According to a new market research report "Artificial Tendons and Ligaments Marketby Application (Knee Injuries, Shoulder Injuries, Foot and Ankle Injuries, Spine Injuries, and Hip Injuries), and Region (North America, Europe, Asia Pacific, Rest of the World) - Global Forecast to 2023", published by MarketsandMarkets™, the global 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).
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The key factors driving the growth of this market include 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 Orth biologics.
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.
Europe to hold the largest share of the market in 2018
In 2018, Europe is projected to account for the largest share of the Artificial Tendons and Ligaments Market, followed by Asia Pacific. The market for artificial tendons and ligaments in this region is driven by the increasing number of government initiatives to encourage sports; increasing number conferences, meetings, symposia, and workshops to showcase the latest sports technologies in the UK; increasing cases of sports-related injuries; rising cases of knee replacements; minimal out-of-pocket expenditure for medical devices; increasing number of agreements between organizations, universities, and companies in Germany; increasing aging population; and growing initiatives to increase awareness about artificial tendons and ligaments in France.
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).
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