New York, NY, Dec. 05, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Artificial Tendons and Ligaments Market by Application (Shoulder Injuries, Knee Injuries, Foot and Ankle Injuries, and Other Applications) and by Region: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 - 2024”. According to the report, global artificial tendons and ligaments market was valued at approximately USD 16 million in 2017 and is expected to generate revenue of around USD 39 million by end of 2024, growing at a CAGR of around 10.17% between 2018 and 2024.
Tendon and ligament injuries and/or associated disorders are a common problem and one of the leading causes of improper functioning of joint affecting athletes, actively working people, and the geriatric population globally. Damaged tendons and ligaments or loss of tendon poses a major surgical reconstructive problem. It influences the quality of life of a patient, with movement and local structure integrity being adversely compromised. Ligaments and tendons both are essential parts of the musculoskeletal system. They are the crucial elements for the proper functioning of the muscular and skeletal system as they serve as a major function for the joints and bones.
Browse through 37 Tables & 9 Figures spread over 110 Pages and in-depth TOC on “Global Artificial Tendons and Ligaments Market: Industry Type, Size, Share, Trends and Forecast, 2017 - 2024”.
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Global artificial tendons and ligaments market is mainly impacted due to rising incidences of sports injuries and escalated awareness about artificial tendons and ligaments. However, unwillingness to make utilization of artificial tendons and ligaments by healthcare providers and high-cost procedures may hinder the market expansion over the forecast timeline. Whereas, market expansion and product penetration in developing economies, consistent technological breakthroughs, and extensive R&D activities are anticipated to create lucrative growth opportunities for artificial tendons and ligaments market in the coming years.
The artificial tendons and ligaments market is classified on the basis of application and region. On the basis of application, the market is segmented into shoulder injuries, knee injuries, foot and ankle injuries, and other injuries. Knee injuries segment accounted for the largest share of the global artificial tendons and ligaments market. The increasing rate of knee injuries, rising contribution in sports, discomfort due to conventional surgical treatment methods, and advantages of artificial tendons and ligaments over conventional surgical methods are the major factors driving the growth of the knee injury segment.
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North America is the leading regional market and is likely to show a noteworthy growth rate over the forecast period for artificial tendons and ligaments market. According to the Center for Disease Control and Prevention (CDC) 2016 estimates, near about 30 million children and adults took part in youth sports in the U.S. Increasing participation in sports has led to surge in number of injuries among America's young athletes. Adults account for an expected 2 million injuries each year and more than 3.5 million teenagers receive medical treatment for sports injuries every year. Increasing prevalence of sports injuries and awareness regarding artificial tendons and ligaments coupled with increasing research activities will further stimulate industry growth in this region.
Europe represents the developed regional market for artificial tendons and ligaments market and is expected to see a rapid growth in the future. Growing number of government initiatives to boost sports, increasing cases of sports-related injuries, rising number of knee replacements, growing number of agreements between universities, organizations, and companies are the major factors responsible for market growth in this region.
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Asia Pacific region is expected to witness the highest growth during forecast period. This growth is attributed to developing healthcare industry in Japan; growing research and development activities, collaborations with several international sports organizations, government initiatives, and favorable tax policies in China. Government initiatives to support sports medicine, favorable healthcare system in India, and focus of LARS in Australia, and the focus on sports medicine in Malaysia and Singapore are likely to contribute substantially towards rapid market growth in this region.
The Middle East and Africa region is expected to demonstrate a significant growth during the forecast period. Latin America represents another important regional market and is likely to grow at moderate growth rate in the future due to the developing healthcare infrastructure and alertness among the people. Thus, all the above-mentioned factors are expected to push the market growth in this region.
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Some of the key players in the artificial tendons and ligaments market areLARS, Neoligaments, Cousin Biotech, FX Solutions, Shanghai PINE&POWER Biotech, Orthomed S.A.S., and Mathys AG Bettlach, and Arthrex, Inc., among others.
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This report segments the global artificial tendons and ligaments market as follows:
Global Artificial Tendons and Ligaments Market: by Application
- Knee Injuries
- Shoulder Injuries
- Foot and Ankle Injuries
- Other Injuries
Global Artificial Tendons and Ligaments Market: by Region
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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