Hyderabad, Jan. 25, 2023 (GLOBE NEWSWIRE) -- The high prevalence of cancer across the globe is expected to increase the demand for absorbable tissue spacers over the forecast period. Although, during the pandemic, the market witnessed slow growth. The delayed cancer screening and treatment of cancer during the pandemic have reduced the demand for absorbable tissue spacers. However, with the decrease in cases of COVID-19 and the resumption of cancer treatment the market started to gain traction and will continue to grow at a CAGR of 4.9% during 2022-2027.
North America was the largest market in the global absorbable tissue spacer market in 2021. The U.S., the UK (United Kingdom), France, Germany, and Japan constitute the largest absorbable tissue spacer markets. However, countries having a high prevalence of cancer, and conducting various cancer research works may emerge as leading countries for the market in the upcoming years.
As we step into the future, the incorporation of new technologies in the absorbable tissue spacer for better outcomes will be the key driver for supporting the healthy growth of the market. The introduction of SpaceOAR hydrogel and hyaluronic acid rectal spacer Barrigel for use in patients with prostate and rectal cancer has created new opportunities in the market. The key players operating in the market are planning to utilize such new technologies which may help the market to attain steady growth in the upcoming years. Such developments may help the market to maintain the upward trend over the forecast period.”
An analyst at Mordor says that in the upcoming years, the demand for advanced absorbable tissue spacers will majorly increase due to the high prevalence of cancer cases across the globe. According to the Global Cancer Observatory (GLOBOCAN) Statistics 2020, there were 19.3 million new cases of cancer all over the world in 2020. Cancer cases are continuously increasing across the globe and are expected to reach 30.2 million by 2040.
As the number of cancer cases increases, healthcare professionals will demand advanced products that will offer better results and be effective in nature. In order to fulfill this gap, researchers are looking for options that can overcome all the drawbacks of the existing products and can deliver noteworthy outcomes. In May 2021, SpaceOAR Hydrogel is the first and only FDA-approved spacer to help reduce the radiation dose delivered to the rectum of men undergoing prostate radiation therapy. The benefit for patients is fewer side effects and helps in delivering a better quality of life. Such innovations may bridge the gap and can help to reduce the burden of prostate cancer cases across the globe. Along with the absorbable tissue spacer, cancer diagnostics is all set to grow as well, with healthcare professionals becoming more enthusiastic about utilizing latest medical devices.
This will create scope for new and existing players to grab growth opportunities in absorbable tissue spacer, cancer diagnostics, cancer therapy, and a few more niche areas.
The opportunities can be seen by large investments made by both private and public sectors in developing and developed countries as well. The increased research funding related to cancer treatment and to develop innovative product lines for cancer treatment may help the market to grow to a great extent over the forecast period. In November 2022, the World Cancer Research Fund awarded grants to 19 new cancer research projects. The grant program awarded a record total of £ 4.4 million (USD 6.2 Mn) to fund its essential research into how diet, nutrition, and physical activity can prevent cancer and help people survive cancer. In March 2022, Congress increased Federal Funding for Cancer Research. The bill significantly increased the funding for the National Cancer Institute (NCI) to accelerate the research work toward combating and ultimately curing, cancer. The bill provides USD 6.9 billion for the National Cancer Institute, an increase of USD 353.0 million over FY2021. Such high funding from the government for cancer research may help to identify the gap and the requirements for better screening, treatment, and diagnosis. In addition, such initiatives will also offer scope for the market players to introduce new advanced cancer-related medical devices. Thus, owing to such positive developments the overall market is expected to witness significant growth over the forecast period.
About Mordor Intelligence -
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics. Get a glance at the Global Absorbable Tissue Spacer Market or ask for a more customized report.
