Artificial Tendons and Ligaments Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Artificial Tendons and Ligaments Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The artificial tendons and ligaments market was anticipated to grow with a CAGR of more than 12.0%, during the forecast period.

COVID-19 is expected to have a significant impact on the growth of the market. The pandemic outbreak is expected to increase the demand for artificial tendons and ligaments as the COVID infection may lead to muscle damage. According to the article titled " Unravelling Muscle Impairment Associated with COVID-19 and the Role of 3D culture in its Investigation " published in February 2022 skeletal muscle in SARS-CoV-2 infected patients might be more susceptible to muscle damage. Thus COVID-19 is expected to drive the growth of the market during the pandemic period. The volume of surgeries has significantly declined during the pandemic, owing to the stringent guidelines by the regulatory authorities to avoid all non-emergent surgeries. According to the article published in the National Institute of Health in October 2021, titled " The impact of COVID-19 on emergency general surgery admissions and operative volumes: A single-center experience," there has been a 42.8% decline in surgery admission across the globe. Thus the market has been significantly impacted by COVID-19.

The major factors attributing to the growth of the artificial tendons and ligaments market are the increasing incidence of sports injuries along with a rise in patient preference for minimally invasive surgeries. According to an article published by the Global Burden of Disease in August 2021 reported that globally, there were 178 million new fractures, 455 million prevalent cases of acute or long-term symptoms of a fracture, and 25·8 million years lived with disability (YLDs). Also, according to the article published by Sarah Megginson in February 2020, 89% of Australian adults participate in sports every year, with 62% participating at least three times a week. Thus, the increasing number of accidents and related complications can restrict the mobility of individuals demanding external lifting to help with daily activities. This is expected to drive market growth in the coming years.

The other factors that play a pivotal role in market growth such as an increase in awareness programs about artificial tendons and ligaments and research activities on the market are expected to contribute to the growth of the market. However, high prices of procedures and unfavorable reimbursement policies would restrain the growth of the market in emerging economies in the forecast period. Also, a lack of awareness among patients and the unwillingness of healthcare providers to make utilization of artificial tendons and ligaments can impede the growth of the market.

Key Market TrendsKnee Injuries Segment is Expected to Hold the Largest Market Share in the Artificial Tendons and Ligaments Market

The knee injuries segment is expected to hold the highest market share this is mainly due to factors such as rising participation in sports which leads to increased incidence of knee injuries, patient discomfort at the target site due to conventional surgical treatment methods that use allografts, etc. For instance, as per the report published by the Canadian Institute of Health Information in June 2021, knee replacements in Canada are among the top 3 inpatient surgeries which are performed each year. Similarly, as per the study titled, “India Joining the World of Hip and Knee Registries” published by the National Library of Medicine in September 2020, the number of joint replacements in India is expected to grow at the highest rate in the world.

For instance, as per the report published by the Canadian Institute for Health Information in June 2021, in Canada, around 75,073 knee replacements were performed in 2020. It also reported that the healthcare expenditure on knee replacement surgery counts up to more than USD 1.4 billion annually in Canada. However, the lockdown has made life especially tough for the disabled population in the region. Thus, in countries such as the United States, in 2020, the Disability Inclusion Fund (DIF) announced the launch of a USD 200,000 rapid response fund to support the needs of people with disabilities related to the impact of COVID-19. Therefore, such factors are expected to contribute to the growth of the studied segment during the forecast period.

Artificial ligaments for knee injuries offer unique advantages over allografts and autografts such as reduced procedural time, faster recovery, and higher availability than donor tendon grafts.

North America Dominates the Market and is Expected to do Same in the Forecast Period.

North America is expected to dominate the overall artificial tendons and ligaments market, throughout the forecast period. The dominance is due to several factors such as growing sports injuries coupled with the increasing geriatric population in this region.

According to data from the National Safety Council (NSC), about 130,000 swimming injuries were treated in emergency rooms in 2020, with children under 14 years suffering half of all injuries. This age group accounted for 45% of soccer injuries, 44% of baseball injuries, and 40% of lacrosse and rugby injuries, treated across emergency rooms in 2020. In addition, according to Centre of Disease Control and Prevention (CDC) data updated in March 2022, the number of emergency department visits was 130 million and several injury-related visits were 35 million in the United States in 2021. This number of emergency visits coupled with an increased number of injuries is expected to lead to increased demand for artificial tendons and ligaments, thereby contributing to the growth of the market.

Additionally, the Senior Report 2021 published by America’s Health Rankings United Health Foundation shows that more than 54 million adults aged 65 and older lived in the United States in 2021, which accounted for about 16.5% of the country’s population.

Thus the above-mentioned factors are expected to drive the growth of the market in this region during the forecast period.

Competitive Landscape

The artificial tendons and ligaments market is moderately competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some of the companies which are currently dominating the market are Neoligaments, Orthomed S.A.S, Corin Group, Shanghai PINE & POWER Biotech, and Arthrex Inc.

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