The global cartilage degeneration market is valued at US$ 12.1 billion and is estimated to escalate to a valuation of US$ 16 billion by the end of 2027. The global market is projected to evolve at a CAGR of 5.7% over the next five years.
Rising number of accidents and sports injuries has resulted in an increased incidence of bone disorders, which is expected to primarily influence cartilage degeneration market growth potential positively over the coming years. Growing aging population, rising obesity, adoption of advanced technologies in cartilage repair, supportive government initiatives, increased healthcare expenditure, and rising investments in healthcare R&D are other factors that are predicted to drive cartilage degeneration market growth throughout the forecast period.
Key providers of cartilage degeneration treatment are adopting strategies such as mergers, collaborations, and acquisitions to bolster their market presence on a global scale.
- In January 2021, Stryker Corporation, a multinational medical technology organization, announced the acquisition of OrthoSensor Inc., a leading name in musculoskeletal care and sensor technology for total joint replacements. With this acquisition, Stryker has strengthened its orthopedics product portfolio.
Key Takeaways from Market Study
- The global cartilage degeneration market is currently valued at US$ 12.1 billion.
- From 2022 to 2027, demand for cartilage degeneration treatment is set to mature at a steady 5.7% CAGR.
- By 2027, revenue from the cartilage degeneration market is expected to reach US$ 16 million.
- In 2022, the United States cartilage degeneration market enjoys a valuation of US$ 3.4 billion.
- Growing senescent population, rising obesity, increasing incidence of accidents, and rising number of sports injuries are prime factors that will drive cartilage degeneration market expansion.
- High costs of joint surgeries and lack of reimbursement policies in most countries are expected to have a restraining effect on market growth potential.
- The market in China is slated to progress at 6% CAGR and attain a valuation of US$ 2.8 billion by 2027-end.
- Demand for joint replacement procedures is anticipated to rise at 6% CAGR and end up with a revenue of US$ 5.7 billion by 2027.
Top companies in the cartilage degeneration industry are focusing on creating novel cartilage repair and restoration products to increase their business potential.
- Cytonics, a biotechnology research and development company specializing in therapeutics for osteoarthritis is focusing on creating a blood protein that blocks destructive enzymes that cause degeneration of cartilage tissue. The CYT-108 is an advanced genetically engineered variant of Alpha -2-macroglobulin, a blood protein that helps in cartilage repair by blocking out destructive enzymes.
Companies in the cartilage degeneration market are also focusing on obtaining new approvals for their products to enhance their market presence and drive revenue generation capacity.
- In March 2022, CartiHeal Ltd., an Israel-based developer of implants for the treatment of cartilage defects announced that its Agili-C™ implant was granted Premarket Approval (PMA) by the U.S. FDA (Food and Drug Administration). The approval was based on the results of a two-year IDE clinical study.