Cardiovascular & Soft Tissue Repair Patch Market: Business Overview and Global Development Trends
Cardiovascular & Soft Tissue Repair Patch Market: Introduction
Transparency Market Research has published a new report titled, “Global Cardiovascular & Soft Tissue Repair Patch Market”. According to the report, the global cardiovascular & soft tissue repair patch market was valued at US$ 1.9 Bn in 2018 and is projected to expand at a CAGR of ~10% from 2019 to 2027. Cardiovascular & soft tissue repair patches can be synthetic or biologic. Biologic patches can be classified into allogenic (made of donor human tissue) and xenogeneic (porcine or bovine in origin).
Adoption of Minimally Invasive Therapies to Address Rise in Prevalence of Cardiovascular & Soft Tissue Anomalies to Drive Global Market
Inclination toward minimally invasive procedures and rise in prevalence of atrial & ventricular septal defects and acquired cardiovascular & soft tissue anomalies are anticipated to fuel the growth of the global cardiovascular & soft tissue repair patch market. High prevalence of congenital and acquired anomalies in cardiovascular & soft tissues such as septal defects and hernia is expected to drive demand for cardiovascular & soft tissue repair patches. Increase in health care expenditure and reimbursements are likely to augment the global market.
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Biologic Patch to Dominate Cardiovascular & Soft Tissue Repair Patch Market
In terms of product, the biologic patch segment accounted for major share of the global cardiovascular & soft tissue repair patch market in 2018. The segment is projected to dominate the global market during the forecast period. Cardiovascular patch is used by surgeons at the end of open heart surgery for the treatment of ventricular septal defects, atrial septal defects, etc. Hence, reconstruction of defects, revascularization, and patch closure are required. Increase in number of patients with congenital heart defects leads to rise in demand for patches. According to the Centers for Disease Control and Prevention, an estimated 2,118 babies were born with atrial septal defect in the U.S. in 2019.
Soft Tissue Repair to Witness Strong Demand
In terms of application, the soft tissue repair segment accounted for major share of the global cardiovascular & soft tissue repair patch market in 2018. The segment is anticipated to grow at a rapid pace during the forecast period. The hernia repair sub-segment of the soft tissue repair segment is expected to expand at a high CAGR from 2019 to 2027. Rise in number of hernia repair procedures increases demand for biologics. For instance, hernia repair is one of the most common surgeries performed across the globe. In the U.S., more than 350,000 ventral hernia repairs are performed each year.
According to Visceral Medicine, inguinal hernia repair is the most commonly performed surgical procedure across the globe, with an estimated 20 million patients annually. An article published in NCBI stated that hernia repair is a common surgery and around 800,000 inguinal hernia repairs are performed in the U.S. every year.
Rise in Number of Cardiovascular and Soft Tissue Repair Surgeries in Hospitals to Lead Global Market
Based on end user, the hospitals segment accounted for major share of the global cardiovascular & soft tissue repair patch market in 2018. The segment is likely to grow at a rapid pace during the forecast period. Increase in the geriatric population and rise in the number of cardiovascular and soft tissue repair surgeries are anticipated to drive the segment. The number of people aged 80 and over is projected to increase from 143 million in 2019 to 426 million by 2050.
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Cardiovascular & Soft Tissue Repair Patch Market: Prominent Regions
North America held the largest share of the global cardiovascular & soft tissue repair patch market in 2018. The cardiovascular & soft tissue repair patch market in the region is likely to grow at a rapid pace during the forecast period. The cardiovascular & soft tissue repair patch market in the region is driven by the presence of key players, large number of research activities, and highly structured healthcare industry.
Strategies adopted by the key players such as product approval & launch and rise in number of patients with congenital heart defects are anticipated to fuel the growth of the cardiovascular & soft tissue repair patch market in the region. The U.S. is projected to dominate the cardiovascular & soft tissue repair patch market in North America during the forecast period. The country is anticipated to be the most attractive market for cardiovascular & soft tissue repair patches, with high attractiveness index. The cardiovascular & soft tissue repair patch market in the U.S. is likely to expand at a CAGR of 9.8% during the forecast period.
CorPATCh received the U.S. Food and Drug Administration approval in June 2019 for pericardial tissue repair and support in adult patients. According to the National Organization for Rare Disorders, Inc., atrial septal defect is more common in women than men in the U.S. and nearly 1% of all babies are born with congenital heart defect.
Cardiovascular & Soft Tissue Repair Patch Market: Key Players
Key players focus on strengthening their positions in the global cardiovascular & soft tissue repair patch market. Strategies adopted by key players are likely to boost the growth of the global cardiovascular & soft tissue repair patch market. These players engage in collaboration, acquisition, and other strategies to strengthen their positions in the global cardiovascular & soft tissue repair patch market. South America Implants S.A. and Minimal Medics Co. entered into a strategic distribution agreement in September 2018 to expand internationally. Baxter International, Inc. received CE mark approval for Hemopatch in March 2016. It is used to close dural defects.
Major players operating in the global cardiovascular & soft tissue repair patch market include W. L. Gore & Associates, Inc., BD, Edwards Lifesciences Corporation, CryoLife, Inc., Baxter International, Inc., Johnson & Johnson (Medical Devices Business Services, Inc.), Aesculap, Inc. (a B. Braun company), Nurami Medical Nanofiber Technology, Medtronic, FOC Medical S.A., Medprin Regenerative Medical Technologies Co., Ltd., CorMatrix, Inc., Terumo Corporation, Lamed GmbH, and South America Implants S.A.
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