In the present scenario, significant research has been performed on increasing the clinical efficacy of artificial tendons and ligaments. The utility of artificial tendons and ligaments in surgical restoration has opened a novel clinical avenue for patients considering quick and more consistent tendon and ligaments repair. It is a supporting material made up of polymers, like polypropylene, that can be used to restore a torn ligament in the short term while a new tendon sheath builds. Also, the artificial tendons and ligaments belong to the group of complex granular connective tissues, vital for the appropriate functioning of the musculoskeletal system. As a result, this factor has made a promising effect on the rapid progression of the market all over the world. Moreover, the rise in incidences of sport-related injuries, increasing research activities on artificial tendon and ligament, and increased preference for minimally invasive surgical procedures are the few factors responsible for the high CAGR of the market during the forecast period. According to the Accident and Emergency (A&E) statistics, in 2018-19, there were around 24.8 million cases of sports injuries registered, with a surge of 4% from the period of 2017-18, and a surge of 21% since 2009-10. Similarly, according to the John Hopkins Medicine, roughly 30 million teens and children participate in few types of organized sports, and over 3.5 million injuries annually, which cause some injury of participation, are practiced by the participants. This, in turn, is likely to strengthen the demand for artificial tendons and ligaments, thereby contributing to market growth around the world. However, the high medical procedure costs, coupled with unfavorable reimbursement scenarios are the prime factors restraining the market growth over the forecast period of 2021-2027.
Global Artificial Tendon and Ligament Market is valued at approximately USD 21.5 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 10.74% over the forecast period 2021-2027 and is estimated to reach USD 43.91 billion by 2027.
The regional analysis of the global Artificial Tendon and Ligament market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. Europe is the leading/significant region across the world in terms of market share owing to the rising government initiatives pertaining to sports injuries, along with the wide presence of market vendors in the region. Whereas Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2021-2027. Factors such as the rise in incidences of sport-related injuries coupled with increasing rate of investment in R&D activities of artificial tendon and ligaments in the developing nations, such as China and India, are the few factors creating a lucrative opportunity for the growth of the Artificial Tendon and Ligament market in the Asia-Pacific region.
Major market players included in this report are Corin Group, Xiros Ltd, Cousin Biotech, Orthomed SAS, FX Solutions, Shanghai Pine & Power Biotech Co Ltd, Mathys AG Bettlach, Artelon, and Lars Medicare.
The detailed segments and sub-segment of the market are explained below:
By Application: Knee Injuries, Shoulder Injuries, Foot and Ankle Injuries, Others
By End-Use: Hospitals & Clinics, Ambulatory Surgical Centers (ASCs)
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