Extracellular Matrix Patches Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Application (Cardiac repair, Vascular repair & reconstruction, Pericardial repair, Dural repair, Soft tissue repair, Wound healing), By Raw material (Bovine, Porcine, Others), By Region, and By Competition, 2019-2029F

Industry : Healthcare
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Published Date : NA

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Report Description

Forecast Period	2025-2029
Market Size (2023)	USD 28.21 Million
Market Size (2029)	USD 43.51 Million
CAGR (2024-2029)	7.45%
Fastest Growing Segment	Vascular repair & Reconstruction
Largest Market	North America

Market Overview

Global Extracellular Matrix Patches Market was valued at USD 28.21 million in 2023 and is anticipated to project impressive growth in the forecast period with a CAGR of 7.45% through 2029. The market is predominantly driven by the increasing incidence of congenital heart disease (CHD) and traumatic injuries, often necessitating surgical repair and reconstruction procedures. As per the 2022 report from the Centers for Disease Control and Prevention (CDC), 18.2 million individuals received a diagnosis of coronary artery disease, with surgical interventions being undertaken by 70% of these cases. Additionally, approximately 40,000 newborns in the United States are annually born with CHD.

Key Market Drivers

Rising Prevalence of Chronic Diseases

The global Extracellular Matrix (ECM) Patches market is experiencing notable growth, driven significantly by the increasing prevalence of chronic diseases. These conditions, including cardiovascular diseases, diabetes, and orthopedic ailments, are affecting millions worldwide.

Chronic diseases, characterized by their prolonged duration and slow progression, are a leading cause of mortality globally, responsible for nearly 71% of all deaths according to the World Health Organization (WHO). This widespread epidemic has created a substantial demand for effective treatment and management solutions, presenting a significant opportunity for the ECM Patches market. ECM Patches offer a promising solution for addressing tissue damage caused by chronic diseases, often necessitating surgical interventions or regenerative medicine approaches. Acting as scaffolds for new cell growth, these patches promote natural healing processes, enhancing tissue repair and regeneration for individuals suffering from chronic diseases.

Cardiovascular diseases, a major contributor to chronic illness and mortality, often require surgical interventions such as cardiac procedures. ECM Patches have demonstrated efficacy in cardiac surgery, facilitating tissue healing, reducing complications, and enhancing patient outcomes. With the continued rise in cardiovascular diseases, ECM Patches are expected to play a pivotal role in treatment strategies. Diabetes, both type 1 and type 2, can lead to complications like diabetic ulcers and tissue damage. ECM Patches have shown promise in wound care, particularly in treating diabetic foot ulcers, by creating an optimal environment for tissue repair and healing. This application offers diabetic patients hope in avoiding severe complications and amputations.

Orthopedic conditions, such as joint injuries and osteoarthritis, often require surgical interventions for repair. ECM Patches have demonstrated success in orthopedic settings by supporting the repair of damaged cartilage and tendons. With an aging population and a growing incidence of orthopedic ailments, the demand for ECM Patches in this field is increasing. Preventing the progression of chronic diseases is crucial, and ECM Patches hold potential in playing a preventive role. By facilitating better surgical outcomes and promoting regenerative medicine approaches, these patches can contribute to halting the advancement of chronic diseases or minimizing their impact on patients' lives.

Growing Adoption of Regenerative Medicine

The global Extracellular Matrix (ECM) Patches market is experiencing notable growth, primarily driven by the increasing adoption of regenerative medicine. Regenerative medicine, a transformative field focusing on tissue repair and replacement, relies heavily on ECM Patches for its success.

Regenerative medicine represents a significant shift in healthcare, aiming to harness the body's natural healing abilities for tissue repair. This approach offers promising solutions for various medical conditions, including cardiac ailments, orthopedic injuries, and tissue reconstruction after trauma. ECM Patches play a crucial role in regenerative medicine as they serve as biological scaffolds guiding cell growth and differentiation. These patches create a supportive environment for natural tissue regeneration, making them essential in a wide range of regenerative procedures.

The heart, with its limited regenerative capacity, has been a key focus of regenerative medicine. ECM Patches have been successfully used in cardiac regeneration procedures, aiding in the repair of damaged heart tissue following myocardial infarctions. With cardiovascular diseases remaining a significant global health concern, the adoption of regenerative approaches, along with ECM Patches, is expected to increase. Regenerative medicine also holds promise for orthopedic conditions, such as damaged cartilage and ligaments. ECM Patches, known for their ability to support tissue repair, are increasingly utilized in orthopedic regenerative procedures. As the population ages and musculoskeletal disorders become more prevalent, the demand for these patches in orthopedics is projected to grow.

