Albany, NY -- (SBWIRE) -- 05/02/2018 -- A newly compiled business and commerce study at Transparency Market Research (TMR) notifies that the presence of a large number of players is leading to cut-throat competition in the global Knee Cartilage Repair Market. Most of the major companies operating in the knee cartilage repair market have a well-established supply chain as well as technological expertise to obstruct the entrance of new players.
In addition to that, strict regulatory standards set by the FDA is making it tough for new entrants. On the other hand, there are numerous raw material suppliers that the major players can choose from, frequently opting for high quality products at minimal cost. The report identifies B. Braun Melsungen AG, Zimmer Biomet Holdings, Inc., DePuy Synthes, Histogenics Corporation, MEDIPOST Co. Ltd., Smith & Nephew plc, and Stryker Corporation as a few prominent players currently ahead of the curve in the global knee cartilage repair market.
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Going forward, much of the concentration of the leading companies is expected to be on collaborating with hospital organizations to maintain a consistence in demand. To achieve this, major players are also expected to indulge in mergers and acquisitions to find new demands and gain an upper hand over their competitors. There is little threat from substitute too, as knee cartilage repair offers several advantages over medication. For instance, Novocart® Basic by B. Braun Melsungen AG is an advanced three-dimensional biphasic matrix based on collagen that supports biological reconstruction of cartilage damages. Developed specifically for human cartilage regeneration, this sponge involves a single-step procedure. On the other hand, Smith & Nephew plc expanded cross Europe, Canada, and Australia couple of years ago via the acquisition of BST-CarGel.
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Global Knee Cartilage Repair Market to be worth US$2,751.8 mn by 2023
As per the projections of the TMR report, the demand in the global knee cartilage regeneration market will multiply at a CAGR of 5.95% during the forecast period of 2017 to 2023. Revenue-wise, opportunities in this market are estimated to be worth US$2,751.8 mn, considerably more than its evaluated worth of US$1,945.9 mn in 2017. Based on procedure type, the TMR report has segmented the knee cartilage repair market into osteochondral, autologous chondrocyte, arthroscopic chondroplasty, microfracture, implant, cell-based cartilage, and others. Geographically, North America has been highlighted as the region with maximum potential, although the demand from Asia Pacific is anticipated to expand at the strongest growth rate during the forecast period of 2017 to 2023.
Since knee disorders are fairly common among people aged over 60 years, rapidly increasing percentage of geriatrics in the world’s population is the primary driver of the knee cartilage repair market. Technological advancements have made it possible for the damaged cartilage to be regenerated adequately with a one-step procedure and as the awareness expand, the demand is expected to multiply. In addition to geriatrics, substantial chunk of obese people across the world is another driver of the knee cartilage repair market, as overweightness frequently leads to troubled knees. On the other hand, cost of these regeneration procedures and lack of awareness among vast population residing in the underdeveloped regions of emerging economies are a few mitigating the prosperity of this market.
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