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.
New York, March 17, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Regenerative Medicine For Cartilage Global Market Report 2021: COVID-19 Growth And Change" - https://www.reportlinker.com/p06036660/?utm_source=GNW
, and DePuy Synthes.
The global regenerative medicine for cartilage market is expected to grow from $4.47 billion in 2020 to $4.83 billion in 2021 at a compound annual growth rate (CAGR) of 8.10%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $6.56 billion in 2025 at a CAGR of 7.94%.
The regenerative medicine for cartilage market consists of sales of regenerative medicines for the cartilage by entities (organizations, sole traders, and partnerships) that have the capacity to grow muscles and organs in the lab and safely implant them when the body cannot regenerate itself, as observed for cartilage tissue after injury or wear. Only goods and services traded between entities or sold to end consumers are included.
The main types of regenerative medicine for cartilage are cell-based and non-cell-based.The type of treatment includes palliative and intrinsic repair stimulus among others that are used by ambulatory surgical centers, hospitals and clinics, and surgical centers.
The regenerative medicine for cartilage is used for hyaline cartilage repair and regeneration, elastic cartilage repair and regeneration, and fibrous cartilage repair and regeneration.
Europe was the largest region in regenerative medicine for cartilage in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The high cost of regenerative medicine therapies is one of the major factors limiting the growth of the market for regenerative medicine for cartilage.The average cost for knee replacement is around $4,500 to $8,400, while the average cost of cartilage repair procedures is around $18,000, depending on the country where the procedure is being performed.
Such high prices discourage individuals to resort to cartilage repair therapies, and in turn, result in a lower preference for these procedures.
In April 2019, Smith & Nephew plc, a UK-based multinational medical equipment manufacturing company, acquired Osiris Therapeutics, Inc. for approximately $660 million. The acquisition is expected to stimulate growth from Smith & Nephew’s advanced wound management franchise. Osiris Therapeutics, Inc. is a US-based company that researches and develops therapeutic products for the regeneration of human connective tissues.
The growing incidence of osteoarthritis across the globe will drive the market for regenerative medicine for cartilage.Osteoarthritis is a degenerative joint disorder that mostly attacks the articular cartilage.
According to the Arthritis Foundation in 2019, degenerative joint disease disorders such as osteoarthritis will impact at least 130 million individuals around the globe by 2050.Some of the most commonly used treatments for osteoarthritis are autologous chondrocyte implantation and scaffold implants.
Thus, the increasing incidence of osteoarthritis is expected to drive the demand for the market for regenerative medicine for cartilage.
Tissue engineering and stem cell therapy are emerging trends in the regenerative medicine for cartilage market.The growth of tissue engineering technology has given hope for the regeneration of cartilage.
Stem cell therapy is gaining attention with its advantages over traditional orthopedic treatments.Stem cell therapy helps to reduce knee pain and improves knee cartilage regeneration and repair.
For instance, growth factors in the form of platelet-rich plasma (PRP) therapy are injected to promote tissue regeneration effectively. Companies operating in the market are continuously focusing on introducing new technologies to survive in the regenerative medicine for cartilage market.
The countries covered in the regenerative medicine for cartilage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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