ACL Reconstruction Procedures Market: Introduction
According to the report, the global ACL reconstruction procedures market was valued at US$ 6.8 Bn in 2020 and is projected to expand at a moderate CAGR from 2021 to 2031. Anterior cruciate ligament (ACL) reconstruction procedure is a surgery used for replacement or repair of torn anterior cruciate ligament caused due to sports injuries. ACL is an important soft tissue structure present in the middle of the knee that connects femur to the tibia in the knee. ACL reconstruction surgery procedure involves replacement of torn ligament with tissue graft, which is similar to ACL.
Competitive athletes are at high risk of ACL injuries, which drives the demand for ACL reconstruction procedures. The growth of the global market can be attributed to increase in awareness about sports injuries and emphasis on the treatment of orthopedic disorders. This fuels the demand for advanced ACL reconstructive procedures across the globe.
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Key Industry Events to Propel ACL Reconstruction Procedures Market
Various strategies adopted by prominent players such as launch of new products, merger & acquisition, and alliances with other companies are likely to propel the global ACL reconstruction procedures market during the forecast period. These players opt for various strategies such as geographic expansion, expansion of new product portfolio in developing countries, and strong distribution network in the developing countries. These factors are anticipated to boost the growth of the global ACL reconstruction procedures market. In June 2021, Colfax, the parent company of DJO LLC, entered into a definitive agreement to expand DJO’s successful reconstructive business and acquire Mathys AG Bettlach, a Switzerland-based company that develops and distributes innovative products for artificial joint replacement, synthetic bone graft solutions, and sports medicine.
In September 2021, Stryker Corporation completed the acquisition of Wright Medical Group NV, a medical device company, which focuses on extremities and biologics. This acquisition provides the company significant opportunities in providing innovative solutions to the patients.
ACL Reconstruction Procedures Market: Prominent Regions
In terms of region, the global ACL reconstruction procedures market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global ACL reconstruction procedures market in 2020, followed by Europe and Asia Pacific. Product launches by market players such as Zimmer Biomet, increase in the number of FDA approvals and patent grants, and rise in demand for ACL reconstruction procedures are anticipated to drive the market in North America during the forecast period. Increase in number of arthoscopy procedures in the U.S., surge in burden of patients suffering from sports injuries, rise in demand for health care products, and increase in health care spending are factors anticipated to propel the ACL reconstruction procedures market in the region. The market in North America is driven by increase in the number of Food and Drug Administration (FDA) approvals for tissue meshes and launch of fixation devices by market players.
The ACL reconstruction procedures market in Asia Pacific is expected to expand at a higher CAGR from 2021 to 2031 attributable to growing medical tourism, increase in incidence of sports injuries, technological advancements, rise in the number of orthopedic procedures, and surge in healthcare expenditure. Launch of new products in China and Japan and rigorous marketing campaigns adopted by leading players in the region to gain competitive advantage are likely to fuel the growth of the market in Asia Pacific during the forecast period.
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Product Launch, Innovation, and Collaborations by Key Players to Drive Global Market
The global ACL reconstruction procedures market is consolidated in terms of presence of established players in the market. Presence of prominent players and strong product portfolio of ACL reconstruction procedures offered by these players are likely to present significant opportunities in the global market. Strong product portfolio, technological advancements, diverse geographic footprint, and robust distribution channel across developing countries can be attributed to large market share of these companies in 2020.
Key players in the global ACL reconstruction procedures market include Zimmer Biomet Holdings, Inc., Stryker Corporation, Johnson & Johnson Services, Inc., Medtronic, DJO, LLC, Arthrex, Inc., Citieffe s.r.l., CONMED Corporation, MEIRA Corporation, Miach Orthopaedics, Smith & Nephew plc, RTI Surgical, and Tissue Regenix Group
Some of the strategies adopted by the key players are:
- In August 2021, Zimmer Biomet and Canary Medical announced FDA de novo classification grant and authorization for marketing of the tibial extension for the Persona IQ (Smart Knee Implant System)
- In December 2020, Zimmer Biomet completed the acquisition of A&E Medical Corporation, which strengthened its innovative product portfolio and established it as a market leader in the industry
- In December 2020, Arthrex, Inc. launched SwiveLock ACL Repair Kit, which received clearance from the U.S. Food and Drug Administration for ACL repair. It is the first and only FDA-cleared kit for the primary repair of anterior cruciate ligament (ACL) tear.
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