Cartilage Degeneration Market: North America to Dominate Cartilage Degeneration Market due to Widespread Healthcare Infrastructure
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Cartilage is a soft, rubbery material found in joints. The function of the cartilage is to avoid friction between bones; thus, it works as a shock absorber in the joint. Injury to the cartilage restricts the regular movement of the joint and can cause severe pain. If left untreated or if the injury is serious, it may require joint replacement surgery. Impairment to articular cartilage generally occurs after accidental injury or trauma to joints such as knees or hips. Cartilage degeneration may occur due to diseases such as arthritis and osteoarthritis as well.
Factors such as the increase in the global geriatric population, increase in the number of sports injuries, and rise in the obese population are key factors which drive the growth of cartilage degeneration market. However, increase in the cost of surgical treatment and devices and lack of reimbursement policies in emerging countries are some of the factors which may hinder the market growth.
According to Transparency Market Research, the global cartilage degeneration market was valued at US$9.5 bn in 2017 and is likely to reach US$14.7 bn by 2025. The market is expected to exhibit a strong 5.6% CAGR in the forecast period.
Joint Replacements Likely to Lead Demand from Cartilage Degeneration Market
The global cartilage degeneration market is classified by procedure type, application, and treatment delivery channel. By procedure type the market is categorized into joint replacements, chondroplasty, osteochondral transplants, micro-fracture, meniscus transplants, cell based cartilage resurfacing, autologous chondrocyte implantation (ACI), and others. By application, the cartilage degeneration market is divided into knees, hips, and others. By treatment delivery channel the market is classified into hospitals, academic and research institutes, specialty clinics, ambulatory surgical centers, and others.
By procedure type, joint replacements accounted for the largest share of the market in 2016. Following joint replacements, the chondroplasty segment accounted for a major share in the cartilage degeneration market in 2016. The key elements responsible for the growth of this market are the easy accessibility of the procedure in hospitals and diagnostic centers. Chondroplasty also takes less time for recovery in comparison with other traditional methods of surgery. Autologous chondrocyte implantation (ACI) is a comparatively new technology used for the treatment of isolated full-thickness articular cartilage imperfections of the knee.
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By application, the knee surgery or repair market is anticipated to dominate the cartilage degeneration market in the near future. Knees are the largest joints in a human body. According to a report from the Centers for Disease Control and Prevention, in 2014, about 13% of women and 10% of men aged 60 years and older have indicative knee osteoarthritis symptoms. The growing prevalence of the disease is thus likely to drive the demand for knee surgeries in the coming years.
North America to Dominate Cartilage Degeneration Market due to Widespread Healthcare Infrastructure
Geographically, the global cartilage denegation market has been differentiated into the following regional segments: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is expected to dominate the global market till 2025 due to the widespread access to satisfactory reimbursement policies due to the provision of the Affordable Care Act and increasing incidence of joint injuries. The North America market for cartilage degeneration was valued at US$3.9 bn in 2017 and is expected to rise to US$6.1 bn by 2025 at a stable CAGR of 5.7%.
Asia Pacific is projected to be a rapidly growing market for cartilage degeneration procedures during the forecast period due to robust economic growth in countries such as Australia, the Philippines, China, Singapore, India, and others. Furthermore, substantial growth in the geriatric population is anticipated to encourage the growth of the global cartilage degeneration market in the region. The Asia Pacific cartilage degeneration market is likely to exhibit a robust 6.1% CAGR between 2017 and 2025, rising from a valuation of US$1.9 bn to US$3.2 bn therein.
The global cartilage degeneration market includes key companies such as DePuy Synthes, Zimmer Biomet, Stryker Corporation, Smith & Nephew plc, and B. Braun Melsungen AG, among others.
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