Growing healthcare expenditure and increasing awareness regarding artificial cartilage implants is expected to boost the revenue growth of artificial cartilage implant market.
Albany, NY -- (SBWIRE) -- 01/22/2018 -- Artificial cartilage is a synthetic cartilage implant generally used after cartilage damage or osteoarthritis. Artificial cartilage implants are used in the patients suffering from osteoarthritis for delaying joint replacement surgeries. These implantable cartilages are made out of biocompatible polyvinyl alcohol (PVA), and these are meant to provide relief from arthritis at the base of commonly affected joints such as big toe, knee and thumb. Artificial cartilage implants market has been designed to replace the damaged cartilage surface of various joints such as toe, thumb, knee etc. these artificial implant cartilages mimic the properties of natural cartilage and these cartilage implants have physical properties similar to those of articular cartilage i.e. the implants are compressible and provides low-friction and durable bearing surface. Also these cartilages are useful for runners and exercisers, who, over the years, begin to experience knee pain in the early stages of life. Recently the Food and Drug Administration (FDA) has approved the Cartiva Synthetic Cartilage Implant i.e. synthetic cartilage device from Cartiva Inc. to treat painful arthritis in the first metatarsophalangeal (MTP) joint. Thus major companies in artificial cartilage implants market are increasing involved in R&D practises to commercialize different types of artificial cartilage systems for aiding the pain relief in osteoarthritis of various joints.
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Artificial cartilage implant market revenue is growing with a significant rate, this is attributed to increasing usage of these implants to repair degenerative cartilages. In addition to this, the artificial cartilage implants are useful in delaying total and partial joint replacement surgeries in elderly. Growing healthcare expenditure and increasing awareness regarding artificial cartilage implants is expected to boost the revenue growth of artificial cartilage implant market. Increasing number of new product launches also drives the market for artificial cartilage implants. However higher pricing of cartilage replacement surgeries along with the risk factors associated with artificial cartilages is expected to hamper the growth of the artificial cartilage implant market over the forecast period.
Artificial cartilage implant market revenue is expected to grow at a healthy growth rate, over the forecast period. The market is anticipated to perform well in the near future due to increasing FDA approvals of these implants. Also the market is anticipated to grow with a fastest CAGR over the forecast period, attributed to increasing investment in R&D and increasing number of new product launches which drives the revenue growth of artificial cartilage implant market.
Depending on geographic region, the artificial cartilage implant market is segmented into five key regions: North America, Latin America, Europe, Asia Pacific (APAC) and Middle East & Africa (MEA).
North America is occupying the largest regional market share in the global artificial cartilage implant market owing to the presence of more number of market players, high awareness levels regarding the availability of artificial implants for cartilage replacement surgeries. Rising healthcare expenditure and relatively larger number of R&D exercises pertaining to product manufacturing and marketing activities in the region also boost the revenue growth of artificial cartilage implants market. Europe is expected to perform well in the near future due to increasing prevalence of osteoarthritis of knee joint, which in turn increases the demand for artificial cartilage implants in the near future.
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Asia Pacific is expected to grow at the fastest CAGR because of increasing prevalence of osteoarthritis of knee joint and carpometacarpal (CMC) joint. Also increase in geriatric population in the region is anticipated to fuel the demand for artificial cartilage implants over the forecast period.
Some players of artificial cartilage implant market includes Biovation UK Limited, Cartiva Inc., Stryker etc. However many established and startup players are expected to enter this lucrative market. The companies in artificial cartilage implant market are increasingly engaged in R&D activities to capture a greater pie of market share as the market is in the nascent stage.