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(Health-NewsWire.Net, July 07, 2020 ) The growth of this market is primarily driven by factors such as the 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.
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%
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The artificial tendons and ligaments market is segmented on the basis of application and region. Based on application, the market is segmented into knee injuries, shoulder injuries, foot and ankle injuries, and other injuries (spine and hip injuries).
Knee injuries to account for the largest share of the market in 2018
The artificial tendons and ligaments market is segmented on the basis of application into knee injuries, shoulder injuries, foot and ankle injuries, and other injuries (spine and hip injuries). In 2018, the knee injuries segment is expected to register the largest share of the global market and is estimated to grow at the highest CAGR during the forecast period. This can be attributed to the increasing public participation in sports and athletic activities, increasing awareness, and the benefits of artificial tendons and ligaments.
Geographic segments in this report include North America, Europe, Asia Pacific, and RoW. Of these, Europe is expected to account for the largest share of the market in 2018. The artificial tendons and ligaments market for Europe is driven by the increasing number of government initiatives to encourage sports; growing number of conferences, meetings, symposia, and workshops to showcase the latest sports technologies in the UK; increasing sports-related injuries; rising cases of knee replacements; the growing medical devices industry; minimal out-of-pocket expenditure for medical devices; agreements between organizations, universities, and companies in Germany; presence of key players in Europe; increasing aging population; growing initiatives to increase the awareness about artificial tendons and ligaments in France; improving healthcare structure in Russia; and rising medical tourism in Turkey.
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LARS held the leading position of the global artificial tendons and ligaments market in 2017. The company offers the Ligament Augmentation Reinforcement System (LARS) for a wide range of applications, such as soft-tissue repair and reconstruction for the treatment of knee, shoulder and arm, foot and ankle, and hip injuries. Since 1992, more than 60,000 LARS ligaments have been implanted by 400 surgeons worldwide, with more than 30,000 used for ACL alone.
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