According to Acumen Research and Consulting, the global Cardiovascular & Soft Tissue Repair Patches market size is estimated to grow at CAGR above 8 % over the forecast time frame and reach the market value around USD 6 billion.
The main driving factors are increasing prevalence of congenital heart diseases like atrial septal defect, ventricular septal defects and technological developments. The technological progress of the new products, the product design, the raw materials and the clinical assessment has a multidimensional impact.
These patches are used to repair tissue, such as soft tissue, repairs and reconstructions in the durum and the vascular. An increased prevalence of hernias such as congenital diaphragm, inguinal hernia and others is expected to have a positive impact on the growth of the market. Inguinal hernias repair is one of the most common general operations. In 2016 the rate of inguinal hernia repair surgery in the U.S. was estimated at 28 per 100,000 people, as reported in the article from the International Surgery Journal.
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The market will also be boosted by increasing partnerships between suppliers of raw materials, various research organisations, and manufacturers. In addition, the development of new technologies using materials for tissue engineering is expected to further boost growth. For example, Tel Aviv University researchers combined organic, living tissue with a nanoelectric system to develop a bionic heart patch that effectively helps patients recover from cardiovascular attacks.
In addition, the growth of cardiovascular and soft tissue repair patches in the market will also be expected positive from government initiatives to increase accessibility to cardiac therapies. For example, Teijin Limited and Fukui Warp Knitting Co have been partnering with Osaka Medical College. Ltd. for long-lasting heart repair patch development. The purpose of this project was to promote cooperation between industry and medicine, supported by the Government of Japan.
Application Stance
As a result of the growing prevalence of different types of hernias such as inguinal hernias, umbilical hernia, ventral hernia, and others, the largest market share of soft tissue repair was over 42 percent in terms of revenue in 2018. The most rapidly growing application segment for cardiac repair is expected to be around 8.5 % CAGR for the predicted period. Congenital heart diseases among pediatric populations are highly prevalent and demand is expected to increase in the next seven years.
North America held the largest revenue share in 2018
Increased heart disease prevalence due to sedentary lifestyle, consumption of junk food, alcohol, cigarette and drug abuse are some of the key factors that strengthen regional growth. The availability for new products is forecast to increase the use of cardiovascular and soft tissue patchs over a forecast period due to developed health infrastructure and high awareness. Asia Pacific will emerge over the forecast period with the fastest CAGR. The market is driven by such factors as enhanced healthcare systems, especially in low and middle income states, to diagnose and manage cardiovascular diseases. Asia-Pacific, with 60% of the population, is the most populated region in the world and the majority is older than 60 years old. This is an important factor in the rapid growth of non-communicable diseases in this region (mainly cardiovascular diseases).
Key Participants
The Cardiovascular & Soft Tissue Repair Patches market is consolidated with large number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. The key players of the market are CryoLife, Edwards Life Sciences ; Baxter ; Admedus ; Bard Peripheral Vascular, Inc ; Cartiovascular Terumo: W.L. Gore & Associates; and Others.
One of the crucial factors that indicate the current market competitiveness is the increasing number of fusions and acquisitions by certain key players, such as Terumo Cardiovascular and Medtronic.
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