Demand for Knee Cartilage Repair to Increase Due to Increasing Incidence of Bone and Joint Disorders
According to Transparency Market Research, the global knee cartilage repair market is projected to expand at a CAGR of 5.8% between 2015 and 2023. The market value is expected to rise from US$1.6 bn in 2014 to US$2.7 bn in 2023.
How effective will the rise in global geriatric population be in increasing the demand for knee cartilage repair?
Aged people are more prone to bone problems. Among the most common orthopedic disorders they could face, knee cartilage damage is the most prevalent problem. The wear and tear of knee cartilages are the most troubling injuries to manage in old age. The growing geriatric population is expected to bolster the demand for knee cartilage repair due to the support they provide to frail knee joints. The awareness among people regarding the benefits of knee cartilage repair is expected to fuel the demand for knee cartilage repair in future. The obese and elderly population is often exposed to degenerative diseases such as rheumatoid arthritis, osteoarthritis, and several other trauma wounds. Thus, these factors are likely to boost the demand for knee cartilage repair among elderlies as they focus on the stability and repair of their knee joints.
What opportunities can market players gain from emerging economies?
The knee cartilage repair market is rising at a momentous pace in the developing regions due to the mounting cases of obesity and knee cartilage injuries among the geriatric population in these regions. The growth of medical tourism in Asia is expected to further fuel demand for the products of knee cartilage repair. The emergence of new procedures pertaining to knee cartilage repair in the emerging economies is one of the substantial opportunities that vendors of knee cartilage repair can look forward to. Moreover, due to the rising number of sport injuries, the demand for knee cartilage repair is likely to rise.
The most popular among all the procedures adapted in the repair of knee cartilage is anthroscopic chondroplasty as it takes less time recover compared to the generic procedures of knee surgery. It is estimated to maintain its dominance till 2023.
In spite of the various growth opportunities that the emerging countries are likely to provide to the leading vendors in the market, poor reimbursement policies and the lack of efficient health insurance schemes can hamper growth of the knee cartilage repair market in the future.
Browse Research Press Release:
The global knee cartilage market was dominated by North America in 2014. The region is expected to maintain its dominance till 2023 due to the implementation of favorable reimbursement policies such as the Affordable Care Act. However, Asia Pacific is projected to be the market exhibiting the highest growth opportunities to the market due to significant economic growth in the region. Leading companies such as Zimmer Biomet, B. Braun Melsungen, DePuy Synthees, Stryker Corporation and Smith & Nephew plc are focusing on mergers and acquisitions to sustain their position in the extremely competitive market.