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MARKET OUTLOOK

Triton’s report on the soft tissue repair market in the Middle East and Africa has determined the industry to progress with a CAGR of 6.40% over the forecast period 2021-2028. Turkey, Saudi Arabia, South Africa, the United Arab Emirates, and Rest of Middle East & Africa constitute the market in this region.

According to estimates from Turkey’s statistical authority, the number of elderly people in the country, aged 65 years and above, reached approximately 8 million by the end of 2020. This was a staggering increase from 6.5 million people in 2015 to 7.9 million in 2020, with a jump of 22.5% over the five-year period. The surge in the geriatric population is expected to boost the growth of the country’s soft tissue repair market in the coming years.

Besides, it has been observed that the medical tourism industry in the country is flourishing, and the cost of weight loss surgery is quite affordable, when compared to that in the United States and western Europe. Many patients are thus traveling to the country for weight loss surgery, and saving almost 80% on their treatment. 

Additionally, these procedures are performed by highly skilled and experienced surgeons. Therefore, affordable prices, and the presence of acclaimed doctors, well-developed hospitals, as well as tourist attractions are some of the factors driving medical tourism here. The development of this industry translates into enhanced demand for soft tissue repair as well. This is fostering the growth of the Turkish market.

COMPETITIVE OUTLOOK

Athersys Inc, Smith & Nephew Plc, Baxter International Inc, Bard Peripheral Vascular Inc, WL Gore and Associates, Boston Scientific Corporation, Zimmer Biomet Inc, and Becton Dickinson and Company (BD) are some of the prominent companies present in the soft tissue repair market.