Cardiovascular & Soft Tissue Repair Patch Market- Growth Trends & Forecast
An updated report by Quince Market Insights forecasts the global Cardiovascular and Soft Tissue Repair Patch Market to reach USD 7,610.5 billion by 2028, reflecting a Compound Annual Growth Rate (CAGR) of 9.3% during the projected period (2020-2028). This growth is driven by the rising prevalence of congenital heart disorders, such as atrial septal defect and ventricular septal defect, and the increasing advancements in technology and R&D expenditure. The rising incidence of congenital heart diseases and technological advancements are the primary factors propelling this market forward. Technological advancements have a significant impact on clinical evaluation, product design, the development of new products, and the fabrication of raw materials.
Some of the factors driving the growth of this market include:
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The market is further bolstered by the rising prevalence of hernias, including congenital diaphragmatic hernias, inguinal hernias, and others. Inguinal hernia repair is one of the most frequent general surgeries performed. According to the International Surgery Journal, the rate of inguinal hernia repair surgeries in the U.S. was estimated at a high 28 per 100,000 people in 2016.
Coronary heart disease, the leading cause of CVD deaths followed by heart attack and stroke, is expected to significantly impact the market by creating substantial growth opportunities due to the high prevalence of this condition.
Government initiatives promoting increased cardiac treatments are positively impacting the Cardiovascular and Soft Tissue Repair Patch market. For example, Osaka Medical College collaborated with Teijin Limited and Fukui Warp Knitting Co. Ltd. to develop a long-lasting regenerative cardiac repair patch, showcasing such positive governmental influence.
The ePTFE segment is poised for significant growth due to its high demand in medical device manufacturing. ePTFE currently dominates the raw material segment, accounting for 62.8% of the market share in 2019 and growing at a projected CAGR of 10.2% throughout the forecast period. This material's extensive use in various medical applications, such as wound-care materials, face masks, and medical device enclosures, contributes to its dominance.
The soft tissue repair segment is expected to be the fastest growing application segment, with a projected CAGR of 9.7%. This growth is primarily driven by the rising prevalence of various hernia types, including umbilical, inguinal, and ventral hernias.
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North America is anticipated to maintain its position as the leading regional market, holding the largest share (34.0% in 2019) and growing at a CAGR of 8.1% during the forecast period. This dominance is attributed to factors like developed healthcare infrastructure, a strong presence of key players, and a high volume of research activities. Additionally, the increasing prevalence of heart conditions in the region, fueled by factors like sedentary lifestyles, unhealthy diets, and substance abuse, is expected to further propel market growth.
Several key players are actively participating in the market, including companies like Terumo (launched new surgical sealant AQUABRID in February 2020), CorMatrix (announced first minimally invasive robotic implant of CorPATCH in January 2020), and CryoLife (entered into an agreement with Misonix in December 2019 for expanded commercialization of NeoPatch).
This Report Unveils:
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? Identify high-potential niche segments and regions poised for significant expansion.
? Analysis of Market Size (historical and forecast) Total Addressable Market (TAM), Serviceable Available Market (SAM), and Serviceable Obtainable Market (SOM) to understand the market's overall size and your achievable market share.
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Frequently Asked Questions:
? What are the global sales value, production value, consumption value, and import and export figures for the Reverse Logistics market?
? Who are the key global manufacturers in the Cardiovascular and Soft Tissue Repair Patch industry, and what is their current operational status in terms of capacity, production, sales, pricing, costs, gross profit, and revenue?
? What opportunities and threats do vendors in the global Cardiovascular and Soft Tissue Repair Patch industry face?
? Which material types or applications are likely to experience incremental growth opportunities? What is the market share for each type and application?
? What factors are driving and constraining the Cardiovascular and Soft Tissue Repair Patch market's growth?
? What are the various sales, marketing, and distribution channels utilized within the global industry?
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