Market Leader - Artificial Tendons and Ligaments Market
The global artificial tendons and ligaments market is projected to reach USD 35.0 million by 2023 from USD 18.5 million in 2018, at a CAGR of 13.6%. 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).
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.
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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. Moreover, Neoligaments, as a part of its marketing and sales strategy, focuses on hosting and attending webinars, workshops, exhibitions, trade shows, and conferences in order to showcase its products and increase the awareness related to the advantages offered by its products. For instance, in 2018, Neoligaments showcased its upper limbs product portfolio at the British Elbow and Shoulder Society (BESS) Annual Congress. Additionally, Neoligaments has a strong geographical presence with around 23 distributors in Europe, North America, Australia, Oceania, Asia, Africa, and the Middle East. The company maintains strong relationships with physicians, orthopedic surgeons, and other healthcare providers to gain a detailed understanding of their changing needs. These associations have enabled the company to develop a wide range of surgical techniques and products for the repair of tendons, ligaments, and joint injuries in the knee, shoulder, and ankle.
Related Reports:
Artificial Tendons and Ligaments Market by Application (Knee Injuries, Shoulder Injuries, Foot and Ankle Injuries, Spine Injuries, and Hip Injuries), and Region (North America, Europe, Asia Pacific, Rest of the World) - Global Forecast to 2023
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