Artificial Tendons And Ligaments Market Expected To Reach US$ 46.4 Mn By 2026
The latest market report published by Credence Research, Inc. “Artificial Tendons and Ligaments Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global artificial tendons and ligaments market was valued at US$ 17.3 Mn in 2017 and expected to reach US$ 46.4 Mn by 2026, expanding at a CAGR of 11.5% from 2018 to 2026.
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Growing incidence of sports and athletic activities and the resultant high incidence of associated injuries us a key factor driving the market for artificial tendons and ligaments. Such injuries also result from leisure activities, use of improper equipment, accidents and substandard training. ACL tear and ankle sprain are some of the most common results among sportspersons and athletes. Additionally, growing preference for minimally invasive surgical procedures is yet another driver of the global artificial tendons and ligaments market.
Technological and procedural advancements in minimally invasive surgeries have led to improved treatment outcomes, lesser recovery time, and ultimately greater cost savings both to the hospitals and patients. This has led to rise in adoption of minimally invasive surgeries for joint surgeries, tendon reinforcement and implantation of artificial ligaments. Another key factor supporting the market growth is the disadvantages associated with allografts and autografts. Such implantation often result in complications such as tendon rupture, joint and muscle weakness, pain and loss of normal movement.
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Such risks have resulted in doctors losing trust in these procedures and the emergence of synthetic material implants for ligament and tendon reconstruction. Manufacturers of such solutions are increasing their R&D efforts to come up with more advanced implants with better bioavailability, abrasion resistance and strength. Growing geriatric population has led to increased prevalence of musculoskeletal conditions such as weakness of bone and connective tissue.
Considering the various applications where artificial tendons and ligaments are implanted, the global market is dominated by knee injuries segment. Significantly high incidence of anterior cruciate ligament injuries in the general population and athletes is the prime factor supporting the dominance of this segment. Furthermore, perpetual technological advancements and improving treatment outcomes will also make knee injuries the fastest growing segment.
Hospitals occupy the larger share of the global artificial tendons and ligaments market in terms of revenue. Higher patient footfall, greater skills of surgeons, and greater presence of hospitals as against ambulatory surgery centers are attributed to the dominance of this segment. Geographically, Asia Pacific shall be the most prominent market to watch for as it is anticipated to advance at swift double digit growth rate. Key players in this market have already begun penetrating Asia Pacific realizing the untapped opportunities in the region, through expansion of distribution networks. Improving awareness and increasing healthcare expenditure are also driving the growth of Asia Pacific market.
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Key Market Movements:
• Increasing adoption of minimally invasive surgical techniques in orthopedic procedures
• Growth in the incidence of sports injuries and joint tissue ruptures
• Awareness about the complications associated with autologous and allogeneic grafts
• Growing initiatives to introduce synthetic grafts that shall integrate with the native bones and promote new ligament
Credence Research Inc