6.73B Global Cartilage Regenerative Medicine Market: 2022-2031 Growth

6.73B Global Cartilage Regenerative Medicine Market 2022-2031 Growth

According to a report by Altus Market Research, the global regenerative medicine for cartilage market size reached a value of nearly $3,779.4 million in 2021, having increased at a compound annual growth rate (CAGR) of 4.6% since 2016. The market is expected to grow from $3,779.4 million in 2021 to $5,017.3 million in 2026 at a rate of 5.8%. The market is then expected to grow at a CAGR of 6.0% from 2026 and reach $6,727.0 million in 2031.

Growth in the historic period in the regenerative medicine for cartilage market resulted from a rise in awareness and expenditure in healthcare, changes in lifestyles, ability to command high prices, strong economic growth in emerging markets, increase in insurance coverage, and rapid growth in elderly population. The market was restrained by stringent regulations from regulators, inadequate reimbursements, and low healthcare access. Going forward, increasing prevalence of chronic diseases, rising geriatric population, technological advances, and a rise in healthcare expenditure are expected to be the major drivers of the matrket. Factors that could hinder the growth of the market in the future include rising popularity of alternative therapies and natural remedies, tissue-engineered products and biomaterials are lagging in adoption, and low per capita healthcare expenditure.

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Market Growth by Segments:

The regenerative medicine for cartilage market is segmented by treatment modality into cell-based, and non-cell-based. The cell-based segment was the largest segment of the regenerative medicine for cartilage market segmented by treatment modality, accounting for 91.2% of the total in 2021. Going forward, the non-cell-based segment is expected to be the fastest growing segment in the regenerative medicine for cartilage market segmented by treatment modality, at a CAGR of 11.6% during 2021-2026.

The regenerative medicine for cartilage market is also segmented by treatment type into palliative, intrinsic repair stimulus, and others. The palliative segment was the largest segment of the regenerative medicine for cartilage market segmented by treatment type, accounting for 38.3% of the total in 2021. Going forward, the palliative segment is expected to be the fastest growing segment in the regenerative medicine for cartilage market segmented by treatment type, at a CAGR of 7.0% during 2021-2026.

The regenerative medicine for cartilage market is also segmented by site into knee cartilage repair, ribs, and others. The knee cartilage repair segment was the largest segment of the regenerative medicine for cartilage market segmented by site, accounting for 47.6% of the total in 2021. Going forward, the ribs segment is expected to be the fastest growing segment in the regenerative medicine for cartilage market segmented by site, at a CAGR of 6.4% during 2021-2026.

The regenerative medicine for cartilage market is also segmented by application into hyaline cartilage repair and regeneration, elastic cartilage repair and regeneration, and fibrous cartilage repair and regeneration.   The hyaline cartilage repair and regeneration segment was the largest segment of the regenerative medicine for cartilage market segmented by application, accounting for 62.5% of the total in 2021. Going forward, the hyaline cartilage repair and regeneration segment is expected to be the fastest growing segment in the regenerative medicine for cartilage market segmented by application, at a CAGR of 6.1% during 2021-2026.

The regenerative medicine for cartilage market is also segmented by end use into ambulatory surgical centers, hospitals & clinics, and others. The hospitals & clinics segment was the largest segment of the regenerative medicine for cartilage market segmented by end use, accounting for 66.8% of the total in 2021. Going forward, hospitals & clinics segment is expected to be the fastest growing segment in the regenerative medicine for cartilage market segmented by end use, at a CAGR of 6.1% during 2021-2026.

Market Growth by Region:

North America was the largest region in the regenerative medicine for cartilage market, accounting for 52.4% of the total in 2021. It was followed by the Western Europe, Asia Pacific and then the other regions. Going forward, the fastest-growing regions in the regenerative medicine for cartilage market will be Middle East and Africa where growth will be at CAGRs of 31.9% and 30.7% respectively during 2021-2026. These will be followed by Eastern Europe and Asia Pacific, where the markets are expected to register CAGRs of 23.8% and 22.1% respectively during 2021-2026.

COVID-19 Impact

COVID-19 is highly infectious and contagious in nature, for which the population is not pre-immune. Hence, diagnosis plays a critical role in such diseases. The number of people infected with the COVID-19 virus has been increasing significantly which calls for the need to shorten the time taken for diagnosis and treatment, better and accurate detection speeds, and the development of innovative molecular diagnostic techniques. The availability of efficient and accurate laboratory diagnosis is critical for the effective prevention and control of the pandemic. Early detection, diagnosis, isolation, and treatment is the most effective way to prevent and control COVID 19.  The COVID-19 impacted the global regenerative medicine for cartilage market in the initial phase pandemic. Elective surgeries were cancelled or postponed to reserve the available limited capacities and resources such as hospital beds and healthcare professionals toward COVID-19 patient care. Moreover, to control the rising number of positive COVID-19 cases, several countries implemented lockdowns and curfews. Furthermore, patients were unable to visit hospitals, clinics, or OPDs due to the lockdowns. The cartilage repair and regeneration industries are projected to be hindered by the temporary denial of wound care services, cancer care surgeries/therapies, and other healthcare services.

