Knee Cartilage Replacement Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1837
Knee Cartilage Replacement Market Size is set to churn out lucrative gains over the forthcoming years, driven by the increasing geriatric patient population base susceptible to knee disorders and osteoarthritis. According to a CDC report, 23% of all adults in the United States have raised complaints of arthritis.
Knee cartilage replacement is a process that is being highly adopted by surgeons for the removal of unravels and ripped cartilage. The surgery supports reducing knee pain, slowing down cartilage degeneration, and restoring knee function.
A subtle rise in neuromuscular disorders is as well transforming the growth prospects of the market. Some of the other factors fueling the market expansion include growing technological developments in cartilage regeneration and surge in prevalence of OA. Not to mention, an upsurge in the number of road accidents and sports injuries mostly during skating, bicycling, and other activities, would further propel the knee cartilage replacement market growth during the forecast timeline.
However, high cost associated with these surgeries is estimated to hinder the market revenue over the due course of time.
Considering the procedure types, arthroscopic chondroplasty segment is projected to gain major impetus in the overall market. This can be ascribed to the procedure’s ability to repair small areas of damaged knee cartilage. One of the main advantages associated with this procedure is that it can reduce friction in the joint, allowing the knee to move freely without pain and restriction.
Hospitals are being proposed as a major go-to option for knee cartilage replacement surgeries as these healthcare settings are equipped with well trained and professional medical staff and also some of the technologically advanced machines of today. That said, hospitals are expected to garner considerable gains across the market share.
North America knee cartilage replacement market is slated to register phenomenal gains through 2027, impelled by the increasing count of bone and joint surgeries in some of the leading economies like the U.S, Canada, and others. Moreover, Europe is also likely to emerge as a hotspot for knee cartilage replacement industry owing to the expanding geriatric population base.
Asia Pacific knee cartilage replacement market, led by China and India, would as grow profoundly in the coming years perhaps attributed to the increasing healthcare expenditure of people and prevalence of musculoskeletal disorders in the region. According to IBEF statistics, during Budget 2021, it was revealed that India’s public expenditure on healthcare was about 1.2% of the overall GDP. Such trends have been augmenting the statistics of market across APAC.
Smith & Nephew plc, Zimmer Biomet Holdings, DePuy Synthes (Johnson and Johnson), B. Braun Melsungen (B. Braun Holding GmbH), Stryker Corporation, Osiris Therapeutics (Smith & Nephew), and Vericel Corporation are the leading names operating in the industry. These players have been relentlessly working towards bringing in novel innovations in space while also being involved in strategic practices like mergers, acquisitions, and collaborations to gain a significant position in the overall market.
Recently, Vericel Corporation declared expanding its medical policy for MACI through UnitedHealthcare, to include coverage for patients with multiple cartilage defects in the knee and symptomatic full-thickness cartilage defects in patella.
In 2019, Smith and Nephew announced taking over Osiris therapeutics for a deal of $660 million to strengthen its position in the overall knee cartilage replacement business sphere.
Analyzing the impact of Covid-19 on knee cartilage replacement market outlook
The global outbreak of dreaded coronavirus pandemic has a significant impact on the overall healthcare and medical industry. However, its influence on the market is quite upsetting as people chose to stay away from these surgeries during skyrocketing hospital admissions due to Covid-19 cases.
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