Knee Cartilage Repair Market Expected to Reach US$ 2.7 Bn Globally in 2023
Global knee cartilage repair market was valued at US$ 1.6 Bn in 2014 and is estimated to reach a market value of US$ 2.7 Bn in 2023 expanding at a CAGR of 5.8% from 2015 to 2023.
Cartilage covers the bone joints and enables bone to slide one over another. Cartilage damage is identified as a common type of injury caused due to accident, osteoarticular disease and various physiological conditions. There are three types of cartilage available in the market includes elastic cartilage, fibrocartilage and articular cartilage. The knee cartilage repair market is growing at a significant pace due to rising obesity incidences, growing geriatric population, and increasing demand for minimally invasive surgical products. Moreover, growing medical tourism in Asian countries is likely to boost demand for knee cartilage repair products in the region. However, disease transmission and lack of favorable reimbursement could hamper market growth from 2015 to 2023. The global knee cartilage repair market was valued at US$ 1,657.7 Mn in 2014 and is expected to reach US$ 2,751.8 Mn by 2023, expanding at a CAGR of 5.8% from 2015 to 2023.
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The global knee cartilage repair market has been segmented into procedure types comprising arthroscopic chondroplasty, autologous chondrocyte implantation, osteochondral grafts transplantation, cell-based cartilage resurfacing, implants transplant, microfracture, and others. Arthroscopic chondroplasty accounted for the largest share of the market in 2014 due to easily availability of the procedure in the hospitals and faster recovery time as compared to other traditional methods of open knee surgeries. Arthroscopic chondroplasty involves repair of a small area of damaged cartilage in the knee.
Meniscal tears are the most common reason for arthroscopic chondroplasty. However, cost associated with arthroscopic chondroplasty is a major concern that is expected to restrict the market growth to some extent during the forecast period. Autologous chondrocyte implantation is a relatively new state-of-the-art technology used for the treatment of isolated full-thickness articular cartilage defects of the knee. The procedure is widely used and has been approved by the U.S. FDA. The autologous chondrocyte implantation segment is likely to expand at the highest CAGR during the forecast period from 2015 to 2023 owing to the growing preference for the procedure, short turnaround time for patient recovery, and its rising awareness.
Knee cartilage implants are constructed using ceramics, synthetic product and plastic materials. Metal implants are made up of titanium or cobalt-chromium based alloys, while plastic parts are designed using ultra-high molecular weight polyethylene. Likewise, biological or synthetic material that is utilized for the development of synthetic knee implants. The synthetic implant is experiencing high demand for various orthopedic surgeries worldwide due to growing preference towards synthetic cartilage and lack of post implantation infections. Rising sports injuries and growing preference by athletes toward microfracture increases demand globally. According to the Centers for Disease Control and Prevention (CDC), high school athletes alone account for 2 million injuries, 50,000 doctor visits, and 30,000 hospitalizations each year in the U.S. alone.
The global knee cartilage repair market is fragmented, with leading players accounting for majority share of the market. The key competitors contributing to the global knee cartilage repair market growth include B. Braun Melsungen AG, DePuy Synthes, Smith & Nephew plc,Stryker Corporation, and Zimmer Biomet.
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