TORONTO, Jan. 10, 2013 /PRNewswire/ -- According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, the Asia Pacific market for soft tissue repair devices will grow strongly through 2017, reaching a value of over $530 million. China's rapidly expanding economy, large population and improving access to healthcare will fuel a lot of that growth.
The hernia repair mesh segment will experience the strongest revenue growth, increasing at approximately 10 percent per year through 2017. This growth will be supported by the high incidence of hernias as well as the rising adoption of tension-free procedures through 2017.
Trade barriers, inflexible reimbursement policies, and the widespread use of generic meshes have made the region a difficult one for competitors to increase their revenues. Some recent developments have made the situation more favorable for multinationals seeking revenues in the region. For instance, multinationals have been expanding their distribution networks beyond the eastern seaboard region of China, opening up previously untapped markets. Additionally, the US-Korea Free Trade Agreement went into effect on March 15, 2012, easing market access for US medical device manufacturers.
"We will see an increasing preference for the use of soft tissue repair devices relative to autologous or tension-based repair techniques," said MRG Analyst Sohaib Perwaiz. "Proactive manufacturer marketing efforts, improved physician training and greater access to healthcare are having an effect on treatment patterns across the region, particularly in China and South Korea. The increasing use of advanced products will drive market growth and revenues."
The Asia Pacific soft tissue device market is dominated by a few large multinational companies, similar to trends globally. The main competitors are C. R. Bard, Ethicon, AMS and Covidien.
Millennium Research Group's Asia Pacific Markets for Soft Tissue Repair Devices 2013 report includes unit, installed base, average selling price and revenue information, along with market drivers and limiters and competitive landscape for hernia repair meshes, vaginal slings and pelvic floor reconstruction (PFR) devices sold in China, Japan and South Korea.
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