The soft tissue repair market is set to witness sturdy growth through 2030 owing to increasing geriatric population. In addition, surging occurrences of trauma cases, along with growing expenditure in the healthcare sector, are also expected to drive market growth over the forecast period.
Recently, key industry players have been emphasizing research and development to strengthen their market presence, thereby improving the overall business dynamics. For instance, in July 2022, AlloSource, a U.S.-based allograft provider, announced its plan to add a quadricep tendon to its existing product range of tendons, fascia, and ligaments, AlloConnex. With this addition, the company aimed to improve surgical techniques and patient outcomes.
In another notable instance, in July 2022, biomechanics researchers from the Department of Biomedical Engineering and Mechanics, Virginia Tech, discovered a new way to detect injuries and improve treatment in the field of surgical repair, tendon healing, and clinical imaging by employing artificial intelligence (AI).
The soft tissue repair market has been bifurcated in terms of application, product, end-use, and region.
On the basis of application, the market has been divided into orthopedic, dural repair, hernia repair, skin repair, and others. Among these, the skin repair segment was valued at more than $1,365 million in 2021 and is projected to witness steady growth at a rate of about 8.3% in the upcoming time period. This growth is attributed to various advantages that are offered by soft tissue repair products in skin repair comprising effective alternatives to facilitate the closure of large wounds under tension.
Based on product, the soft tissue repair market has been split into tissue fixation devices and tissue patch/matrix. In 2021, the tissue fixation devices segment was valued at nearly $3,510 million and is anticipated to register substantial gains at around 8.1% through the analysis period as a result of rising demand and mounting awareness about the extensive advantages of tissue fixation devices, including suture anchors in skin repair, orthopedic repair, and so on.
With regard to end-use, the market has been segmented into ASC, hospitals, and clinics. The hospitals segment exceeded $4,935 million in revenue in 2021 and is projected to progress at a sturdy pace over 2022-2030 owing to several factors like high success rate, availability of board-certified skilled doctors, and faster & more efficient work, among others.
In the regional context, the Latin America soft tissue repair market surpassed a valuation of $802 million in 2021 and is estimated to depict approximately 8.5% CAGR over the review timeline. Soaring prevalence of orthopedic diseases and rising awareness pertaining to early-stage disease diagnosis and treatment in countries across LATAM are foreseen to propel regional market growth.