Transparency Market Research Report Added "Knee Cartilage Repair Market" to its database.
Albany, NY -- (SBWIRE) -- 03/29/2016 -- According to a new market research report published by Transparency Market Research "Knee Cartilage Repair Market (Procedure Type – Arthroscopic Chondroplasty, Autologous Chondrocyte Implantation, Osteochondral Grafts Transplantation, Cell-based Cartilage Resurfacing, Implants Transplant, Microfracture and Others) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023" the global knee cartilage repair market was valued at US$ 1.6 billion in 2014 and is estimated to reach a market value of US$ 2.7 billion in 2023 expanding at a CAGR of 5.8% from 2015 to 2023.
A damaged knee cartilage limits the knee's normal movement and causes significant amount of pain. If not treated timely, it can lead to knee replacement surgery. Cartilage is a flexible and tough connective tissue found in most parts of the body where bones exist. The cartilage tissue mainly acts as cushions and provide support to the bones. Cartilage function and structure can easily be harmed due to injury or physiological condition. Damage to the articular cartilage most often occurs after a traumatic and twisting injury to the knee. Major factors driving the market growth are increase in the number of road accidents, industrial mishaps, and slips and falls leading to severe knee damage and deformities. Additionally, growing sports and other mobile activities has increased the number of accidents. This has led to high incidence of various knee fracture-related problems. Knee cartilage repair has been beneficial for conditions such as mal-unions, delayed unions, and slow healing wounds. Advances in knee cartilage repair products such as synthetic innovative materials have bolstered the growth of this industry. However, poor or lack of reimbursement for innovative technologies, especially in developed nations, has negatively affected the market growth. Moreover, side effects caused due to off-label usage of certain products and negative media literature about slow tissue recovery have deterred market growth. The global knee cartilage repair market was valued at US$ 1,657.7 Mn in 2014 and is expected to reach US$ 2,751.8 Mn by 2023, expanding at a CAGR of 5.8% from 2015 to 2023.
Geographically, North America was the largest market for knee cartilage repair in 2014. Increasing prevalence of various sport injuries would primarily accentuate the knee cartilage repair market growth in the region. Moreover, dominance of the region is primarily due to increase in orthopedic procedures, rise in incidence of obesity, and introduction of technologically advanced products. According to the World Health Organization (WHO), in 2014, global prevalence of obesity has doubled since 1980. The WHO further stated that over 1.9 billion adults aged 18 years and above were reported to be overweight in 2014, of these more than 600 million adults were obese. This number is expected to increase during the forecast period from 2015 to 2023. Therefore, increase in obese population augments the uptake of knee cartilage repair products. However, introduction of Patient Protection and Affordable Care Act would impede the market growth in the region.
Europe comprises major countries such as Germany, France, the U.K., Spain, and Italy, along with other countries. The geriatric population is more prone to suffer from rheumatoid arthritis and osteoarthritis and hence, they are identified as a major market driver for knee cartilage in the European region,. However, economic downturn acts as a hurdle for the growth of the knee cartilage repair market in the European Union.
Asia Pacific comprises countries such as India, China, Australia, Japan, and Malaysia. The knee cartilage repair market in Asia Pacific is anticipated to witness the fastest growth rate during the forecast period owing to rising geriatric population in countries such as Japan, China, and Singapore and growing disposable income of people in the region. According to the Government of Japan, it has the fastest growing geriatric population that reached a record of 31.86 million in September 2013 and the number is expected to reach 95.2 million by 2050. In addition, increase in health care infrastructure in countries such as India, China, and Malaysia would support the market growth. Likewise, the knee cartilage repair market in Latin America is projected to expand at a significant CAGR during the forecast period from 2015 to 2023. Improving health care scenario, rising prevalence of venous diseases, and growing investments by market players are the major factors fueling the growth of the knee cartilage repair market in Latin America. However, stringent regulation such as approval from the Ministry of Public Health and registration with ANMAT before commercialization of the products have been identified as hurdles for the market growth in the region.
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The global knee cartilage repair market is characterized by the presence of major companies such as DePuy Synthes, Zimmer Biomet, Stryker Corporation, Smith & Nephew plc, and B. Braun Melsungen AG.
The global knee cartilage repair market is segmented into the following categories:
Global Knee Cartilage Repair Market, by Procedure Types
Osteochondral grafts transplantation
Cell-based cartilage resurfacing
Global Knee Cartilage Repair Market, by Geography
Rest of Europe
Rest pf APAC
Rest of LATAM
Middle East & North Africa
Rest of MENA
Rest of the World
Mr. Sudip S
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