Market Growth by Key Players:

The global regenerative medicine for cartilage market is fragmented, with a few large players constituting significant market share. The top ten competitors in the market made up to 24.69% of the total market in 2020. The market consolidation can be attributed to the high barriers to entry in terms of high costs associated with the production of regenerative medicine for cartilage. The market is expected to be concentrated state in near future with the adoption of acquisition and merger strategies by the players to enter and expand into newer geographies.

Market Growth by Key Players:

Player-adopted strategies in the regenerative medicine for cartilage market includes strategic collaboration and acquisitions for research & development activities, investments, strategic partnerships for production new regenerative medicine for cartilage, and new product launches to meet the global demand and strengthen their product portfolio.

Other Players Covered in the report

Vericel Corporation, Johnson & Johnson (DePuy Synthes), MEDIPOST Co., Ltd., CONMED Corporation, Orthocell Ltd., China Biologic Products Holdings Inc., China Regenerative Medicine International, AstraZeneca, ABLbio, Adimmune, Henlius, Innovent Biologics, Bio-Thera, Hisun Pharma, 3SBio, Beijing ShuangLu Pharmaceuticals, Qilu Pharmaceutical, Shanghai Fosun Pharmaceuticals, Biocon, Dr. Reddy’s, Mylan, Kyowa Hakko Kirin, Takeda, Mitsubishi Tanabe, AGC Biologics, Cellgenix Gmbh, BioTissue Technologies, Corin Group, Medical Import Ltd., United Orthopedic Corporation UK Ltd, Lucideon (fka Ceram), Orthonika, Merete, 3di GmbH, Aditus Medical GmbH, Anton Hipp GmbH, AREX SAS, Bäramed Instrumente GmbH, Biovision GmbH, Boneartis AG, GO German Orthopedic Implants GmbH, Innovations Medical GmbH, M.C. Medizintechnik-Export GmbH & Co. KG, MBP Medical Biomaterial Products GmbH, Vertex Pharmaceuticals Incorporated, Acelity L.P. Inc., Celgene Corporation, StemCells, Inc, Organogenesis Inc,

Future Investment Opportunities:

The top opportunities in the regenerative medicine for cartilage market segmented by treatment modality will arise in cell-based segment, which will gain $994.1 million of global annual sales by 2026. The top opportunities in the regenerative medicine for cartilage market segmented by treatment type will arise in palliative segment, which will gain $577.9 million of global annual sales by 2026. The top opportunities in the regenerative medicine for cartilage market segmented by site will arise in knee cartilage repair segment, which will gain $526.5 million of global annual sales by 2026. The top opportunities in the regenerative medicine for cartilage market segmented by application will arise in hyaline cartilage repair and regeneration segment, which will gain $807.6 million of global annual sales by 2026. The top opportunities in the regenerative medicine for cartilage market segmented by end use will arise in hospitals & clinics segment, which will gain $868.8 million of global annual sales by 2026. The regenerative medicine for cartilage market size will gain the most in the USA at $236.7 million.

Market: Trend-based Strategies

Market-trend-based strategies for the regenerative medicine for cartilage include focus on entering into strategic collaborations and agreements to broaden their product portfolios, boost revenues and establish category leadership, companies should closely monitor advances in mesenchymal stem cell technology with a view to capitalizing on innovations in the field, modified cell therapy to optimize cartilage efficacy and increase therapeutic options, invest in biomaterial research to develop advanced cell-matrix technologies novel advanced Injectable hydrogels techniques to bring more advancements in this field, invest in the emerging science  of bioactive signals, focus on investing  in technology transfer and clinical translation to enable regenerative medicine research and development and consider collaborating and partnering with other companies or government bodies to accelerate the development of new drugs.

Growth Strategies by Altus Market Research for Companies in the Market:

To take advantage of the opportunities, Altus Market Research recommends the regenerative medicine for cartilage companies to focus on growing use of mesenchymal stem cell technology in cartilage repair, focus on investing in technology transfer and clinical translation, invest in biomaterial research to develop novel advanced injectable hydrogels techniques, focus on growing research on bioactive signals, expand in countries that offer incentives, include bundled payments options, offer competitively priced products, participate in trade shows and events, build strategic relationships with large-scale end-users and target hospitals including pharmacies to spread awareness on stem cell therapy.