Market Trends of Global Soft Tissue Repair Industry
This section covers the major market trends shaping the Soft Tissue Repair Market according to our research experts:
Orthopedics Segment is Expected to Show Significant Growth Over the Forecast Period
The orthopedics segment is likely to grow at a significant rate during the forecast period. Most of the growth in the orthopedic segment comes from new products, an increasing number of older people, and a lot of soft tissue damage in the joints.
According to an article published by PubMed Central in 2022, a study was conducted in China during the Beijing Olympics 2022, which showed that an estimated 2,897 athletes from 91 countries experienced sports-related injuries or illnesses. The Olympics' medical staff reported 326 injuries and 80 illnesses, equaling 11.3 injuries and 2.8 illnesses per 100 athletes over the 17-day period during the Olympics. Altogether, 11% of the athletes incurred at least one injury, and nearly 3% incurred at least one illness. Thus, the high prevalence of sports injuries is expected to enhance segment growth.
Furthermore, the rising geriatric population around the world is another major factor that is increasing the usage of orthopedic soft tissue repair procedures. For instance, according to the data updated by the WHO in October 2022, it is estimated that by 2030, 1 in 6 people around the world will be aged 60 years or over, and the share of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion in 2030, and by 2050, the world's population of people aged 60 years and older will double to 2.1 billion. It is also predicted that the number of people aged 80 and up will triple between 2020 and 2050, reaching 426 million.
As the orthopedic segment demand grows, major market players are also focusing more on the development of new products and launches, which is boosting the growth of the market. For example, Panther Orthopedics, Inc. announced in August 2021 that its soft tissue platform technology, the PUMA System, would be used in Lapidus surgeries. The PUMA System is a nitinol-based soft tissue fixation device that uses cyclical loading to stabilize soft tissue without over-compression or loosening.
Hence, the aforementioned factors, such as the rising prevalence of injuries, the growing geriatric population, and the rising number of product launches, are expected to boost the growth of the studied segment over the forecast period.
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
Due to the growing number of sports injuries and new products from big players, North America is likely to have a big share of the market that was looked at.
The United States holds a significant market share in the region, and this is due to the presence of highly advanced medical care facilities, the rising geriatric population, the increasing incidence of sports injuries, and consistently high healthcare expenditure, which is boosting the growth of the soft tissue repair market in the country. For instance, according to the data published by the National Safety Council of the United States in 2021, it is estimated that around 3.2 million people were treated in emergency departments in the United States for injuries involving sports and recreational equipment in 2021. The most common activities that were frequently associated with injuries were exercise, cycling, and basketball. The injury rate for exercise was 123.8 per 100,000 population in the United States in 2021; for bicycles and accessories, it was 113.7; for basketball, it was 78.6; for skateboards, scooters, and hoverboards, it was 74.2; and for football, it was 67.2.
Moreover, the rising geriatric population is also a major factor in market growth. For instance, according to the data published by Statistics Canada in July 2022, it is estimated that around 7,330,605 people are 65 years of age or older in Canada, which accounts for 18.8% of the total population.
The increasing number of new product launches in the region is expected to boost the growth of the studied market. For instance, in August 2022, OSSIO, Inc., initiated the United States launch and first commercial use of OSSEO fiber Suture Anchors, expanding patient access to the company's growing portfolio of bio-integrative implants for use in foot/ankle, shoulder, knee, hand/wrist, and elbow surgery. These implants were designed to achieve unrivaled strength and unmatched safety using their OSSIOfiber Intelligent Bone Regeneration Technology.
Therefore, factors such as the presence of numerous market players in the country focused on more product launches and innovations, the rising geriatric population, and the growing incidence of sports-related injuries are expected to enhance the growth of the studied market over the forecast period.
