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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 and regeneration 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.
The growth of cartilage repair market is primarily driven by the increasing incidence of osteoarthritis and increasing funding and investments for research in this field.
According to the new market research report "Cartilage Repair Market by Treatment modalities (Cell based Type (Chondrocyte Transplantation, Growth Factor), Non-Cell (Tissue Scaffolds)), Application (Hyaline), End User (ASCs, Clinic), Site (Knee) - Global Forecast to 2025", published by MarketsandMarkets™, the Cartilage Regeneration Market is projected to reach USD 1,603 million by 2025 from USD 787 million in 2020, at a CAGR of 15.3% during the forecast period.
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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.
Some of the most commonly used treatments for osteoarthritis are autologous chondrocyte implantation and Scaffolds implants Thus, the increasing incidence of osteoarthritis is expected to drive the demand for cartilage repair and regeneration products.
The Asia Pacific region is the fastest growing region of the cartilage repair market in 2019.
The Asia Pacific region is estimated to grow at the highest CAGR in the cartilage regeneration market during the forecast period, this is mainly due to the rising geriatric population and the subsequent increase in the incidence of various disorders and injuries. Recent developments in tissue engineering and stem cell therapy will further fuel market growth.
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Prominent players in the cartilage regeneration market are Smith & Nephew plc (UK), DePuy Synthes (US), Zimmer Biomet (US), CONMED Corporation (US), Stryker Corporation (US), and Vericel Corporation (US).
Extensive primary research was conducted after acquiring basic knowledge about the global cartilage regeneration market scenario through secondary research. Several primary interviews were conducted with market experts from both the demand (such as personnel from the pharmaceutical and biopharmaceutical industry) and supply sides (such as C-level and D-level executives, product managers, marketing and sales managers of key manufacturers, and distributors) across four major regions—North America, Europe, Asia Pacific, and the Rest of the World. Approximately 80% and 20% of primary interviews were conducted with supply-side and demand-side participants, respectively.
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