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Tissue repair refers to the restoration of tissue architecture and function after an injury. The process of tissue repair is a compensatory process followed by a mechanical, chemical, or surgical induced surgery. A large number of tissue repair surgeries are performed on skeletal muscles. These muscles have the ability to regenerate after an injury. However, when there is large muscle loss, the regeneration may require interventional support through surgery. The other forms of tissue repair surgeries are performed for hernia repair, skin repair, vaginal sling procedures, dural repair, and breast reconstruction.
COVID-19 Impact Analysis
COVID-19 is an infectious disease that originated in the Hubei province of the Wuhan city in China in late December. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from human to human. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicine supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as hydroxychloroquine have witnessed a dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunities for manufacturers of COVID-19 management drugs, as many developed countries are facing a shortage of these drugs. Thus, the pharmaceutical and biotechnology industries are expected to witness significant growth in the future, owing to the demand for vaccines and treatment drugs for COVID-19.
With COVID-19 spreading all across the world, hospitalization rates fell dramatically. There were several reports of many hospitals operating at less than 50% capacity to curtail noncritical medical services and elective surgeries. People are even less likely to visit hospitals and clinics for tissue repair treatment. Therefore, COVID 19 is expected to have a significant impact on the tissue repair technologies market.
Top Impacting Factors
Rise in tissue injury cases especially in the geriatric population is the key factor driving the growth of the tissue repair technologies market. With age, the natural mechanisms of tissue repair in the body become slower, which propels the need for tissue repair technologies.
The participation of people in sports is increasing all over the world. With this, the chances of having injuries in muscles increase, which often need tissue repair. Hence, this factor is also leading to the growth of the tissue repair technologies market.
In addition, rising healthcare expenditure and technological advancements in the field of tissue repair technologies extend profitable opportunities to the key players of the tissue repair technologies market.
However, high cost associated with tissue repair surgeries and dearth of skilled healthcare professionals who can perform such surgeries are some of the factors that can impede the growth of the tissue repair technologies market.
Key Market Trends
North America garners the major share of the tissue repair technologies market, owing to increase in awareness regarding tissue repair surgeries, surge in geriatric population, and the presence of advanced technology for the treatment and diagnosis of injuries in deep tissues of the body.
Asia-Pacific is expected to witness high growth in the tissue repair technologies market during the forecast period. This can be attributed to the rising demand for orthopedic soft tissue repair procedures and tissue regeneration.
The global tissue repair technologies market is anticipated to grow further during the forecast period, due to new and innovative product launches in the field of tissue repair technologies and lack of substitute therapies for tissue repair.
Key players of the tissue repair technologies market are focused on mergers and collaborations with other players of the market to launch and develop better technologies that help in tissue repair procedures.
Key Benefits of the Report
Questions Answered in the Tissue Repair Technologies Report
Key Market Segments
Key Market Players