New York City, United States -- With the outbreak of COVID-19 in worldwide and stipulated lockdown, the healthcare sector is witnessing an unprecedented slowdown as per EY-FICCI study titled, ˜COVID-19 impact assessment for healthcare sector and key financial measures recommendations for the sector'. The study is predicated on an assessment of healthcare players within the country to assess the economic impact of the COVID-19 pandemic and provides recommendations on the fiscal stimulus measures it needs within the coming months.
Soft tissue repair is a process of replacement of destroyed or injured tissue by healthy tissue. One of the key factors driving the market is the rise in a number of accidents and accidental injuries. This is leading to the soft tissue injuries in ligaments, muscle, and tendons. Soft tissue injuries are being treated with soft tissue fixation devices and scaffolds. Increasing number of sports injuries is also driving the demand for soft tissue repair. The most common and critical injury among sports people is Traumatic Brain Injury (TBI).
In order to treat TBI, a majority of physicians use tissue scaffolds, this helps in protecting the injured area from a foreign body. The demand for soft tissue repair products is also increasing in the hospitals to deal with the injuries caused due to accidents. With the development of advanced devices, the demand for a minimally invasive procedure is also increasing. This is fueling the growth in the global soft tissue repair market.
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In recent years, the demand for stem cell and tissue engineered products for treating various diseases has also increased. Moreover, companies are investing in the advanced research and development of new soft tissue repair products.
According to the report by Persistence Market Research (PMR), the global soft tissue repair market is expected to witness steady growth during the forecast period 2017-2024. The global market for soft tissue repair is also estimated to bring in more than US$ 7,000 Million revenue by the end of 2024.
Soft Tissue Repair to Witness Largest Application in Orthopedics in the Global Soft Tissue Repair Market
Based on the product type, allograft is likely to witness the highest growth in the global market for soft tissue repair. By the end of the forecast period, allograft is projected to surpass US$ 3,000 Million revenue.
On the basis of application, soft tissue repair is likely to find largest application in orthopedics throughout the forecast period 2017-2024. Orthopedics is estimated to surpass US$ 1,000 Million revenue towards the end of 2024.
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By the end user, hospitals are expected to see a significant growth in the global market for soft tissue repair. By 2024 end, hospitals are estimated to bring in more than US$ 4,000 Million revenue.
North America to Lead the Global Soft Tissue Repair Market
North America is expected to remain dominant in the global market for soft tissue repair in the global market for soft tissue repair. By 2024 end, North America is projected to exceed US$ 3,000 Million revenue.
Presence of advanced healthcare infrastructure and increasing investment by the government in the development of healthcare facilities and advanced treatment methods are some of the factors driving the demand in the soft tissue repair market in the region. Major companies are also conducting research activities to develop devices and products that are technically advanced for soft tissue repair.
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