The soft tissue repair market involves products that are used to repair damaged soft tissues in the body. Some key products in this market include tissue sealants, hemostats, suture anchors, and tissue meshes. Tissue sealants are used to close wounds by adhering to tissues and activating platelet aggregation. Hemostats are used to control bleeding by catalyzing the blood clotting process. Suture anchors are employed to reattach soft tissues like tendons or ligaments to bone during soft tissue repair procedures. Tissue meshes act as scaffolds to support tissue regrowth. They find widespread use in hernia repair and plastic reconstructive surgeries. The global soft tissue repair market is estimated to be valued at US$ 2,164.02 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of the soft tissue repair market is the rising prevalence of sports injuries. Sports activities involve strenuous physical movements which can strain muscles and ligaments beyond their limit, often resulting in tears or damage. According to the Centers of Disease Control and Prevention, each year over 3.5 million sports injuries are treated in emergency rooms in the US. The most common sites of injury are the lower extremities like knee, ankle, foot etc. Surgical intervention with soft tissue repair devices is often required for complete recovery. This is expected to significantly drive demand for soft tissue repair products over the forecast period. Growth in the number of sports organizations and sporting events worldwide will further propel the soft tissue repair market.
Segment Analysis
The global soft tissue repair market is segmented into synthetic, allograft, xenograft, and allograft segments. Among these, the allograft segment dominates the market with over 35% share and is anticipated to remain the fastest growing segment during the forecast period. Allografts provide many advantages over other tissues like reduced morbidity risk and lack of second surgical site which have increased the preference for allografts among surgeons and patients.
PEST Analysis
Political: The global soft tissue repair market is regulated by local and international guidelines regarding the safety and effectiveness of biomaterial-based implants. Favourable regulatory framework and reimbursement policies are positively impacting the market growth.
Economic: Rising per capita healthcare expenditure and increasing surgical procedures are driving the soft tissue repair market. However, high costs associated with these procedures along with lack of awareness in developing nations can hamper the market growth.
Social: Growing geriatric population worldwide prone to musculoskeletal disorders and injuries is a key factor boosting demand. Also, increasing participation in sports activities and incidence of trauma injuries have fuelled the market.
Technological: Advancements in biomaterial sciences have led to development of innovative surgical meshes, scaffolds, and patches with better integration and reduced risk of infection. Use of bioactive molecules, stem cells, and growth factors in tissue engineering is further augmenting the market.
Key Takeaways
The Global Soft Tissue Repair Market Size is expected to witness high growth during the forecast period.
Regional analysis: Asia Pacific is projected to be the fastest growing market for soft tissue repair attributed to increasing expenditure on healthcare sector, rapidly developing medical infrastructure, and growing medical tourism industry in the region. Furthermore, rising standards of living alongside growing awareness about these procedures is expected to drive the demand.
Key players operating in the soft tissue repair market are Accelrys, Certara, L.P., Chemical Computing Group Inc., Compugen, Ltd., Entelos, Inc. (Rosa & Co. LLC), Genedata AG, Insilico Biotechnology AG, Leadscope, Inc., Nimbus Discovery LLC, Rhenovia Pharma SAS, Schrodinger, and Simulation Plus, Inc.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