ECM Patches have made significant contributions to wound care and skin regeneration. By enhancing the body's natural healing processes, these patches promote tissue regeneration, potentially reducing scarring and complications. The adoption of regenerative medicine in wound care is anticipated to accelerate, further driving the growth of the ECM Patches market. The adoption of regenerative medicine not only offers hope to patients with chronic conditions but also has the potential to improve post-surgical recovery times. By incorporating ECM Patches into surgical procedures, healthcare providers aim to enhance tissue healing, minimize complications, and expedite patient recovery.

Advancements in Surgical Techniques

The global Extracellular Matrix (ECM) Patches market is witnessing significant growth, propelled by ongoing advancements and innovations in surgical techniques. These advancements have opened up new possibilities for the application of ECM Patches across various medical specialties, driving their adoption in surgical procedures worldwide.

Minimally invasive surgery (MIS) has revolutionized medical practice by offering less invasive approaches with smaller incisions and faster patient recovery times. ECM Patches complement MIS techniques by facilitating improved tissue repair and regeneration while minimizing patient discomfort. Surgeons and patients increasingly favor ECM Patches due to their compatibility with MIS, enhancing their attractiveness in the surgical landscape. Precision surgery, characterized by meticulous attention to detail and accuracy, relies on advanced techniques to achieve optimal outcomes. ECM Patches play a crucial role in precision surgery by enhancing tissue repair, reducing complications, and expediting healing processes. Their integration into surgical procedures across various medical specialties enhances surgical outcomes and patient recovery.

In cardiovascular surgery, ECM Patches have become indispensable for repairing damaged heart tissue and facilitating recovery. As surgical techniques in cardiology evolve, including the adoption of minimally invasive approaches, the demand for ECM Patches continues to grow, further solidifying their role in cardiovascular procedures. Orthopedic surgery benefits from ECM Patches in procedures such as arthroscopy, joint replacement, and fracture repair, where they support tissue healing and regeneration. As surgical methods in orthopedics advance, ECM Patches play an increasingly significant role in improving patient outcomes and enhancing surgical techniques.

Aesthetic and reconstructive surgery rely on ECM Patches for tissue repair and achieving natural-looking results, particularly in procedures such as breast reconstruction and facial reconstruction. The continual advancement of aesthetic surgery techniques further drives the demand for ECM Patches in these procedures. As surgical techniques become more refined, patients experience shorter recovery times and reduced post-operative complications. ECM Patches contribute to these positive outcomes by providing a conducive environment for tissue repair. The increasing integration of ECM Patches into surgical procedures by surgeons across specialties further propels market growth.

Technological Advancements in ECM Production

The global Extracellular Matrix (ECM) Patches market is undergoing significant growth, largely driven by advancements in ECM production technologies. These innovations are revolutionizing the quality, scalability, and accessibility of ECM Patches, thereby fueling market expansion.

In regenerative medicine, ECM Patches serve as critical scaffolds for cell growth and tissue regeneration. Advancements in ECM production technologies are enhancing the reliability, efficiency, and versatility of these patches. Consequently, ECM Patches are becoming increasingly favored solutions across a spectrum of medical applications, from cardiac regeneration to wound care. Enhancements in ECM production technologies have resulted in patches with higher quality and greater consistency. Consistent quality is paramount for effective tissue repair and regeneration, instilling confidence among healthcare professionals and patients alike. Technological improvements have increased the scalability of ECM production. Manufacturers can now produce patches in larger quantities without compromising quality. This scalability is crucial to meet the growing demand for ECM Patches, especially as their applications in various surgical procedures continue to expand.

Customizability is another advantage stemming from technological advancements in ECM production. Tailoring patches to specific surgical procedures or patient conditions enhances their effectiveness and widens their applicability across diverse medical scenarios. As technology evolves, the cost of ECM production declines. Economies of scale, streamlined processes, and innovative techniques contribute to cost reduction in manufacturing ECM Patches. This cost-effectiveness makes ECM Patches more accessible to healthcare providers and patients, fostering broader adoption and market growth.

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Key Market Challenges

Cost of Production

The production of high-quality ECM Patches can be costly due to the need for specialized materials and processes. These expenses can limit access to ECM Patches, particularly in regions with limited healthcare budgets. Manufacturers are working on optimizing production processes to reduce costs and make ECM Patches more affordable and accessible.

