Artificial Tendons and Ligaments Market Growing at a CAGR of 13.6%
Posted by Rosy Wills on July 2nd, 2019
According to research report Artificial Tendons and Ligaments Market is expected to reach USD 35.0 million by 2023 from USD 18.5 million in 2018, at a CAGR of 13.6% during the forecast period (2018–2023). Increasing incidence of sports injuries, growing number of initiatives to increase the awareness about artificial tendons and ligaments, increasing research activities on artificial tendons and ligaments, increasing preference for minimally invasive surgeries, benefits of artificial tendons and ligaments, and the issues related to the use of orthobiologics are expected to drive the growth of the artificial tendons and ligaments market.
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However, factors such as reluctance to use artificial tendons and ligaments among healthcare providers, high procedure costs, and unfavourable reimbursement scenario across major markets are expected to restrain the growth of this market to a certain extent.
The artificial tendons and ligaments market is segmented on the basis of application and region. By application, the market is segmented into knee injuries, shoulder injuries, foot and ankle injuries, and other injuries (spine and hip injuries). The knee injuries segment is expected to grow at the highest CAGR during the forecast period. This can be attributed to the increasing incidence of knee injuries, advantages of artificial tendons and ligaments as compared to autografts and allografts, and rising participation in sports.
Geographically, the artificial tendons and ligaments market in Europe is expected to account for the largest share in 2018. Some of the factors driving the growth of this regional segment are the increasing number of government initiatives to encourage sports, increasing sports-related injuries, rising cases of knee replacements, the growing medical devices industry in Europe, and minimal out-of-pocket expenditure for medical devices. However, the Asia Pacific region is slated to register the highest CAGR during the forecast period. Factors such as Japan’s growing healthcare industry, government initiatives to increase the number of doctors, favourable tax policy in China, government initiatives to support sports medicine in India, and funding initiatives and grants to promote sports in Australia are driving the growth of the artificial tendons and ligaments market in the Asia Pacific region.
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The key players in the global artificial tendons and ligaments market are LARS (France), Neoligaments (UK), Cousin Biotech (France), Orthomed S.A.S. (France), FX Solutions (France), Shanghai PINE&POWER Biotech (China), and Mathys AG Bettlach (Switzerland).
