TORONTO, July 22, 2013 /PRNewswire/ -- According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, strong economic growth, expanding health care infrastructure and favorable demographics will drive rapid expansion in the Brazilian, Indian and Chinese (BIC) orthopedic soft tissue solutions market, which will reach a value of approximately $500 million in 2021.
Expanding economies in BIC countries have allowed for significant development of health care infrastructure, including the building of new facilities, training of more medical professionals and purchasing of more diagnostic and surgical equipment. This in turn has improved the accessibility of medical care to residents. Rising disposable incomes will also contribute to an improved ability for patients to pay for soft tissue procedures, including higher-cost procedures using premium-priced devices.
Compared to more developed markets, such as the US or Europe, less expensive products and treatment options have historically represented a greater proportion of soft tissue procedures in BIC markets. This is because the availability of some premium products has traditionally been lacking, and many patients in these countries have been unable to afford or gain insurance coverage for more advanced treatment options. However, as health care infrastructure in these countries improves and disposable income increases, there will be an influx of premium products and growth in advanced procedures.
"The knee cartilage repair segment in particular will see rapid expansion as a result of new procedure types," said MRG Senior Analyst Brady Baker. "Treatments such as autologous chondrocyte implantation (ACI), single-step technologies and synthetic knee cartilage implants will become more widely available in BIC countries in the next few years, and adoption of these devices will be strong. These technologies offer significant advantages over less expensive treatments, such as less patient pain and, in the case of ACI, reduced risk of rejection or disease transmission."
The BIC markets are dominated by large multinational competitors, including Smith & Nephew, DePuy Synthes and Arthrex. Because these markets are seeing rapid growth and are relatively untapped, BIC countries are areas of focus for foreign competitors seeking revenue expansion as growth slows in the maturing European and US markets.
Millennium Research Group's Brazilian, Indian, and Chinese Markets for Orthopedic Soft Tissue Solutions 2013 report includes procedure, unit, average selling price and revenue information, along with market drivers and limiters and a competitive landscape for shoulder fixation, knee ligament reconstruction, knee cartilage repair and meniscus repair devices in Brazil, India and China.
About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources Group company (www.DecisionResourcesGroup.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack™ projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.
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SOURCE Millennium Research Group