New Jersey, NJ, Aug. 27, 2019 (GLOBE NEWSWIRE) -- Rising number of sports injuries, increasing awareness amongst the patients and awareness about the associated benefits of artificial ligaments and tendons is expected to drive the artificial tendons and ligaments market growth over the forecast period. The global artificial tendons and ligaments market is expected to grow from USD 17.35 Million in 2017 to USD 52.3 Million by 2025 at a CAGR of 14.47% during the forecast period 2018-2025, according to the new report published by Fior Markets.
An artificial ligament works as a supporting material and as a temporary replacement while new tendon sheaths develop. This sheath produces a gliding canal, which makes it possible to gain tendon motion through scar tissue. These are used to change a torn ligament, such as the anterior cruciate ligament. Artificial ligaments are made up of polymers, such as polypropylene, polyacrylonitrile fiber, and polyethylene terephthalate. The use of these implants is preferred over autografts. They offer unique advantages over allografts such as reduced procedural time, faster recovery, and higher availability than donor tendon grafts. Increasing number of sport injuries, fractures and road accidents are driving the market.
The use of artificial tendons and ligaments in surgical reconstruction has opened new clinical procedures for patients. Increasing incidence of sports injuries and growing number of initiatives to increase awareness about artificial tendons and ligaments are the major driving factors of artificial tendons and ligaments market. However, unwillingness to use artificial tendons and ligaments among healthcare providers and high procedure costs, unfavourable reimbursement scenario may hinder the growth of the artificial tendons and ligaments market. Although, growing demand for modern surgical treatments that cause minimal discomfort to patients is expanding the clinical prospects of the artificial tendons and ligaments market which is driving the growth of the artificial tendons and ligaments market. In developed countries, rapid advances made in knee replacement procedures are also contributing in the growth of the market in coming years. In addition to this, the increase in adoption of orthobiologics is expected to accelerate the artificial ligaments and tendons market growth.
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Key players operating in the global artificial tendons and ligaments market include FX Solutions, Mathys AG Bettlach, Cousin Biotech, Neoligaments, Orthomed S.A.S, Shanghai PINE&POWER Biotech Implant Systems, Internal Fixation Systems, Medtronic, Merlot OrthopediX, Orthofix, Osteomed, Rigid FX Corporation, Small Bone Innovations, Inc, Smith & Nephew, Stryker Corporation, Suspension Orthopaedic Solutions, Synthes, Tornier, Inc, TriMed, Inc., Vilex, Wright Medical, Zimmer Holdings, Inc. and among others. In order to increase their presence in the global artificial tendons and ligaments market, the key players are adopting the strategies such as collaborations, agreements, merger, and expansion to bolster the growth of the artificial tendons and ligaments market.
- Technological advancements by major manufacturers are accelerating the growth of the market. For instance, in 2018 Corin Group, an international orthopaedic company has acquired Global Orthopaedic Technology Pty Ltd., an orthopaedic implant designer and manufacturer. This acquisition will strengthen Corin’s position in the hip and knee joint replacement market.
- For instance, in 2018, FX Solutions opened its new U.S. subsidiary FX Shoulder in Dallas. The establishment will help FX Solutions expand its shoulder implant footprint into U.S. markets.
Shoulder injuries segment is expected to grow at the highest CAGR of 17.38% over the forecast period.
The application segment is classified into knee injuries, shoulder injuries, foot and ankle injuries, spine injuries, and hip injuries. Shoulder injuries segment is dominating the global artificial tendon and ligaments market and is anticipated to grow at the highest CAGR of 17.38% over the forecast period. Increasing prevalence of sports injuries is a major factor driving the growth of the artificial ligaments and tendons market. According to the Centre for Health Protection of the Department of Health in 2016, 14% of the European people suffer by sports injuries each year. This shows the high demand for artificial ligaments and tendons products in future.
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Regional Segment Analysis of the Artificial Tendons and Ligaments Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
Europe region dominated the global artificial tendons and ligaments market with the largest market share of 41.35% in 2017 where as the Asia Pacific region held the second dominant position in the market. Europe region held the largest market share in the global artificial tendons and ligaments market owing to anincrease in a number of government initiatives and sport-related injuries. This is attributed to high demand for artificial ligaments and tendons products in this region and an increase in a number of government initiatives regarding sport-related injuries. Asia pacific is the second fastest growing region in the global artificial tendons and ligaments market due to supportive government initiatives to encourage sports, increase in sports-related injuries and growing disposable income are attributing towards this lucrative growth.
About the report:
The global artificial tendons and ligaments market is analysed on the basis of value (USD Million). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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