Market Trends of Artificial Tendons And Ligaments Industry
Knee 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, and 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.
For instance, as per the report published by the Canadian Institute for Health Information in June 2021, nearly 140,000 people get a hip or knee replacement each year in Canadian hospitals and wait times can run to more than a year. It also reported that the healthcare expenditure on knee replacement surgery counts up to more than USD 1.4 billion annually in Canada. The National Safety Council (NSC) reported that in 2021, injuries caused by exercise equipment accounted for nearly 409,000 of all sports and recreation-related injuries. In addition, bicycles and accessories accounted for 375,797 injuries in the year 2021 in the United States. Thus, a significant number of sports-related injuries may include knee injury leading to rising demand for its treatment, thereby fueling the growth of the studied market.
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. Therefore, such factors are expected to contribute to the growth of the studied segment during the forecast period.
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) updated in 2022, about 115,790 swimming injuries were treated in emergency rooms in 2021, with children under 14 years suffering half of all injuries. In addition, in 2021, 3.2 million people were treated in emergency departments for injuries involving sports and recreational equipment, and the activities frequently associated with injuries are exercise, cycling, and basketball. In addition, according to CDC data updated in March 2022, the number of emergency department visits was 130 million and several injury-related visits 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.
