New York, March 11, 2024 (GLOBE NEWSWIRE) -- The global soft tissue repair market size is predicted to expand at ~7% CAGR between 2024 and 2036. The market is projected to garner a revenue of USD 17 billion by the end of 2036, up from a revenue of ~USD 7 billion in the year 2023. The market growth is attributed to the rising prevalence of traumatic accidents on roads. Every year over 1.2 million people die from[MK1] road accidents across the world due to crashes or bad driving.
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Moreover, the technological advancements in soft tissue repair including creating tissue scaffolds, regenerative medicine methods, and bioengineered grafts are estimated to propel the market growth. Along with relieving pain and returning function patients are provided with access to therapies that encourage tissue regeneration and these factors are estimated to improve recovery time and results thus proliferating the market size. The insertion force is reduced by 20%-50% when having[MK2] soft tissue surgery by using bionics-inspired needles.
Enhancing the Prevalence of Obesity Across the World is Predicted to Boost the Growth of the Soft Tissue Repair Market
The increasing number of patients suffering from obesity across the world is proliferating the market growth in the coming years. The size of the market is credited to the effect of obesity on the joints which raises the stress on the bones and overweight the body. Also, the changes in the biomechanical impact on the joints of the obese body are driving the market growth. Across the world, in 2022[MK3] over 1 billion people were obese with over 600 million adults, 300 million adolescents, and 40 million children.
Soft Tissue Repair Market: Regional Overview
Increasing Expenditure in the Healthcare Sector is Boosting the Market Growth in the North America Region
The North American region soft tissue repair market is outlined to secure a 35% revenue share in the coming years owing to the presence of key players in the region. Further, the enhanced healthcare spending of the region improves patient care thereby surging the market growth. In 2022, U.S[MK4] . healthcare spending increased to 4% accounting for 17% of GDP.
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Multiplying the Economic Standards of People with Rising Disposable Income are Accumulating the Market Expansion in the Asia Pacific Region
The Asia Pacific region market is reckoned to register a noteworthy market share during the forecast era. The market growth is credited to the increasing disposable income of the region along with the growing middle-class people. Besides, the awareness of people's health and medical tourism is raising the demand for the market in the region. The disposable income of[MK5] China residents in 2021 was over USD 4170 with an 8% rise.
Soft Tissue Repair, Segmentation by Product Type
- Fixation Devices
- Tissue Scaffold
- Cell-Therapy Based
The fixation devices segment of the market is anticipated to garner a market share of 50% in the coming years owing to the escalating incidence of injuries and fractures caused by sports or other accidents. The fixation devices help to support the bones after the surgery or injury. The integration of screws and suture anchors in fixation devices repairs the tissue and bones connected by the screw threads. Every year over 290,000 population in the U.S. suffer a hip fracture as per the reports[MK6] .
Soft Tissue Repair, Segmentation by End-User
- Hospitals & Clinics
- Ambulatory Surgical Centers (ASCs)
- Physician Office
The hospitals & clinics segment of the market is projected to garner a second-largest market share of 50% during the forecast period. The increasing percentage of hospitals and soaring investment in the hospital sectors are flourishing the growth of the market segment. The advancements in medical technology and healthcare administration techniques owing to the growing investment are mounting the demand for this market segment in the coming years. In[MK7] the U.S., there were over 6000 hospitals as of 2024 statistical data.
A few of the well-known indsutry leaders in the global soft tissue repair market that are profiled by Research Nester are 3D Systems, Biocomposites, Medtronic plc, Stryker, Zimmer Biomet, Arthrex, Inc., ConMed Corporation, Acumed, LLC, Integra Lifesciences, ArthroCare Corporation, and others.
Recent Development in the Market
- 3D Systems, a leader in additive manufacturing technologies made a commercial agreement with Theradaptive, a biopharmaceutical firm emerging in regenerative treatments renaming the 3D Systems to Theradaptive’s 3D printing partner. The main goal of the companies was to supply a new method to enhance bone and tissue growth with 3D Systems medical devices and unique protein-based material binding variants of Theradaptive.
- Biocomposites, signed an agreement with Zimmer Biomet to distribute Genex Bone Graft substitute through its mixing system and delivery options in the U.S. market of orthopedic.
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