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This study involved four major activities in estimating the current size of the cartilage repair market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market.
The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the size of segments and subsegments.
Expected Revenue Growth:
The global cartilage repair market is projected to reach USD 1,603 million by 2025 from USD 787 million in 2020, at a CAGR of 15.3%.
Major Growth Boosters:
The growth of this market is primarily driven by the increasing incidence of osteoarthritis and increasing funding and investments for research in this field.
COVID-19 Impact on Cartilage Repair Market:
The COVID-19 outbreak will impact the cartilage repair and regeneration market in the initial phase of the forecast period. Due to nationwide lockdowns, denied wound care services, and canceled or postponed elective surgeries, the cartilage repair market is expected to decline during the initial phase of the forecasted period. However, during the latter half of the forecast period, the demand for cartilage repair and regeneration products is expected to rise drastically.
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1. In 2019, Smith & Nephew acquired Osiris Therapeutics, Inc. (US). This acquisition increased the company’s customer base and enhanced the advanced wound care management segment of Smith & Nephew.
2. In 2019, MEDIPOST (South Korea) expanded the GMP manufacturing facility to accelerate CARTISTEM production.
3. In 2018, Vericel Corporation collaborated with Innovative Cellular Therapeutics (ICT, China), under this collaboration, ICT will develop and distribute MACI, Epicel, Ixmyelocel-T, and Carticel products in China, South Korea, Singapore, and other countries in Asia.
Regional Growth Analysis of Cartilage Repair Market:
In 2019, North America accounted for the largest share of the global market, followed by Europe. The large share of the North American region can be attributed to the high burden of osteoarthritis, increasing prevalence of sports injuries, and increasing research investments in the US and Canada.
Opportunity: Technological Advancement
As a result of the rising government investments in regenerative medicine for cartilage regeneration research, the number of companies focusing on the development of cartilage regeneration products has increased significantly over the last few years. As a result of these factors, the number of clinical trials and the development of new technologies for cartilage regeneration has increased. Major players in this market are making significant investments in R&D, resulting in a strong pipeline of products based on various approaches to cartilage repair.
Driver: Increasing Incidence of Osteoarthritis
Over the years, the incidence of osteoarthritis has increased across the globe. According to a study by the University of North Carolina, around 1 million knee and hip replacement procedures are conducted every year in the US. The economic burden of osteoarthritis in the US is ~136.8 billion annually. As per the Arthritis Foundation in 2019, degenerative joint diseases such as osteoarthritis will affect more than 130 million patients worldwide by 2050. This will increase the demand of cartilage repair industry.
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The major market players include DePuy Synthes (US), Smith & Nephew plc (UK), Zimmer Biomet (US), CONMED Corporation (US), Stryker Corporation (US), and Vericel Corporation (US).
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