The factors that are expected to fuel the growth of the port equipment market are the increasing seaborne trade across the globe and the growing number of container shipments in Asia Pacific and the Middle East. Various countries have been focusing on developing new ports owing to the increase in vessel count and trade volume. According to the International Chamber of Shipping, 90% of the world’s trade is carried out through seaways as they are ideal for heavy and bulk goods, have large carrying capabilities, and offer competitive freight costs. The global port equipment market size is expected to grow from USD 29.2 billion in 2018 to USD 36.6 million by 2023, at a CAGR of 3.30% during the forecast period. The major driving factors for the port equipment market are the increasing seaborne trade across the globe and the growing number of container shipments in Asia Pacific and the Middle East. Based on equipment type, the straddle carriers segment is estimated to lead the port equipm
The global artificial tendons and ligaments market size 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).
Increasing preference for minimally invasive surgeries, benefits of artificial tendons and ligaments, and the issues related to the use of Orth biologics are expected to drive the growth of the artificial tendons and ligaments market. However, factors such as reluctance to use artificial tendons and ligaments among healthcare providers, high procedure costs, and unfavorable reimbursement scenario across major markets are expected to restrain the growth of this market to a certain extent.
The knee injuries segment is expected to grow at the highest CAGR during the forecast period. This can be attributed to the increasing incidence of knee injuries, advantages of artificial tendons and ligaments as compared to autografts and allografts, and rising participation in sports.
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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 regional segment 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. Factors such as Japan’s growing healthcare industry, government initiatives to increase the number of doctors, favorable tax policy in China, government initiatives to support sports medicine in India, and funding initiatives and grants to promote sports in Australia are driving the growth of the artificial tendons and ligaments market in the Asia Pacific region.
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