Adoption Scenario of Soft Tissue Repair Market to Remain Positive Through 2024
A recent market research report by Research Report Insights examines the global market for soft tissue repair over the between 2015 and 2024. The report, titled “Soft Tissue Repair Market by 2024.” The report states that the market will record a promising 5.5% CAGR over the forecast period. If the numbers hold true, the market will rise from a valuation of US$4.3 bn in 2014 to an opportunity of US$7.3 bn by the end of 2024.
Key factors working in favor of the market include the vast rise in prevalence of osteoporosis and related fractures, the rising geriatric population – a demographic that is most vulnerable to fractures, and a vast rise in medical expenses related to obesity in the last decade. The rising geriatric population and rising disposable incomes in emerging economies, the vast rise in incidence rate of age-related diseases, and attempts to improve the healthcare infrastructure across emerging economies. Furthermore, the rising awareness among healthcare practitioners regarding the vast advantages of biological meshes in terms of reduced stay at hospitals and economical surgeries are also likely to boost the uptake of soft tissue repair products in the next few years.
The report segments the global soft tissue repair market on the basis of criteria such as product type, application, end user, and geography.
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On the basis of product type, the market has been segmented into xenografts, allografts, synthetic, and alloplast. Of these, the segment of allografts is expected to emerge as the most lucrative segment, accounting for over 43% of the overall market by the end of the report’s forecast period. Increased preference of physicians to allografts would emerge as the key factor driving the growth of the allografts segments over the report’s forecast period.
Based on application, the market has been segmented into dental problems, dermatology, breast reconstruction, orthopedics, hernia repair, and vaginal sling. The orthopedics segment is further sub-segmented into sports medication, tendon reinforcement, and dural repair. The orthopedics segment is presently the dominant segment and is also expected to account for a significant share of over 20% of the overall market by the end of the report’s forecast period.
On the basis of end users, the report segments the global soft tissue repair market into hospitals, clinics, and ambulatory surgical centers. Of these, the segment of hospitals could emerge as the most lucrative segment owing to the rising prevalence of orthopedic conditions and the rising rate of hospitalization of patients.
The softy tissue repair market is assessed in the report for regions such as North America, Europe, Latin America, Asia Pacific (APAC), and Middle East & Africa (MEA). Of these, the market in North America is presently the most well-established and lucrative regional market owing to the well-established healthcare infrastructures, early adoption of advanced medical products and technologies, and the high prevalence of orthopedic conditions.
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An overview of the vendor landscape of the global soft tissue repair market is also included in the report. The report included detailed profiles of leading companies and other data pertaining to company strategies, recent developments, and key offerings. Some of the leading companies in the market are Anthrex, Inc., B. Braun Melsungen AG, Johnson & Johnson Private Limited, Acelity L.P. Inc., Stryker, C. R. Bard, Baxter, Inc., Acera Surgical, Inc., and Medtronic.