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Knee Cartilage Repair Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends
Knee Cartilage Repair Global Market Report 2024
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According to The Business Research Company's, The knee cartilage repair market size has grown strongly in recent years. It will grow from $2.73 billion in 2023 to $2.91 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to advancements in surgical techniques, increased clinical research and trials, the emergence of personalized medicine, economic factors and healthcare spending, and globalization of healthcare.
The knee cartilage repair market size is expected to see strong growth in the next few years. It will grow to $3.80 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to advances in biomechanical research, advancements in imaging and diagnostic modalities, post-traumatic osteoarthritis awareness, government funding and grants, and medical device innovations. Major trends in the forecast period include patient-centered healthcare, regenerative medicine breakthroughs, the evolution of scaffold-based therapies, the emergence of tissue engineering solutions, and personalized medicine approaches.
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Market Drivers and Trends:
The increasing prevalence of diabetes is expected to propel the growth of the gastroparesis drugs market going forward. Diabetes presents as a persistent health issue marked by high blood sugar levels stemming from inadequate insulin production or the body's ineffective utilization of insulin. The increasing prevalence of diabetes is due to sedentary lifestyles, unhealthy dietary habits, genetic predisposition, urbanization, and aging populations, compounded by limited access to healthcare and rising obesity rates worldwide. Gastroparesis drugs are frequently prescribed for diabetic patients to alleviate symptoms such as nausea, vomiting, and delayed gastric emptying, common complications of diabetes affecting gastrointestinal motility. These medications aim to improve gastric function and enhance the quality of life for individuals with diabetes-related gastroparesis. For instance, in 2021, according to the International Diabetes Federation, a Belgium-based umbrella organization of over 240 national diabetes associations, the projected number of individuals living with diabetes is expected to increase to 643 million by 2030 and 783 million by 2045. Therefore, the increasing prevalence of diabetes is driving the growth of the gastroparesis drugs market.
Major companies operating in the knee cartilage repair market are focusing on developing innovative products, such as knee cartilage repair implants, to gain a competitive edge in the market. Knee cartilage repair implants are medical devices used in orthopedic surgery to facilitate the repair and regeneration of damaged knee cartilage. For instance, in March 2024, UC Davis Health, a US-based medical center, launched the MISHA Knee System, a knee cartilage repair implant to aid in knee cartilage repair. The MISHA Knee System is a resorbable device that helps regenerate cartilage in the knee. The implant stimulates the body's natural healing process, allowing new cartilage and bone tissue to grow and integrate with the implant over time.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Stryker Corporation, B. Braun Melsungen AG, DePuy Synthes, Zimmer Biomet Holdings Inc., Smith & Nephew plc, Arthrex Inc., Integra LifeSciences, Bioventus LLC, MTF Biologics, MiMedx Group Inc., Moximed Inc., Vericel Corporation, Anika Therapeutics Inc., SeaSpine Holdings Corporation, LifeNet Health, ConforMIS Inc., Geistlich Pharma AG, BioPoly LLC, Regen Lab SA, Octane Medical Group Inc., Orthocell Limited, Episurf Medical AB
Knee Cartilage Repair Market 2024 Key Insights:
• The knee cartilage repair market size is expected to see strong growth in the next few years. It will grow to $3.80 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Sports Injuries Fueling Demand For Knee Cartilage Repair Market
• Innovative Knee Cartilage Repair Implants Transforming The Market
• North America was the largest region in the knee cartilage repair market in 2023
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