The Cardiovascular and Soft Tissue Repair Patches Market is expected to register a CAGR of 8% during the forecast period. This is attributing to technological advancements, increasing prevalence of congenital heart diseases, increasing R&D expenditure. In addition, the rising prevalence of atrial and ventricular septal in hearth birth defects and growing inclination towards minimally invasive procedures also result in high adoption of the patches and trigger the growth of the market. Moreover, increase in the prevalence of congenital diaphragmatic hernias, an inguinal hernia is also promoting the growth pf the market as these patches are used in the treatment of these disorders by tissue repairing procedures. As per the National Institute of Diabetes and Digestive and Kidney Diseases, an inguinal hernia is a common disorder around the globe and representing at least 27 percent of men and 3 percent of women at some point in their lives. Furthermore, increasing collaboration between manufacturers and research organizations, government initiatives associated with cardiac treatments, and the development of novel technologies are few more factors driving the growth of cardiovascular and soft tissue repair patches market.
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Key Market Trends
Soft Tissue Repair in Cardiac and Soft Tissue Repair Patches is Estimated to Witness a Healthy Growth in Future.
Soft tissue repair is estimated to witness healthy growth in the future attributed to the increasing prevalence of various types of hernias. A hernia is a disorder where an organ or any fatty tissue bulges out though an abnormal opening. Soft tissue repair patches help in diagnosing the hernia disorder. As per the report published by Santhini Elango in 2017, the incidence of hernia is rising at an alarming rate among the population over 50 years old in India and around 2% of the population are affected by hernia making it highly prevalent across the globe and drive the segment growth.
In addition, As per SWEDCON, the number of children with congenital heart diseases is increasing from the past year and thus leading to the adoption of these cardiovascular soft tissue repair patches for diagnosing and drive the overall market.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to hold a significant market share in the global Cardiovascular and Soft Tissue Repair Patches Market due to the rising prevalence of cardiac diseases, the presence of a large number of pharmaceutical companies, growing research and development expenditure, and increasing incidences of hernia disorders.
As per the report published in Annals of Laparoscopic and Endoscopic Surgery 2019, annually 350,000 abdominal wall hernia repairs are being performed in the United States. The United States owns the largest share of Cardiovascular and Soft Tissue Repair Patches Market in the North America region Furthermore, the presence of developed infrastructure and growing awareness regarding the availability of novel products are also expected to fuel the Cardiovascular and Soft Tissue Repair Patches Market in this region.
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