Albany, NY -- (SBWIRE) -- 05/18/2017 -- The global knee cartilage repair market is dominated by companies such as Stryker Corporation, B. Braun Melsungen AG, Zimmer Biomet Holdings Inc., Smith & Nephew plc, and DePuy Synthes. According to Transparency Market Research, these five companies accounted for a whopping 74.7% of the global market in 2014. Focusing on product innovation has been the most prosperous course of action for these leading players, as they have managed to establish a firm foothold in the markets for multiple knee cartilage repair procedures.
The global knee cartilage repair market's 2014 valuation of US$1.6 bn is expected to rise to US$2.7 bn by 2023. This represents a CAGR of 5.80% between 2015 and 2023.
Rising Prevalence of Bone Disorders to Result in Increased Demand for Knee Cartilage Repair
One of the key drivers for the global knee cartilage repair market is the increasing incidence of bone and joint disorders. The unhealthy dietary regimen and sedentary lifestyle observed in urban areas have contributed immensely to the spread of conditions such as arthritis. The lack of exercise among the urban population is one of the key causes of the increased prevalence of bone and joint conditions, as regular exercise enhances the load-bearing capacity of the bones and joints.
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The rising incidence of sports injuries, which can cause traumatic and twisting injuries to the knee joint, is another key driver for the global knee cartilage repair market. The high-impact nature of some sports can put undue strain on the knees, which can result in long-term damage. However, traumatic sports injuries can also directly result in significant damage to the knee joints and may necessitate the use of knee cartilage repair procedures. Apart from sports accidents, the rising number of vehicular accidents also bodes well for the knee cartilage repair market, as accidents involving two-wheelers and other serious accidents may result in considerable damage to the knee joint.
The growing global geriatric population is another key driver for the global knee cartilage repair market. Due to degenerative damage to the knee joint, the elderly are much more likely than younger demographics to suffer bone- and joint-related injuries from even minor trauma. The steady increase in average life expectancy across the world is thus likely to ensure a corresponding growth in the demand for knee cartilage repair procedures from the geriatric population.
Knee Cartilage Repair Market to Focus on Developing Countries due to Growing Patient Population
In stark contrast to its performance in North America and Europe, the global knee cartilage repair market hasn't been able to make sustained inroads into the Asia Pacific, Latin America, and Middle East markets. In developing regions such as Southeast Asia, much of Latin America, and even large parts of dynamic economies such as India and China, the availability of comprehensive healthcare programs is relatively low. As a result, out-of-pocket payment has become common in the healthcare sector, which has become a restraint on the knee cartilage repair market due to the high costs of knee cartilage repair procedures.
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Despite this, the easy availability of low-cost labor in these regions has allowed many manufacturers to come up with cost-effective manufacturing chains. This has led to a steady increase in the availability of advanced knee cartilage repair products. The recent improvements in the healthcare infrastructure in China, India, Japan, etc. are thus vital for the knee cartilage repair market, as is the flourishing medical tourism sector in Southeast Asia, which has led to a steady inflow of revenue into the region's healthcare sector. Due to these promising opportunities, the Asia Pacific market for knee cartilage repair products is expected to exhibit a robust 6.50% CAGR between 2015 and 2023.
Arthroscopic Chondroplasty Set to Remain Leading Process for Knee Cartilage Repair
Of the several processes used for knee cartilage repair, arthroscopic chondroplasty and microfracture are the most widely used. Arthroscopic chondroplasty is expected to have a valuation of US$774.7 mn by 2023, with the microfracture process segment following with an expected valuation of US$729.2 mn.
Geographically, North America is likely to remain the leading contributor to the global knee cartilage repair market in spite of the smooth progress expected of the Asia Pacific market. The annual revenue of the North America market is expected to reach US$1.1 bn by 2023, followed by Europe at US$740.3 mn.
The information in this preview comes from a Transparency Market Research report titled 'Knee Cartilage Repair Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023.'
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