Market Trends of Global Artificial Tendons and Ligaments Industry
This section covers the major market trends shaping the Artificial Tendons & Ligaments Market according to our research experts:
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, 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.
