Autologous Matrix-Induced Chondrogenesis Market Revenues to Be Worth US $186.38 Million by 2024
Albany, NY -- (SBWire) -- 09/28/2018 --Autologous matrix-induced chondrogenesis (AMIC) applies bi-layer collagen membrane through microfracture surgery to fix the damage to the articular cartilage damage. The AMIC procedure is a one-step that uses the microfracturing method, which is an established first-line treatment. The growing demand for minimal invasive procedures and a high prevalence of bone and joint disorders are expected to drive the growth of this market across the globe. According to the research report, the global autologous matrix-induced chondrogenesis market was valued at US$89.71 mn in 2015 and is expected to be worth US$186.38 mn by 2024. Between the years of 2016 and 2024, the global market is expected to progress at a CAGR of 8.6%.
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On the basis of material the global autologous matrix-induced chondrogenesis market segmented into hyaluronic acid, collagen, polyethylene glycol (PEG), poly lactic-co-glycolic acid (PGLA) and others. Of these, the collagen segment held the largest share of this market in 2015, which was closely followed by hyaluronic acid. Collagen accounts for approximately 30% of all protein within the human body. Therefore, it is widely used for tissue engineering applications. High tensile strength and excellent handling properties of collagen are expected to drive the segment's growth in the coming years.
Several players operating in the global market are focusing on developing technologically advanced products, which will ensure swift uptake of autologous matrix-induced chondrogenesis. For instance, In North America-based Geistlich Pharma, Inc. launched its line of bone harvesting instruments in February 2016. The line include products such as Geistlich SmartScraper, Geistlich SafeScraper TWIST, and Geistlich Micross.
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In terms of geography, the autologous matrix-induced chondrogenesis market is fragmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America accounted for the largest share of the autologous matrix-induced chondrogenesis market in 2015, followed by Europe. Increasing prevalence of various bone and joint disorders such as arthritis and rheumatoid arthritis amongst the geriatric population is likely to support the growth of autologous matrix-induced chondrogenesis market in North America.
Autologous matrix-induced chondrogenesis market in Europe, Germany, and France accounted more than 45% share of the total Europe autologous matrix-induced chondrogenesis market in 2015. Asia Pacific is also expected to be the fastest-growing market, expanding at a phenomenal CAGR compared to other regions. Increasing demand for minimal invasive procedures and increasing disposable income, along with increasing prevalence of cancer is expected to boost the autologous matrix-induced chondrogenesis market in the region during the forecast period.
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The leading players operating in the global AMIC market are JRI Orthopaedics Ltd., BioTissue AG, Anika Therapeutics, Inc., B. Braun Melsungen AG, Arthro-Kinetics, Geistlich Pharma AG, CartiHeal, Matricel GmbH, Smith & Nephew plc and Zimmer Biomet Holdings. The competitive landscape of the global market is fairly consolidated as just a few players hold a significant share in the overall market. In the coming years, these players are expected to focus on expanding their reach by penetrating into developing countries of Brazil, India, South America, and Mexico. The report indicates that this move comes as the companies are trying to bring down the cost of their products by using the cheaper skilled labor in these nations and benefit from their booming medical tourism industry.
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