How Will The Regenerative Medicine For Cartilage Market Globally Expand In 2023?
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s regenerative medicine for cartilage market report forecasts the regenerative medicine for cartilage market size to grow to $7.72 Billion by 2027, with a CAGR (compound annual growth rate) of more than 7%.
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Regenerative Medicine For Cartilage Market Size Forecast
The global regenerative medicine for cartilage market is expected to grow from $5.28 billion in 2022 to $5.82 billion in 2023 at a compound annual growth rate (CAGR) of 10.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The regenerative medicine for cartilage market size is expected to grow to $7.72 billion in 2027 at a CAGR of 7.3%.
Europe held the largest regenerative medicine for cartilage market share.
Key Regenerative Medicine For Cartilage Market Driver – Growth In Incidence Of Osteoarthritis Across The Globe
According to the Arthritis Foundation, degenerative joint disease illnesses like osteoarthritis will affect at least 130 million people worldwide by 2050. Autologous chondrocyte implantation and scaffold implants are two of the most regularly used therapies for osteoarthritis. As a result, the rising prevalence of osteoarthritis is predicted to fuel demand for regenerative therapy for cartilage.
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Key Regenerative Medicine For Cartilage Market Trend – Introducing New Technologies
Tissue engineering and stem cell therapy are two new regenerative medicine developments for the cartilage market. The advancement of tissue engineering techniques has given hope for cartilage regeneration. With its advantages over traditional orthopaedic therapies, stem cell therapy is gaining popularity. Stem cell therapy alleviates knee discomfort and promotes cartilage regeneration and repair. For example, growth factors in the form of platelet-rich plasma (PRP) therapy are administered to efficiently induce tissue regeneration. Companies in the industry are always concentrating on bringing new technologies in order to stay competitive in the regenerative medicine for cartilage market.
Regenerative Medicine For Cartilage Market Segment
1) By Treatment Modality: Cell-Based, Non-Cell-Based
2) By Treatment Type: Palliative, Intrinsic Repair Stimulus, Other Treatment Types
3) By Site: Knee Cartilage Repair, Ribs, Other Sites
4) By Application: Hyaline Cartilage Repair and Regeneration, Elastic Cartilage Repair and Regeneration, Fibrous Cartilage Repair and Regeneration
5) By End-Use: Ambulatory Surgical Centers, Hospitals & Clinics, Surgical Centers, Other End-Users
Regenerative Medicine For Cartilage Market Major Players and Strategies
Major players in the regenerative medicine for cartilage market are B. Braun Melsungen AG, Zimmer Biomet Holdings Inc., Vericel Corporation, Stryker Corporation, Smith & Nephew PLC, Arthrex Inc., CONMED Corporation, Collagen Solutions PLC, BioTissue Technologies, CellGenix, Osiris Therapeutics Inc., and DePuy Synthes.
Smith & Nephew plc, a UK-based global medical equipment manufacturing corporation, paid $240 million for Integra LifeSciences Holdings Corporation’s orthopaedics unit in September 2020. Smith & Nephew’s extremities business is expected to increase as a result of the acquisition, which includes a targeted sales channel, a portfolio of compatible upper and lower extremities, shoulder replacements, and an attractive new product pipeline. Integra LifeSciences Holdings Corporation is a medical device manufacturing firm based in the United States that specialises in solutions in extremities orthopaedics, neurosurgery, and regenerative technologies, all aimed at minimising clinician uncertainty.
The Regenerative Medicine For Cartilage Global Market Report 2023 covers regional data on regenerative medicine for cartilage market size, regenerative medicine for cartilage market trends and drivers, opportunities, strategies, and regenerative medicine for cartilage market competitor analysis. The countries covered in the regenerative medicine for cartilage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Regenerative medicine for cartilage refers to a medication used during surgery to restore damaged cartilage in the knees by using body-produced cartilage-creating cells. A biopsy is necessary to harvest chondrocytes (cartilage-producing cells), which are then multiplied in a lab before being transplanted into the wounded area during surgery.
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