Ethical and Moral Concerns

The use of ECM materials, often derived from animal sources, raises ethical and moral concerns. The question of sourcing and the implications for animal welfare can be a challenge for the industry. ECM manufacturers are working on developing alternative sources of ECM materials, such as synthetic or plant-based alternatives, to address these concerns.

Clinical Efficacy and Long-term Outcomes

Demonstrating the clinical efficacy and long-term outcomes of ECM Patches can be challenging. While short-term benefits are often apparent, long-term studies are necessary to evaluate the lasting impact of ECM Patches in regenerative medicine and surgical procedures. These studies require time and resources to produce meaningful results.

Key Market Trends

Expanding Applications in Regenerative Medicine

Regenerative medicine continues to gain momentum, and ECM Patches are at the forefront of this burgeoning field. These patches provide a scaffold for natural tissue repair and regeneration. As our knowledge of regenerative medicine grows, ECM Patches are likely to find even more applications, from spinal cord injuries to neurological disorders, potentially transforming the way we approach healthcare.

Biocompatible and Synthetic ECM Materials

To address ethical and sourcing concerns, there is a growing shift towards biocompatible and synthetic ECM materials. Manufacturers are investing in research to develop ECM Patches with materials that can be tailored to specific medical applications. This trend is likely to contribute to a more sustainable and ethical ECM market.

Combination Therapies

Incorporating ECM Patches into combination therapies is becoming increasingly popular. These patches are often used in conjunction with other regenerative treatments, stem cell therapies, or biomaterials, enhancing their overall efficacy. This trend is anticipated to lead to more comprehensive and targeted patient care.

Segmental Insights

Application Insights

Based on the category of Application, soft tissue repair stood out in 2023 by commanding the largest share of revenue. Several key factors have contributed to this, including the increasing number of hernia repair surgeries, particularly inguinal hernias, a growing prevalence of trauma surgeries, and high treatment rates. Inguinal hernia repair is a globally widespread surgical procedure, with over 20 million patients undergoing it each year. Furthermore, there is a rising adoption and awareness of extracellular matrix applications among healthcare providers, particularly in developed countries, which is expected to drive this segment.

For example, the Medeor Matrix, produced by Koninklijke DSM N.V., finds applications in various soft tissue procedures such as pelvic floor reconstruction, plastic and reconstructive surgeries, and abdominal wall repair. It is manufactured using the OPTRIX process, which eliminates cells, deactivates viruses, disinfects tissues, and preserves ECM components.

The vascular repair and reconstruction segment is projected to exhibit the highest CAGR in the coming years. This is primarily due to the increasing number of vascular surgeries, a rising prevalence of vascular diseases, and a growing elderly population. According to data from "Medical Travel Brand Management: Success Strategies for Global Healthcare," there were approximately 13.2 million vascular surgeries performed worldwide in 2022.

Moreover, many public and private organizations are actively supporting research endeavors related to the extracellular matrix in the treatment of vascular conditions. For instance, the European Society for Vascular Surgery is actively promoting high-quality research and providing guidance to regulatory bodies in matters concerning vascular diseases. They have established partnerships with various ECM patch manufacturers, including Medtronic, Boston Scientific Corporation, Cook Medical, and Smith & Nephew. In June 2021, Axio Biosolutions announced the FDA clearance for the Axiostat Patch, which is expected to aid in controlling moderate to severe bleeding during vascular procedures, punctures, surgical debridement sites, and more.

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Regional Insights

In 2023, The North American market has emerged as a dominant region, commanding a significant share of revenue in the ECM Patches market. This is primarily due to several factors, including the rising prevalence of cardiovascular diseases and defects, an increase in sports-related injuries, and a surge in trauma cases across the region. According to recent data from the American Association for the Surgery of Trauma, the United States alone records approximately 150,000 deaths annually attributed to injuries. Additionally, statistics from the National Institutes of Health (NIH) reveal that 50% of Americans aged 45 to 84 are affected by atherosclerosis. The presence of numerous market players further contributes to the widespread availability of ECM patches in North America. Additionally, the region benefits from advanced research facilities, substantial research funding, and significant healthcare expenditure, all of which play pivotal roles in driving market growth. Moreover, the heightened adoption and awareness of advanced ECM patches among healthcare providers and patients significantly contribute to demand.

Also, favorable reimbursement policies are anticipated to provide an additional boost to market growth in North America. These policies incentivize healthcare providers to utilize ECM patches, further solidifying the region's position as a key player in the ECM Patches market.

