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MARKET OUTLOOK 

As per Triton Market Research’s report, the market for soft tissue repair in North America is anticipated to develop with a CAGR of 6.05% by revenue, during the forecast years 2021-2028. The United States and Canada together form the market in this region.

Canada is one of the world’s most advanced countries. As a result, the government of the nation strongly focuses on healthcare and medical infrastructure. In 2019, the total healthcare expenditure in Canada was $264 billion, or $7,068 per person. Overall, healthcare spending represents nearly 11.6% of the national GDP. Therefore, there is a huge demand for soft tissue repair in the country.

Further, according to the government’s estimates, more than 1.4 million people have heart disease. It is also one of the leading causes of death here, claiming over 33,600 lives every year. This is another factor driving the demand for soft tissue repair.

According to the Canadian Institute for Health Information, approximately 17,655 individuals were hospitalized for sports-related injuries during the period from 2016 to 2017. Though sports injuries are not as common as falls, they can still be quite serious. Moreover, according to Statistics Canada, there were 6,592,61 people aged 65 years and above present in the country as of July 2019, and this number is likely to rise in the coming years.

With the growing prevalence of musculoskeletal diseases, the rising elderly population, and a rise in the incidences of sports-related & other injuries, the demand for soft tissue repair is rising in Canada. This growing demand is helping the market to grow further in the coming years.

COMPETITIVE OUTLOOK

The dominant players in the soft tissue repair market are Bard Peripheral Vascular Inc, Becton Dickinson and Company (BD), Boston Scientific Corporation, Stryker Corporation, Athersys Inc, Allergan, Baxter International Inc, and Smith & Nephew Plc.