New York, March 31, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Regenerative Medicine For Cartilage Global Market Report 2023" - https://www.reportlinker.com/p06241904/?utm_source=GNW
, and DePuy Synthes.
The global regenerative medicine for cartilage market grew 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 is expected to grow to $7.72 billion in 2027 at a CAGR of 7.3%.
The regenerative medicine for cartilage market consists of sales of cartilage regeneration, platelet-rich plasma (PRP), and prolotherapy.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Regenerative medicine for cartilage refer to a medication used during surgery to repair damaged cartilage in the knees using body-produced cells that can create cartilage. A biopsy is required to collect chondrocytes (cells that produce cartilage), which are then multiplied in a lab before being implanted into the injured area during surgery.
Europe was the largest region in regenerative medicine for cartilage in 2022. The regions covered in the regenerative medicine for cartilage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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.
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, 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.
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.
Tissue engineering and stem cell therapy are emerging trends in regenerative medicine for the 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 orthopaedic 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.
In September 2020, Smith & Nephew plc, a UK-based multinational medical equipment manufacturing company, acquired the orthopaedics business of Integra LifeSciences Holdings Corporation for an amount of $240 million.The acquisition is expected to stimulate growth in Smith & Nephew’s extremities business by adding a targeted sales channel, a portfolio of compatible upper and lower extremities, shoulder replacements, and an intriguing new product pipeline.
Integra LifeSciences Holdings Corporation is a US based medical device manufacturing company specializing in solutions in extremities orthopedics, neurosurgery, and regenerative technologies, all geared toward reducing clinician uncertainty.
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.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The regenerative medicine for cartilage market research report is one of a series of new reports that provides regenerative medicine for cartilage market statistics, including regenerative medicine for cartilage industry global market size, regional shares, competitors with a regenerative medicine for cartilage market share, detailed regenerative medicine for cartilage market segments, market trends and opportunities, and any further data you may need to thrive in the regenerative medicine for cartilage industry. This regenerative medicine for cartilage market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06241904/?utm_source=GNW
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