Global Artificial Tendons and Ligaments Market, by Application (Knee Injuries, Shoulder Injuries, Foot and Ankle Injuries, and Others), by End-user (Hospitals & Clinics and Ambulatory Surgery Centres) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The artificial tendons and ligaments market in 2020 is estimated for more than US$ 18.3 Mn and expected to reach a value of US$ 53.0 Mn by 2028 with a significant CAGR of 14.2%
As per the report, the artificial tendons and ligaments market is driven by factors like increasing incidences of sports injuries, numerous on-going R & D activities on artificial tendons and ligaments coupled with the adoption of minimally invasive surgeries.
Numerous cases of knee trauma and its significance in daily life along with the charging infrastructure and the presence of specialty hospitals across all globe also boost the demand for artificial tendons and ligaments.
Furthermore, the obtainability of a large patient pool with the availability of skilled personnel for performing minimally invasive orthopedic procedures also propels the growth of the artificial tendons and ligaments market. Increasing healthcare expenditure, rising consumer awareness, and the high purchasing power of the elderly patients also anticipate market growth during the forecast years.
The innovation of tissue-engineered ligaments aimed at reducing the necessity for ligament grafting procedures. This not only minimizes the risk of rejection and tissue mismatch; but also aims in elevating the demand for artificial tendons and ligaments, thereby resulting in market growth.
However, the excessive cost of surgical procedures coupled with the limited reimbursements restrict the market growth. Additionally, the rising count of orthopedic reconstructive injuries may also retard the demand for artificial tendons and ligaments during the next decade.
Moreover, the ongoing research and development activities on tissue-engineered ligament along with the invention of 3D printing human ligament and tendons serve to be the latest and updated market trends promising market growth.
Furthermore, Meridian Market Consultants (MMC) Study identifies that the market growth opportunities are propelled by the technological advances in this field with the increasing demand and expansion increasing from the developing market.
The diverging focus on the biomechanical investigation of tendons and ligaments in the market driving trend; whereas, the lack of skilled personnel and the growing competition among the key players in the major challenge for artificial tendons and ligaments market.
MMC Study identifies some of the key participating players in ARTIFICIAL TENDONS AND LIGAMENTS market globally are Artelon, Corin, Cousin Biotech, FH Orthopedics, FX Solutions S.A.S., LARS, Mathys AG Bettlach, Neoligaments, Orthomed S.A.S, Shanghai Pine & Power Biotech Co., Ltd., and Xiros Ltd.
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