The increase in the number of sports accidents, growing awareness about the artificial tendons and ligaments, advancements in surgical procedures
NEW YORK, NEW YORK, UNITED STATES, September 27, 2021 /EINPresswire.com/ — According to the current analysis of Reports and Data, the global artificial tendons and ligaments market was valued at USD 23.16 Billion in 2020 and is expected to reach USD 60.90 Billion by the year 2028, at a CAGR of 13.2%. The artificial tendons and ligaments are temporary replacements for supporting the broken or ruptured muscles or ligaments of the body. These artificial implants provide support to the broken tissues until the tissue cells regenerate the broken parts in the body. The natural tendons and ligaments can be ruptured due to any strong external force by trauma or serious accidents.
The artificial tendons and ligaments are used widely by sportspersons, especially athletes and gymnasts, as they are highly susceptible to accidents. For instance, according to the Center for Disease Control and Prevention (CDC), in 2016 stated that around 30 million people, including children and adults, take part in the youth sports events in the US. An increase in accidents in sports has proven to drive the market rapidly. The increasing improvements in the clinical procedures to cause minimal discomfort to the patients and rise in the research of artificial tendons and ligaments are critical drivers for the market. Various research organizations are entangled in the research and development to make tensile products that are physiologically compatible with the body. Metals such as titanium, niobium, and others are used widely and are under research for constant improvements in the biocompatibility of these materials within the body.
Regionally, many conferences and sports events are held in the European region, especially in the UK, which is expected to be a reason for such a large number of market share. Many people have been driven to participate in sports-related activities, especially children and teenagers, who are more prone to falls and injuries. Also, the growing number of initiatives by the government has widely fueled market growth. The Asia Pacific is expected to be a massive market as the number of accidents occurs in the developing countries in this region. However, the high cost of fixing these implants and discomfort at the site of surgery due to conventional medical procedures are restraining to the market. Many surgeons are reluctant to use trauma devices due to the complaints of allergies and inflammation in the synovial membrane among patients.
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The pharma and healthcare industry has undergone a revolutionary change owing to the COVID-19 pandemic with individuals increasing their focus on health and wellness. Companies operating in the industry have invested heavily in clinical trials and research studies to develop medications to cater to the growing unmet clinical demand on a global level. Implementation of cutting-edge technology in healthcare sector and increasing investment in research and development have contributed significantly to revenue growth of the market in the recent past. In addition, availability of favorable health insurance and reimbursement policies have also positively impacted the healthcare sector with more and more individuals opting to get treatment at hospital and clinical facilities. Rapid development of novel drugs and pharmaceuticals, increasing incidence of lifestyle and chronic diseases, establishment of state-of-the-art healthcare facilities, and rising availability of over-the-counter medications have significantly contributed to the revenue growth of the market.
The report has gather vital information about recent mergers and acquisitions, joint ventures, collaborations, partnerships, brand promotions, R&D activities, and government and corporate deals, among others through extensive primary and secondary research. The report also offers detailed analysis of each competitor along with their financial standing, global market position, product portfolio, manufacturing and production capacity, and business expansion plans.
The report offers a comprehensive overview of the regional bifurcation of the market with respect to market share, market size, revenue growth, import/export, production and consumption patterns, macro and micro economic growth factors, regulatory framework, investment and funding opportunities, and presence of key players in each region including North America, Asia Pacific, Latin America, Europe, and Middle East & Africa. The report offers a country-wise analysis to further discuss the revenue growth and lucrative growth opportunities for the Artificial Tendons and Ligaments market in these key regions.
Further key findings from the report suggest
The European segment held the highest share in the market followed by Asia Pacific and North America. The rise in participation in sports sector and affordable medical devices have driven the market widely in Europe.
The artificial tendons and ligaments are made out of polymers such as polypropylene and polyethelyene terephthalate. These polymers are non-reactive in the body and hence it is used for manufacturing efficient product.
The other materials used for making these devices include titanium alloys, polyster fabric and dimethyl siloxane. These materials are proven to be biocompatible for use inside the body and are extremely inert materials
The use of artificial tendons and ligaments have reduced the patients’ discomfort caused due to other medical procedures such as autografting or allogeneic grafting. These procedures are more complex than the implantation of artificial tendons and ligaments
The knee surgeries are the maximum shareholding segment with 39% of the market and is expected to keep growing in the forecast period. According to the American Academy of Orthopedic Surgeons, There are nearly 95,000 new ACL ruptures each year, and approximately 60,000-75,000 ACL reconstructions are performed annually in the United States.
Many technological innovations are rising in this field and increasing market growth. For instance, scientists from Hokkaido University developed a bendable, tough, and fiber-reinforced hydrogel biomaterial that can endure excessive pressure and is compatible with the body
The key player of the market includes Cousin Biotech, BioMed, LARS, Neoligaments, Orthomed S.A.S., FX Solutions, Shanghai PINE & POWER Biotech, Mathys AG Bettlach, Arthrex Inc., Stryker, and DePuy Synthes
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For the purpose of this report, Reports and Data has segmented the artificial tendons and ligaments market on the basis of application, end-use and region:
Application Outlook (Revenue in Million USD; 2018–2028)
Foot and Ankle Injuries
End-use Outlook (Revenue in Million USD; 2018–2028)
Hospitals and clinics
Ambulatory surgery centers.
Country-wise regional analysis covers:
Middle East & Africa
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Source: EIN Presswire