Knee Cartilage Repair Market to Become Worth US$2.7 bn by 2023

Transparency Market Research has estimated that the global knee cartilage repair market will reach the value of US$2.7 bn by the end of 2023, from its initial value of 1.6 bn in 2014. The market is expected to exhibit a growth trajectory of CAGR 5.80% during the forecast period of 2015–2023.

Geographically, North America held a dominant share in 2014, accounting for 40.7% share of the global market. This region is expected to sustain its leading position over the forecast period owing to introduction of technologically advanced products, rise in incidence of obesity, and increase in orthopedic procedures.

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Increase in Geriatric and Obese Population to Fuel Growth

The global market for knee cartilage repair is driven by changing lifestyle and increase in geriatric population around the world, along with growing trend of outdoor events and sports activities among young as well as old generation. The sedentary lifestyle and unhealthy dietary regimen followed by population in urban areas have resulted in increasing incidence of conditions such as arthritis among urban population. Furthermore, the lifestyle followed by urban population doesn't focus more on regular exercises, which makes bones and joints more vulnerable towards injuries. Obese and the elderly populations are highly disposed to degenerative diseases such as rheumatoid arthritis, osteoarthritis, and other strain injuries. The other key factors driving the growth of the market for knee cartilage repair are increase in number of falls leading to severe knee damage and deformities, industrial accidents, and road accidents.

Knee cartilage repair is advantageous for conditions such as slow-healing wounds, delayed unions, and mal-unions. Innovation are being carried out in the development of knee cartilage repair equipment and products, which is further expected to help the market expand.

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Side Effects Due to Off-Label Practice act as Restraining Factor

Lack or poor reimbursement in developing nations encouraging innovative technologies is limiting this market to grow at its full potential. Furthermore, due to negative media information pertaining slow tissue recovery and side effects due to off-label practice of particular equipment are acting as restraining factors for this market. However, growth in arthroscopic chondroplasty segment is expected to sustain the overall market for knee cartilage repair over the forecast period. This is a procedure in which the injured tissues are removed, which helps new and strong cartilage to grow. Arthroscopic chondroplasty is used prominently for meniscal tears, and rise in number of meniscal tears is expected to expand the market for arthroscopic chondroplasty. Furthermore, increasing prevalence of obesity and diabetes are most likely to fuel the market growth. Diabetes results in loss of cartilage, making patients more prone to bones and joints injuries. Latin America and MEA region are highly subjected to increasing obese population, fueling the demand for advanced cartilage repair products helping the overall market to grow.

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The global knee cartilage repair market is highly consolidated as the top five players operating in this market accounted for 74.7% of the overall market in 2014. These players are DePuy Synthes, Smith & Nephew plc, Zimmer Biomet Holdings Inc., B. Braun Melsungen AG, and Stryker Corporation. Transparency Market Research (TMR) has revealed that these companies have established firm roots in the market and are focusing on product innovation and engaging in strategic mergers and acquisitions to remain at fore. 

Knee Cartilage Repair Market: Impact of Key Factors Influencing the Parent Industry

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.’