The Latin America Cartilage Regeneration Market was worth USD 63.23 million in 2016 and is projected to be growing at a CAGR of 11.5%, to touch USD 97.72 million by 2021.
Cartilage is a vital type of type of connective tissue that holds bones together. It is thin, has no blood flow, is flexible and resistive to compressive forces.
The most common type of cartilage found in the human body is the Hyaline cartilage tissue, which makes up the embryonic skeleton. Cartilage tissue is found in areas like between back-bones, rib cage and the ears, nose & throat.Cartilage is made of specialized cells like chondrocytes which produce an extracellular mix which is rich in proteoglycan and elastin fibres.
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The growth of the Latin America Cartilage Regeneration Market is driven by factors such as the availability of huge population base with the consequent increased incidence of joint and bone disorders, growing frequency of injuries related to sports and other accidents. The increase in obese population is also among the major drivers of the market.
Unfavourable reimbursement policies coupled with the high cost of cartilage regeneration are among the major restraints faced by the market.
The Latin America Cartilage Regeneration Market is segmented on the basis of the Type of Treatment, Application and Geography. Based on the Type of Treatment used, the Cartilage Regeneration market is divided into Cell Based Approaches and Non-Cell Based Approaches.
The Cell based Approaches are further divided into Chondrocyte Transplantation, Stem Cells and Growth Factor Technology. Non-cell based approach is further classified into Tissue Scaffolds and Cell-free composites.
Based on Application, the Cartilage Regeneration Market is segmented into Hyaline Cartilage Regeneration and Fibrocartilage Regeneration.
Latin America market region includes countries such as Brazil, Mexico, Argentina, and remaining countries of South America. Brazil is one of the largest markets in this region followed by Mexico, Argentina, and Columbia.
There is potential for market growth in the future due to increasing incidence of bon & joint connective tissue ailments and a rise infrastructural & pharmaceutical investments by administrative bodies.
The significant players in the Latin America Cartilage Regeneration Market are Zimmer Biomet Holdings, Inc. (U.S.), Vericel Corporation (U.S.), Smith & Nephew plc (U.K.), Osiris Therapeutics, Inc.
(U.S.), and Arthrex Inc. (U.S.).
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