BURLINGTON, Mass., Nov. 4, 2014 /PRNewswire/ -- Decision Resources Group finds that the orthopedic soft tissue solutions market in the United States will increase to more than $3 billion by 2023. Demographic trends will be the primary driver for market growth: an increasing older, active population will fuel demand for sports medicine treatments, while rising rates of obesity will prompt more meniscus and cartilage repairs.
Other key findings from Decision Resources Group's coverage of the U.S. orthopedic soft tissue solutions market:
- Impact of the Affordable Care Act: Expanded insurance coverage, as part of the Affordable Care Act, is also driving demand for orthopedic soft tissue procedures. Increased coverage, especially among an increasingly active middle-aged demographic, is prompting more patients who would have previously delayed procedures due to cost to seek treatment; this will result in a jump in procedure volumes in 2014 and 2015.
- Shoulder fixation: Product innovation is having a major impact on this market. For example, in the large shoulder fixation market, knotless and all-suture anchors are gaining popularity. Biomet's JuggerKnotless Soft Anchor, which launched in 2014, is an example of a product that offers both of these features.
- Meniscus repair: The meniscus repair market will be the fastest growing, driven by the rising popularity of premium-priced patient-matched grafts, which should result in fewer revision procedures.
- Cartilage repair: The cartilage repair market will also experience fast growth through 2023, growing at a rate of about 9 percent annually. This market will be characterized by many new product launches, such as Aastrom Biosciences' Matrix-Induced Autologous Chondrocyte Implantation (MACI) product, which the company recently acquired from Sanofi.
Comments from Decision Resources Group Analyst Stephanie Wood:
- "Specialized products—such as interference screws and suture anchors made from biocomposite and polyetheretherketone (PEEK) materials—will be sold at a premium price, supporting market expansion. However, facilities such as ambulatory surgical centers have lower reimbursement amounts than outpatient hospitals, and these more cost-conscious facilities will sustain demand for lower-cost alternatives."
- "Arthrex remained the market leader overall, with its broad shoulder and knee product portfolio. Smith & Nephew, however, has seen a jump in its market share over the past year because of its acquisition of ArthroCare, which strengthened its presence in the shoulder fixation market, the largest market in the soft tissue solutions space in 2014."
- Stephanie Wood has written a Medtech 360 report on this subject entitled US Markets for Orthopedic Soft Tissue Solutions 2015.
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