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Tuesday, 6 December 2016
Knee Cartilage Repair Market to Focus on Developing Countries due to Growing Patient Population
The global knee cartilage repair market had a valuation of US$1.6 bn in 2014. The market’s valuation is expected to rise to US$2.7 bn by 2023, indicating a CAGR of 5.80% between 2015 and 2023.
The increasing prevalence of bone and joint disorders due to the sedentary lifestyle practiced by a growing part of the global population has been a prime driver for the global knee cartilage repair market. Diseases such as rheumatoid and other types of arthritis have become increasingly prevalent in recent years, aided by the unhealthy diet being consumed by the urban population. The convenience of modern knee cartilage repair products has also made patients more confident about their reliability, resulting in a smooth increase in demand. In addition, the increasing prevalence of road accidents and consequent long-term damage has driven the demand for knee cartilage repair procedures.
The knee is one of the most important joints in the human body and is thus the subject of significant research to identify and cure the various disorders associated with it. Knee cartilage repair and knee replacement have emerged as reliable surgical options in recent years for patients suffering from acute or chronic knee conditions. Knee cartilage repair, in particular, has become a crucial option for patients who have suffered a major knee injury.
North America to Remain Prime Regional Market, Rapid Growth Expected in APAC
Geographically, North America is the dominant regional market for knee cartilage repair products and procedures. The widespread prevalence of degenerative lifestyle conditions, the rising incidence of road accidents, and the relatively easy availability of advanced knee cartilage repair facilities have driven the North America knee cartilage repair market in recent years. The robust healthcare R&D framework in North America is likely to result in the production of progressively more efficient and cost-effective knee cartilage repair products in the coming years, ensuring steady growth of this regional market.
On the other hand, the role of Asia Pacific in the global knee cartilage repair market is likely to expand robustly in the coming years. While the Europe market for knee cartilage repair products is likely to retain a higher valuation than Asia Pacific through the forecast period, the vast scope for expansion in Asia Pacific means its growth is likely to be rapid. The Asia Pacific market for knee cartilage repair products is expected to exhibit a CAGR of 6.50% between 2015 and 2023.
Microfractures and Arthroscopic Chondroplasty to Remain Leading Knee Cartilage Repair Processes
Depending on the nature of the damage, knee cartilage repair can be achieved through various procedures. Some of the most widely employed knee cartilage repair procedures are arthroscopic chondroplasty, osteochondral grafts transplantation, autologous chondrocyte implantation, cell-based cartilage resurfacing, microfractures, and implants. Of these, arthroscopic chondroplasty is likely to remain the leading end-use application of knee cartilage repair products, with the segment expected to account for around 28% of the global knee cartilage repair market by 2023.
Microfractures are also gaining solid demand due to the rising demand from athletes. Due to the low risk of post-surgical complications from the microfracture technique, it is steadily rising in demand in operations where ensuring long-term knee health is imperative. Though arthroscopic chondroplasty is likely to remain the leading contributor to the global knee cartilage repair market in the coming years, microfracture procedures will also remain a key market segment, with a valuation of US$729.2 mn expected by 2023.
Leading companies in the global knee cartilage repair market include B. Braun Melsungen AG, Smith & Nephew plc, Zimmer Biomet Holdings Inc., DePuy Synthes, Osiris Therapeutics, Inc., Stryker Corporation, and Vericel Corporation.