Technavio market research analysts forecast the global orthopedic soft tissue repair devices market to grow at a CAGR of more than 10% during the forecast period, according to their latest report.
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Technavio has published a new report on the global orthopedic soft tissue repair devices market from 2017-2021. (Graphic: Business Wire)
The market study covers the present scenario and growth prospects of the global orthopedic soft tissue repair devices market for 2017-2021. The report also lists cell therapy, tissue scaffold, and fixation devices as the three major product segments. The cell therapy-based products consist of stem cell therapy, chondrocyte transplantation, bone morphogenic proteins, and platelet-rich plasma. The devices include braces and fixation devices for orthopedic soft tissue repair.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global orthopedic soft tissue repair devices market:
- Increasing incidence of road and sports injuries
- M&A of hospitals for new and better model of healthcare
- Emergence of diagnostic protocols and imaging technologies
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Increasing incidence of road and sports injuries
Globally, road injuries are increasing. Such injuries can damage soft tissues. According to the CDC in 2016, each year, an average of 20-30 million people is injured and disabled by road accidents. The cost of road injuries was estimated to be USD 518 billion per year. It also stated that the US, New Zealand, Canada, France, Japan, and Germany had seen a large number injuries and deaths due to road injuries.
While practicing sports or playing, sports injuries are common among athletes. According to the CDC, in 2016, more than 2.6 million children aged below 19 were admitted for emergency care in hospitals due to sports injuries.
"The growing incidents of road accidents and sports injuries will increase the requirement for surgical interventions for cartilage and tissue repair treatment and products such as fixation devices, biologics, and cartilage braces for the treatment of cartilage tear, infection, inflammation, and articular cartilage injuries," says Srinivas Sashidhar, a lead analyst at Technavio for orthopedics and medical devices research.
M&A of hospitals for new and better model of healthcare
The growing M&A and collaboration of hospitals will lead to the growth of the orthopedic soft tissue repair devices market. Large hospitals acquire or merge with medium and small hospitals and provide training to physicians, leading to quality treatment and surgical procedures. When merging with larger hospitals, the capital investment, technological advancements, and infrastructure of the smaller hospital gets updated. This will increase the number of patients undergoing treatment, which, in turn, increases the number of procedures performed.
"Mergers with specialty hospitals and institutes such as trauma centers, sports specialty hospitals, and orthopedic hospitals will increase the demand for and bulk purchase of orthopedic soft tissue devices," says Srinivas.
Emergence of diagnostic protocols and imaging technologies
Advances in imaging technologies and diagnostic protocols permit the monitoring of orthopedic soft tissue damages such as cartilage repair, which were earlier restricted to non-invasive diagnosis. Molecular diagnostics will also expand the boundaries of detection and monitoring of a soft tissue repair.
Technologies such as X-ray, magnetic resonance imaging, and morphologic assessments such as mapping of early molecular change of osteoarthritis and cartilage pathology provide an insight into the ultrastructure of surgically-manipulated cartilage at the repair site and in the adjacent cartilage. In 2014, the New Zealand government initiated funding for the development of a CT scanner that delivers eight different energies to learn about a disease state and soft tissue changes. The increasing government initiatives to fund the development of effective new technologies will increase the affordability, reduce the price, and drive the use of global orthopedic soft tissue repair devices market.
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