(PharmaNewsWire.Com, August 11, 2021 ) 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% during the forecast period (2018–2023).
The artificial tendons and ligaments market is emerging and fragmented in nature with various regional and international players. In 2017, the artificial tendons and ligaments market was dominated by LARS (France) and Neoligaments (UK).
In 2018, the knee injuries segment is expected to account for the largest share of the global market. This can be attributed to the increasing incidence of knee injuries, discomfort at the harvest site due to conventional surgical treatment methods that use autografts and allografts, rising participation in sports, and advantages of artificial tendons and ligaments as compared to autografts and allografts.
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.
LARS ligaments have been successfully used for more than 25 years in a wide variety of patients ranging from the general public to elite athletes. LARS ligament procedures have led to high patient satisfaction, shortened recovery time, early return to normal activity (within 3–6 months), immediate restoration of stability and function, and minimal complications. Also, these procedures are associated with a high implant survival rate of 92.9% after more than ten years of ACL reconstruction.
The company’s operations are spread across Australia, the UK, France, Germany, and Canada owing to its distribution agreement with the Corin Group (UK) and Revolution Surgical (Australia). Complications associated with older-generation products and high failure rates have adversely affected the brand image of artificial tendons and ligaments. In order to address these concerns and increase its customer base, LARS focuses on publishing research papers showcasing the efficacy of its products. For instance, the company has published 22 papers regarding the use of LARS in knee ligament reconstruction of the ACL and PCL.
Neoligaments was the second-largest player in the artificial tendons and ligaments market in 2017. Innovation is the major strength of the company, on the basis of which it has been able to expand its product portfolio, enter new markets, and build a better network for increasing its customer base. The company’s innovative capabilities are evident from the products it has launched over the last few years. For instance, in 2016, the company launched Infinity-Lock, which is an implantable device used for the fixation of acromioclavicular separations resulting from disruption to the coracoclavicular ligaments.
Geographically, the artificial tendons and ligaments market in Europe is expected to account for the largest share in 2018. Some of the factors driving the growth of this regionalsegment are the increasing number of government initiatives to encourage sports, increasing sports-related injuries, rising cases of knee replacements, the growing medical devices industry in Europe, and minimal out-of-pocket expenditure for medical devices. However, the Asia Pacific region is slated to register the highest CAGR during the forecast period.
Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 sales@marketsandmarkets.com
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