The global market for knee cartilage repair 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.
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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.
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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.
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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.
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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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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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.
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