According to the European Union government legislature, European government will be spending almost 80 billion Euros on Research and Development to enhance a broad range of research projects. According to American Joint Replacement Registry (AJRR), around 75% increase in hospitals was reported and 41% increase in the number of surgeons from the year 2012 -2015, hence there is an increment of 102% in the number of cases related to joint replacement. This can increase the revenue of soft tissue repair market to a greater extent. According to Association of South East Asia Nations (ASEAN), Asia Pacific is the fastest growing market for medical technology market. In 2016, 105 – 120 million medical tourists visited Asia Pacific regions to seek healthcare services. Medical Tourism of India accounts for 25% of the healthcare sector revenue. National Institute of Health (NIH) from the U.S. is the key contributor of soft tissue repair market. According to American cancer society, out of 252,710 cases of breast cancer, more than half of them have opted for breast reconstruction. North America region is gaining significant traction in the soft tissue repair market by manufacturing new products such as EZ Derm by Molnlycke Healthcare, this product is used to dress wounds using pins and wires together or independently with other fixation devices. These devices are used in spine and hip replacement surgeries.
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Soft Tissue Repair Market Key players:-
One of the commonly used product for soft tissue reconstruction is XCM BIOLOGIC from DePuy Synthes. It is a biologic tissue used to repair abdominal wall, it also repairs the defect of thoracic wall and hernia surgery. Other uses include muscle flap reinforcement, soft tissue reconstructive procedures, and suture line reinforcement. Key player operating in market include Life Cell Corporation, Organogenesis, Smith And Nephew, Johnson And Johnson, Covidien, Arthrex Inc, Integra Life Sciences Corporation, Stryker Medical Corporation, Wright Medical Technology, C. R. Bard, De Puy Synthes, and American Medical Systems. Growth in soft tissue repair market can be attributed to several soft injuries in field of sports. Increasing number of people participating in sports is resulting into increase in the number of injuries, which is expected further boost growth of the of soft tissue market. Some of the injuries which affect sports people are strains, contusions, sprains, tendinitis, etc. According to a survey conducted by National Committee of Soccer Physicians (CNMF) in 2015, around 47% of players were injured with different muscle injuries such as hamstring injuries, muscle dysfunction, etc. According to California State Athletic Commission (CSAC), one of the most common injuries among the athletes is Traumatic Brain Injury (TBI). Increasing awareness regarding treatment of such injuries, as these injuries can affect their performance in future is driving growth of the market.
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