Cartilage Repair Market is expected to expand from US$ 1 Billion in 2022 to US$ 3.9 Billion in 2032
The global cartilage repair market is expected to reach a value of US$ 3.9 Bn by 2032, with the market growing at a stellar CAGR of 13.9% from 2022 to 2032. Scaling up from a value of US$ 1.60 Bn in 2021, the target market is set to reach an estimated US$ 1 Bn in 2022. The rising cases of osteoarthritis are fueling the demand for the cartilage repair market during the forecast period.
In the recent past, cases of osteoarthritis have become more prevalent all over the world. As per a report by the University of North Carolina, around one million knee and hip replacement operations are conducted annually in the United States. In the U.S., osteoarthritis cases are accountable for a financial burden of $136.8 Bn per year. A study published by the Arthritis Foundation in 2019 estimated that degenerative joint diseases like osteoarthritis will impact more than 130 million people by 2050.
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Again, it is expected that the growing cases of osteoarthritis will propel the demand for cartilage repair and regeneration products. The most frequently used treatments for osteoarthritis include autologous chondrocyte implantation and scaffold implants. All of this positively influence the market for cartilage repair. Additionally, as opposed to total knee replacement surgeries, cartilage repair surgeries deliver better and longer-lasting results than other surgeries.
Furthermore, in the past few years, more and more companies are focusing on the development of cartilage regeneration products. This is because governments across the globe are increasing investments in regenerative medicine for cartilage regeneration research. There has also been a surge in clinical trials and the development of new treatments for cartilage regeneration. Besides, the development of a strong pipeline of products based on various methods of cartilage repair available in the market owing to considerable investments in R&D by key market players will further propel the target market growth during the forecast period.
“Increasing osteoarthritis cases coupled with rising demand for treatment will further supplement the global growth of the cartilage repair market over the forecast period,” says an FMI analyst.
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- The high costs of these procedures are expected to restrict the growth of the cartilage repair market.
- By treatment modalities, the cell-based segment will continue to dominate the global marketplace.
- On the basis of end-user, the hospital segment will account for the largest market share.
- The cartilage repair market in the United States will grow at a CAGR of 13.7% during 2022-2032.
- China’s cartilage repair market will register a CAGR of 13.2% during the assessment period.
DePuy Synthes, Smith & Nephew plc, Zimmer Biomet, CONMED Corporation, and Stryker Corporation among others are some of the major players in the cartilage repair market profiled in the full version of the report.
Key market participants are focusing on utilizing various organic and inorganic strategies. These firms are investing in research and development activities, introducing new products, and upgrading current ones. Inorganic tactics like mergers, acquisitions, and partnerships are also employed by these businesses.
More Insights into Cartilage Repair Market Report
In its latest report, FMI offers an unbiased analysis of the global cartilage repair market, providing historical data from 2015 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of application (hyaline cartilage, fibrocartilage), site (knee, hip, ankle and foot, other application sites), end user (hospitals, ambulatory surgery centers and clinics), and region.
According to the latest FMI reports, based on segmentation, the knee segment is expected to dominate the global marketplace. This segment will contribute considerably to the overall market revenue. This is due to a surge in arthroscopy procedures. In terms of end-user, the hospital segment will lead the global market growth.
Based on region, the cartilage repair market in the United States will present impressive growth over 2022-2032. The target market in this country will register a CAGR of 13.7%. Owing to the rising incidences of bone and joint disorders along with a growing geriatric population pushes the growth of the cartilage repair market in the U.S. In addition, South Korea, China, Japan, and United Kingdom are some of the other countries that demonstrate impressive growth during the forecast period.
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- Hyaline Cartilage
- Ankle and Foot
- Other Application Sites
- Ambulatory Surgery Centres and Clinics
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