end.
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Advancements in Products such as Bioabsorbable Soft Tissue Screws to Propel Growth of the Market
A number of technological advancements and innovations have been observed in orthopedic connective tissue repair procedures. Novel advances, for instance – the innovative surgical techniques, are being made in the procedures associated with anterior cruciate ligament (ACL) reconstruction, in a bid to make the process more effective. Global leaders, including Zimmer Biomet and NORAKER, have been developing new bioabsorbable soft tissue screws over the past few years. Leading market players have also been focusing on development of the mesh with biological products, which would act as a replacement for human allograft. An example of this is development of EZ Derm by MoInlycke Health Care, utilized as dressing for wounds using wires and pins independently, or together, with various other internal fixation devices. These devices are utilized for surgeries pertaining to hip replacement and spine.
People across the globe are becoming aware of development, promotion, and commercialization of the advanced platelet-rich plasma devices, used for musculoskeletal disorders. In addition, there is a surge in awareness about skeletally immature patients to have a high risk of tear in the connective tissue and ligaments. These factors might positively impact global demand for soft tissue repair in the near future.
Sports-related Injuries- A Major Factor Driving the Market Growth
A major factor affecting demand for soft tissue repair is injuries related to sports. Athletes usually suffer from ACL tear during the game, or while performing other physical activities. Moreover, increasing aging population is also expected to play an imperative role in growth of the market. With aging, substantial changes are observed in skeletal and neuromuscular systems, which in turn leads towards ACL tear, weak ligaments and arthritis. Prevalence of obesity in geriatric population is directly increasing risk of degenerative bone diseases, such as osteoporosis and osteoarthritis. The aforementioned factors are further expected to increase demand for soft tissue repair procedures.
In contrast, high prices associated with soft tissue repair procedures, lack of awareness in population across underdeveloped and remote regions, and unfavorable reimbursement policies are factors which will impede demand for soft tissue repair procedures in the near future.
APEJ to Witness a Significant Expansion in the Market
The soft tissue repair market in Asia-Pacific excluding Japan (APEJ) is expected to witness a significant growth, with revenues poised to surpass US$ 3,000 Mn by 2022-end. Growth of the market in APEJ can be primarily attributed to increasing purchasing power of population, and rising prevalence of musculoskeletal disorders in countries such as India and China. In addition, North America is expected to remain the most attractive market for soft tissue repair, owing to the hike in healthcare expenditure in this region.
Based on product, sales of laparoscopic instruments, and synthetic mesh are expected to collectively account for over one-third revenue share of the market during the forecast period. Sales of synthetic mesh and laparoscopic instruments will register similar CAGRs through 2022.
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Orthopedic Application of Soft Tissue repair to Account for Largest Revenue Share
Orthopedic application of soft tissue repair are expected to account for the largest revenue share of the market during 2017 to 2022, followed by skin repair application. In addition, revenues from orthopedic and skin repair application of soft tissue repair are expected to collectively account for over US$ 7,000 Mn by 2022-end.
Accounting for around two-third revenue share of the market, hospitals are expected to remain the most lucrative end-users in the global market for soft tissue repair. Revenues from hospitals in the market are expected to reach approximately US$ 10,000 Mn by 2022-end.
Key players profiled by the FMI’s report, who are actively operating in the global soft tissue repair market, include Wright Medical Group N.V., Integra LifeScience Corporation, Medtronic Plc., CONMED Corporation, C. R. Bard, Inc., Braun Melsungen AG, Smith & Nephew, DePuy Synthes, Stryker Corporation, Zimmer Biomet Holdings, Inc., and Arthrex Inc.