Artificial Tendons And Ligaments Market Size

Artificial Tendons And Ligaments Market Analysis

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

COVID-19 had a significant impact on the growth of the market. The pandemic outbreak increased the demand for artificial tendons and ligaments as the COVID infection lead to muscle damage. According to the article published in February 2022 by the Frontiers in Nutrition, skeletal muscle in SARS-CoV-2 infected patients might be more susceptible to muscle damage. Thus COVID-19 drove the growth of the market during the pandemic period. The volume of surgeries 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, there was a 42.8% decline in surgery admission across the globe. Thus the market has been significantly impacted by COVID-19. However, over the previous two years, the market recovery has been led by increased surgeries, new product launches, and increased orthopedic surgeries.

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 WHO's update of July 2022, approximately 1.71 billion people have musculoskeletal conditions worldwide. Such a high burden of musculoskeletal conditions results in increased musculoskeletal injuries, which in turn drives the growth of the market for orthopedic biomaterials.

Furthermore, the advancements in the field are also propelling the growth of the market. For instance, in September 2021 Stryker introduced the Citrelock Tendon Fixation Device system, which is designed to enable fixation without causing damage to the tendon during placement.

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.