Over the projection period, an increase in product releases by prominent market players is anticipated to fuel market expansion. Additionally, an aging population and an increase in the obesity rate are anticipated to support market expansion. Over the course of the projection period, rising obesity rates are anticipated to boost market expansion for soft tissue repair. For instance, the World Health Organization (WHO) reported in June 2021 that the global obesity rate has nearly tripled since 1975. Additionally, according to The World Obesity Atlas 2022, a publication of the World Obesity Federation, by the year 2030 there will be one billion obese persons in the world, including one in five women and one in seven males. Additionally, a growing elderly population is anticipated to boost the expansion of the global market for soft tissue repair. Increasing numbers of sports ailments including hip and ankle sprains injuries, tendonitis, bursitis, and stress injuries as a result of youngsters' growing interest in sports. For instance, the National Center for Biotechnology Information reported in September 2022 that the rise in sports participation in recent years has led to an increase in the occurrence of achilles tendinopathy. The development and growth of the worldwide soft tissue repair market is significantly influenced by reconstructive plastic surgery, soft tissue repair supplies such grafts and tissues, and suture anchors.
According to Coherent Market Insights, The forecast period (2023-2030) is expected to see a CAGR of 5.93% for the Global Soft Tissue Repair Market, which is expected to reach a value of 6,943.4 Million US$ in 2023.
Major Players in the Soft Tissue Repair Industry:
1. Johnson & Johnson Private Ltd.
The corporate headquarters of Johnson & Johnson, which was established in 1886, are situated in New Brunswick, New Jersey. Johnson & Johnson creates consumer packaged goods, prescription pharmaceuticals, and medical technologies. In November 2022, Johnson & Johnson paid $16.6 billion to purchase Abiomed Inc. In the first quarter of April 2021, the company stated that sales of its Covid-19 immunisation totaled $100 million.
2. Medtronic Plc
The company is headquartered in Dublin, Ireland, and was established in 1949. Medical diagnostic and therapeutic products are produced by Medtronic, PLC. In April 2022, the company declared that it would collaborate with GE Healthcare to address the care needs at ambulatory surgery centres. The purchase of Affera, Inc. was announced by the business in January 2022. The company announced its intent to purchase Stimgenics, LLC and their core treatment in January 2020.
3. Stryker Corporation
The Corporation was established in 1941 and its main office is in Kalamazoo, Michigan. The company Stryker offers surgical equipment, navigation systems, endoscopic and communications networks, as well as implants for joint replacement and trauma surgeries. Stryker announced in January 2021 that it will purchase a joint replacement technology company.
4. Baxter international Inc.
The company was founded in 1931 and is based in Illinois, United States. The business creates, produces, and sells goods and technologies for treating renal illness, trauma, immunological disorders, infectious diseases, haemophilia, and other acute and chronic medical ailments. The purchase of Hill-rom by Baxter for $12.4 billion was announced in September 2021.For $12.5 billion, the purchase was finalised in December 2021.
5. Smith+Nephew,
The business was established in 1856 and is based in London, United Kingdom. It is a global manufacturer of arthroscopy, trauma and clinical therapy, orthopaedic reconstruction, and advanced wound management products. For $240 million, the company bought Integra Life Sciences' extremities orthopaedics division in January 2021. Smith & Nephew paid $135 million for Engage Surgical, a Florida-based provider of partial knee implants, in January 2022.
6. Boston Scientific
The company was established in 1979 and has its US headquarters in Marlborough, Massachusetts. The company designs, fabricates, and markets equipment for minimally invasive medical procedures. In January 2021, Boston made the announcement that it would spend up to $1.2 billion to purchase Minneapolis-based Preventice Solutions, Inc. and its portfolio of mobile heart health products.
7. Becton, Dickinson and Company
The company was established in 1897 and has its headquarters in New Jersey, U.S. The business produces and markets reagents, instrument systems, and medical equipment. BD receives FDA 510(k) clearance in March 2023 for the first-ever high-throughput diagnostic test for infectious vaginitis. BD will launch a High-Throughput Single-Cell Multiomics Platform in February 2023 to broaden the scope of scientific discovery.
*Definition: The body's natural process of replacing destroyed tissue with living tissue is known as soft tissue healing. Any substance intended to restore muscle, fibrous tissue or fascia, blood vessels, or other supporting connective tissues will be referred to as a "soft tissue repair product.
