Global Soft Tissue Repair Market is expected to reach USD 26,041.61 million by 2024 from USD 14,725.40 million in 2016, at a CAGR of 7.5% in the forecast period 2017 to 2024. The new market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
Segmentation: Global Soft Tissue Repair Market
By Type (Tissue Patch/Mesh (Synthetic Mesh, Biological Mesh),Laparoscopic Instrument, Fixation Devices (Interference Screw, Suture Anchors), By Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa)
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Drivers: Global Soft Tissue Repair Market
The major factors driving the growth of this market are increasing rate of accidents and injuries, growth in the aging population and rise in the healthcare expenditure.
INCREASING RATE OF ACCIDENTS AND INJURIES
Lack of awareness and rising rash driving are causing the increase in the number of accidents and injuries. Common example is the accidents due to road traffics or vehicle accidents. Due to increasing rate of accidents and injuries, there is increase in the soft tissue injuries in muscles, tendons and ligaments which gives more pain in respect of swelling, stiffness and soreness. Sports injuries are very common amongst the athletes and also soft tissue injuries are caused due to regular exercises. According to U.S. Centres for Disease Control (CDC), each year around 2 million injuries of high school athletes, 5 lacs visits from doctor and 30 thousand hospitalizations took place.
Contact sports such as football, wrestling and soccer, quick sports such as running races, long jump and sports activities which require gymnastics, golf and other types of sports activities which leads to elbow sprain and hand sprain which comes under a type of soft tissue injuries. The increasing prevalence of accidents and injuries is leading to rise in the demand for soft tissue repair market.
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GROWTH IN THE AGING POPULATION
With the growing geriatric population across the world, cells of the body grew old due to the finite time it has. The skin begins to sag and enables for wound contraction along with functional disorder. The elder people has thinner dermis which in result leads to continuous small injuries such as sprains, falls, chronic wounds and pressure ulcer, are driving the soft tissue repair market.
According to U.S. according to National Institute of Aging, in 2015, the aging population between 65 years and above in America is expected to double by reach 88 million in 2020 from 48 million. Also, according to data published by World Population Prospects the number of aged population (60 years and above) increased significantly in most of the countries and regions in the recent years and this growth is expected to accelerate in the coming years.
RISE IN THE HEALTHCARE EXPENDITURE
Due to the rise of aging and growing populations, changing lifestyle, improvements in infrastructure along with different related projects, increase in the per capita incomes, market expansion, treatment and technology advances and rise in the chronic as well as lifestyle related diseases, and many more healthcare has become the one of the most rapidly growing sectors of the global economy.
Following are the few of the statistics related to the following given factors which has led to rise in the healthcare expenditure:
According to World Health Organization (WHO), over the same period in South Africa, total healthcare expenditure in South Africa accounted for 8.5% of GDP, with an annual increase of 8.8% projected for 2013 and 2017.
According to Centers for Disease Control and Prevention (CDC), in 2015, total national healthcare expenditure was $3.2 trillion
According to Eurostats, in 2014, healthcare expenditure was EUR 321 million in Germany which is equal to 11% of GDP.
Major Players: Global Soft Tissue Repair Market
Some of the major players operating in this market are Smith & Nephew plc, C.R Bard, Inc., Wright Medical Group, Inc., Lifecell Corporation, Baxter, B. Braun Melsungen AG, Ethicon US, LLC., Arthrex, Inc, Lifenet Health, Inc., Medtronic, Zimmer Biomet, Covidien, Stryker, Acera Surgical, Inc., Alphatec Spine, Inc., Acelity L.P. Inc., Osseon LLC., Integra Lifesciences Corporation, Collplant Ltd., Gore, American Medical Systems Inc., among others.
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