Recent Developments

In April 2024, Baxter International Inc., a prominent global provider in injectables, anesthesia, and drug compounding, has expanded its Pharmaceuticals portfolio with the introduction of five new injectable products in the U.S. These launches underscore Baxter’s commitment to delivering unique solutions that meet critical patient requirements, particularly in vital therapeutic areas such as anti-infectives and anti-hypotensive medications.

Key Market Players

Cook Group Inc
Coloplast Corp
Smith & Nephew PLC
Koninklijke DSM N.V.
MTF Biologics
Boston Scientific Corp
Medtronic PLC
Baxter International Inc

By Application	By Raw material	By Region
Cardiac repair Vascular repair & reconstruction Pericardial repair Dural repair Soft tissue repair Wound healing	Bovine Porcine Others	North America Europe Asia-Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Extracellular Matrix Patches Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Extracellular Matrix Patches Market, By Application:

o Cardiac repair

o Vascular repair & reconstruction

o Pericardial repair

o Dural repair

o Soft tissue repair

o Wound healing

Extracellular Matrix Patches Market, By Raw material:

o Bovine

o Porcine

o Others

Extracellular Matrix Patches Market, By Region:

o North America

§ United States

§ Canada

§ Mexico

o Europe

§ Germany

§ United Kingdom

§ France

§ Italy

§ Spain

o Asia-Pacific

§ China

§ Japan

§ India

§ Australia

§ South Korea

o South America

§ Brazil

§ Argentina

§ Colombia

o Middle East & Africa

§ South Africa

§ Saudi Arabia

§ UAE

§ Kuwait

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Extracellular Matrix Patches Market.

Available Customizations:

Global Extracellular Matrix Patches market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

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Table of content

1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.2.1. Markets Covered

1.2.2. Years Considered for Study

1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Overview of the Market

3.2. Overview of Key Market Segmentations

3.3. Overview of Key Market Players

3.4. Overview of Key Regions/Countries

3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Extracellular Matrix Patches Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Application (Cardiac repair, Vascular repair & reconstruction, Pericardial repair, Dural repair, Soft tissue repair, Wound healing)

5.2.2. By Raw material (Bovine, Porcine, Others)

5.2.3. By Region

5.2.4. By Company (2023)

5.3. Product Market Map

5.3.1. By Application

5.3.2. By Raw material

5.3.3. By Region

6. North America Extracellular Matrix Patches Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Application (Cardiac repair, Vascular repair & reconstruction, Pericardial repair, Dural repair, Soft tissue repair, Wound healing)

6.2.2. By Raw material (Bovine, Porcine, Others)

6.2.3. By Country

6.3. North America: Country Analysis

6.3.1. United States Extracellular Matrix Patches Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Value

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By Application

6.3.1.2.2. By Raw material

6.3.2. Canada Extracellular Matrix Patches Market Outlook

6.3.2.1. Market Size & Forecast

6.3.2.1.1. By Value

6.3.2.2. Market Share & Forecast

6.3.2.2.1. By Application

6.3.2.2.2. By Raw material

6.3.3. Mexico Extracellular Matrix Patches Market Outlook

6.3.3.1. Market Size & Forecast

6.3.3.1.1. By Value

6.3.3.2. Market Share & Forecast

6.3.3.2.1. By Application

6.3.3.2.2. By Raw material

7. Europe Extracellular Matrix Patches Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Application (Cardiac repair, Vascular repair & reconstruction, Pericardial repair, Dural repair, Soft tissue repair, Wound healing)

7.2.2. By Raw material (Bovine, Porcine, Others)

7.2.3. By Country

7.3. Europe: Country Analysis

7.3.1. Germany Extracellular Matrix Patches Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Value

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By Application

7.3.1.2.2. By Raw material

7.3.2. United Kingdom Extracellular Matrix Patches Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By Application

7.3.2.2.2. By Raw material

7.3.3. France Extracellular Matrix Patches Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value

7.3.3.2. Market Share & Forecast

7.3.3.2.1. By Application

7.3.3.2.2. By Raw material

7.3.4. Italy Extracellular Matrix Patches Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1. By Value

7.3.4.2. Market Share & Forecast

7.3.4.2.1. By Application

7.3.4.2.2. By Raw material

7.3.5. Spain Extracellular Matrix Patches Market Outlook

7.3.5.1. Market Size & Forecast

7.3.5.1.1. By Value

7.3.5.2. Market Share & Forecast

7.3.5.2.1. By Application

7.3.5.2.2. By Raw material

8. Asia-Pacific Extracellular Matrix Patches Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Application (Cardiac repair, Vascular repair & reconstruction, Pericardial repair, Dural repair, Soft tissue repair, Wound healing)

