Top Companies of Global Orthopedic Soft Tissue Repair Market like Smith & Nephew plc, Arthrex, Inc, Medtronic, Zimmer Biomet are Dominating the Industry according to Forecast of 2024
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The major factors driving the growth of this market are the increasing rate of accident & injuries, growth in aging population and rising healthcare expenditure. On the other hand, lack of awareness may hinder the growth of the market. On the other hand, lack of awareness may hinder the growth of the market. The orthopedic soft tissue repair market in the Global region is leading in North America.
Global Orthopedic Soft Tissue Repair Market By Product Type (Fixation Devices, Tissue Patch, Laparoscopic Instruments), By Procedure (Anterior Cruciate Ligament (ACL), Rotator Cuff, Vaginal Prolapse, Lateral Epicondylitis, Achilles, Gluteal Tendon), By End User (Hospitals, Ambulatory Center, Orthopedic Clinics), Geography (North America, Europe, Asia-Pacific, Europe, South America, Middle East and Africa)– Industry Trends and Forecast to 2024
The factors such as increasing rate of accidents and injuries, growth in the aging population and rise in the healthcare expenditure are the major factors that are driving the growth of the orthopedic soft tissue repair market.
INCREASING RATE OF ACCIDENTS AND INJURIES
Now a days, 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. 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. Other common types of injuries related to tendinitis, bursitis, contusions and others.
Following are some of the statistics related to the increase in the rate of accidents and injuries:
• According to Stanford children’s health, children under the age of 14 or upto 14, i.e; nearly 3.5 million children gets hurt while playing sports or during the recreational activities
• According to U.S. Centers 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.
• According to Association for Safe International Road Travel (ASIRT), under the age 25, nearly 400,000 people die due to road accidents each year globally on an average over 1,000 a day.
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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 orthopedic soft tissue repair market. For instance, According to Population Reference Bureau, in 2016 number of Americans between the age of 65 and above was 46 million and by 2060 this number will rise to 98 million. The group share of 65 and older age will rise to 24% from 15%. Also, 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. For instance, According to Trading Economics, disposable income of South Africa increased to 202 million in 2017.
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.
• This shows that rise in the healthcare expenditure will drive the orthopedic soft tissue repair market.
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Some of the major players operating in this market are:-
• Smith & Nephew plc,
• Arthrex, Inc,
• Zimmer Biomet,
• Acelity L.P. Inc.,
• Koninklijke DSM N.V.,
• De Puy Synthes (J&J),
• W. L. GORE & ASSOCIATES INC,
• CONMED CORPORATION,
• among others.
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