Market Introduction
The Asia Pacific soft tissue repair market is a highly fragmented market with the presence of considerable regional and local players providing numerous solutions for companies investing in the market arena. The rising incidence of chronic illnesses, surge in the geriatric population, and increase in the need for pediatric care are a few of the primary factors boosting the growth of the Asia Pacific healthcare sector. This sector has been experiencing rapid transformation over the last couple of years. Various countries across the region favor the use of advanced technologies in healthcare. However, with the increase in the need for better healthcare facilities, especially in emerging economies, technology-enabled care (TEC) solutions are in high demand in healthcare systems. As a result, various healthcare players are investing significant amounts of their revenues in R&D activities to develop advanced solutions, including stem cell products and associated therapeutic technologies. Also, reimbursements being provided for various medical procedures are likely to fuel the growth of this sector during the forecast period. The abovementioned factors are expected to generate growth opportunities for the Asia Pacific soft tissue repair market players during the forecast period.
The COVID-19 pandemic has negatively affected the economies in Asia Pacific. Countries such as India, China, Japan, and South Korea have been affected by the pandemic. The pandemic has affected three main aspects of the region’s economy: manufacturing, supply chain, and business and financial markets. India, Japan, China, South Korea, and Australia are the hardest-hit countries due to the rising number of COVID-19 cases and related deaths. Medical device manufacturers and suppliers are shifting their focus on developing and supplying COVID-19 essentials and medical devices for respiratory diseases. This scenario hinders the growth of the soft tissue repair market. This pandemic is affecting the operations of the various key players operating in this region.
Market Overview and Dynamics
The soft tissue repair market in Asia Pacific is expected to grow from US$ 1,397.54 million in 2021 to US$ 2,225.78 million by 2028; it is estimated to grow at a CAGR of 6.9% from 2021 to 2028. Technological developments in regenerative medicine and new product launches by the regional players are likely to be instrumental in the future growth of the soft tissue repair market players. Cutting-edge technologies offer competitive advantages to companies. In July 2021, B.D. acquired Tepha, Inc., a leading developer and manufacturer of proprietary resorbable polymer technology. The poly 4-hydroxybutyric acid (P4HB) technology platform, Tepha's proprietary resorbable polymer, provides additional innovation potential that can accelerate the growth of B.D.'s surgical mesh portfolio focused on new areas of soft tissue repair, reconstruction, and regeneration. The ClearGuard LE Endoscopic Soft Tissue Release System gives orthopedic and podiatric specialists an easy-to-use, repeatable, and cost-effective system for high-volume lower extremity soft tissue surgeries on plantar fascia, gastrocnemius, tarsal tunnel, and Morton’s neuroma Further, Smith & Nephew, one of the key players in the soft tissue repair market, is working to develop advanced surgical techniques related to soft tissue injuries of the knee, including the most common injuries of torn menisci anterior cruciate ligament rupture.
Key Market Segments
Based on product, the tissue mesh / patch segment accounted for the largest share of the Asia Pacific soft tissue repair market in 2021. Based on application, the orthopedic repair segment accounted for the largest share of the Asia Pacific soft tissue repair market in 2021.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the Asia Pacific soft tissue repair market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report include Smith & Nephew, DePuy Synthes, Arthrex Inc., Medtronic, Integra Life Sciences Corporation, Stryker Corporation, BD, Allergan Plc, W. L. Gore and Associates, Inc., Cook Medical LLC, B. Braun Melsungen AG, DSM and Baxter International Inc.
Reasons to buy report
Asia Pacific Soft Tissue Repair Market Segmentation
Asia Pacific Soft Tissue Repair Market -By Product
Asia Pacific Soft Tissue Repair Market -By Application
Asia Pacific Soft Tissue Repair Market – By Country
Asia Pacific Soft Tissue Repair Market – Company Profiles