8.2.2. By Raw material (Bovine, Porcine, Others)

8.2.3. By Country

8.3. Asia-Pacific: Country Analysis

8.3.1. China Extracellular Matrix Patches Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Value

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By Application

8.3.1.2.2. By Raw material

8.3.2. Japan Extracellular Matrix Patches Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Application

8.3.2.2.2. By Raw material

8.3.3. India Extracellular Matrix Patches Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Application

8.3.3.2.2. By Raw material

8.3.4. Australia Extracellular Matrix Patches Market Outlook

8.3.4.1. Market Size & Forecast

8.3.4.1.1. By Value

8.3.4.2. Market Share & Forecast

8.3.4.2.1. By Application

8.3.4.2.2. By Raw material

8.3.5. South Korea Extracellular Matrix Patches Market Outlook

8.3.5.1. Market Size & Forecast

8.3.5.1.1. By Value

8.3.5.2. Market Share & Forecast

8.3.5.2.1. By Application

8.3.5.2.2. By Raw material

9. South America Extracellular Matrix Patches Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Application (Cardiac repair, Vascular repair & reconstruction, Pericardial repair, Dural repair, Soft tissue repair, Wound healing)

9.2.2. By Raw material (Bovine, Porcine, Others)

9.2.3. By Country

9.3. South America: Country Analysis

9.3.1. Brazil Extracellular Matrix Patches Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1. By Value

9.3.1.2. Market Share & Forecast

9.3.1.2.1. By Application

9.3.1.2.2. By Raw material

9.3.2. Argentina Extracellular Matrix Patches Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1. By Value

9.3.2.2. Market Share & Forecast

9.3.2.2.1. By Application

9.3.2.2.2. By Raw material

9.3.3. Colombia Extracellular Matrix Patches Market Outlook

9.3.3.1. Market Size & Forecast

9.3.3.1.1. By Value

9.3.3.2. Market Share & Forecast

9.3.3.2.1. By Application

9.3.3.2.2. By Raw material

10. Middle East and Africa Extracellular Matrix Patches Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Application (Cardiac repair, Vascular repair & reconstruction, Pericardial repair, Dural repair, Soft tissue repair, Wound healing)

10.2.2. By Raw material (Bovine, Porcine, Others)

10.2.3. By Country

10.3. MEA: Country Analysis

10.3.1. South Africa Extracellular Matrix Patches Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2. Market Share & Forecast

10.3.1.2.1. By Application

10.3.1.2.2. By Raw material

10.3.2. Saudi Arabia Extracellular Matrix Patches Market Outlook

10.3.2.1. Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2. Market Share & Forecast

10.3.2.2.1. By Application

10.3.2.2.2. By Raw material

10.3.3. UAE Extracellular Matrix Patches Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2. Market Share & Forecast

10.3.3.2.1. By Application

10.3.3.2.2. By Raw material

10.3.4. Kuwait Extracellular Matrix Patches Market Outlook

10.3.4.1. Market Size & Forecast

10.3.4.1.1. By Value

10.3.4.2. Market Share & Forecast

10.3.4.2.1. By Application

10.3.4.2.2. By Raw material

11. Market Dynamics

11.1. Drivers

11.2. Challenges

12. Market Trends & Developments

12.1. Recent Development

12.2. Mergers & Acquisitions

12.3. Product Launches

13. Porter’s Five Forces Analysis

13.1. Competition in the Industry

13.2. Potential of New Entrants

13.3. Power of Suppliers

13.4. Power of Customers

13.5. Threat of Substitute Products

14. Competitive Landscape

14.1. Cook Group Inc

14.1.1. Business Overview

14.1.2. Product & Service Offerings

14.1.3. Recent Developments

14.1.4. Key Personnel

14.1.5. SWOT Analysis

14.2. Coloplast Corp

14.3. Smith & Nephew PLC

14.4. Koninklijke DSM N.V.

14.5. MTF Biologics

14.6. Boston Scientific Corp

14.7. Medtronic PLC

14.8. Baxter International Inc

15. Strategic Recommendations

16. About Us & Disclaimer

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Extracellular Matrix Patches Market to Grow with a CAGR of 7.45% through 2029

Jul, 2024

Technological advancements in ECM production and advancements in surgical techniques is expected to drive the Global Extracellular Matrix Patches Market growth in the forecast period, 2025-2029

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