What This
Report Will Provide?
This study involved four major
activities in estimating the current size of the cartilage repair market.
Exhaustive secondary research was carried out to collect information on the
market, its peer markets, and its parent market.
The next step was to validate these findings, assumptions, and sizing with
industry experts across the value chain through primary research. Both top-down
and bottom-up approaches were employed to estimate the complete market size.
After that, market breakdown and data triangulation procedures were used to
estimate the size of segments and subsegments.
Expected Revenue
Growth:
The
global cartilage repair market is projected to reach USD 1,603 million by
2025 from USD 787 million in 2020, at a CAGR of 15.3%.
Major Growth Boosters:
The
growth of this market is primarily driven by the increasing incidence of
osteoarthritis and increasing funding and investments for research in this
field.
COVID-19 Impact on Cartilage Repair Market:
The COVID-19 outbreak will impact the cartilage repair and regeneration
market in the initial phase of the forecast period. Due to nationwide lockdowns,
denied wound care services, and canceled or postponed elective surgeries, the
cartilage repair market is expected to decline during the initial phase of the
forecasted period. However, during the latter half of the forecast period, the
demand for cartilage repair and regeneration products is expected to rise
drastically.
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Recent Developments:
1. In 2019, Smith & Nephew
acquired Osiris Therapeutics, Inc. (US). This acquisition increased the
company’s customer base and enhanced the advanced wound care management segment
of Smith & Nephew.
2. In 2019, MEDIPOST (South Korea) expanded the GMP manufacturing facility to
accelerate CARTISTEM production.
3. In 2018, Vericel Corporation collaborated with Innovative Cellular
Therapeutics (ICT, China), under this collaboration, ICT will develop and
distribute MACI, Epicel, Ixmyelocel-T, and Carticel products in China, South
Korea, Singapore, and other countries in Asia.
Regional Growth Analysis of Cartilage Repair Market:
In 2019, North America
accounted for the largest share of the global market, followed by Europe. The
large share of the North American region can be attributed to the high burden
of osteoarthritis, increasing prevalence of sports injuries, and increasing
research investments in the US and Canada.
Opportunity: Technological Advancement
As a result of the rising government investments in regenerative
medicine for cartilage
regeneration research, the number of companies focusing on the development of
cartilage regeneration products has increased significantly over the last few
years. As a result of these factors, the number of clinical trials and the
development of new technologies for cartilage regeneration has increased. Major
players in this market are making significant investments in R&D, resulting
in a strong pipeline of products based on various approaches to cartilage
repair.
Driver: Increasing Incidence of Osteoarthritis
Over the years, the incidence of osteoarthritis has increased across the
globe. According to a study by the University of North Carolina, around 1
million knee and hip replacement procedures are conducted every year in the US.
The economic burden of osteoarthritis in the US is ~136.8 billion annually. As
per the Arthritis Foundation in 2019, degenerative joint diseases such as
osteoarthritis will affect more than 130 million patients worldwide by 2050.
This will increase the demand of cartilage repair industry.
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Key Players:
The
major market players include DePuy Synthes (US), Smith & Nephew plc (UK),
Zimmer Biomet (US), CONMED Corporation (US), Stryker Corporation (US), and
Vericel Corporation (US).
