(PharmaNewsWire.Com, October 20, 2020 ) According to a new market research report "Cartilage Regeneration Market by Treatment modalities (Chondrocyte Transplantation, Growth Factor Technology, Tissue Scaffolds, Cell-free composites), Application (Hyaline Cartilage, Fibrocartilage), by Region - Forecast to 2021" published by MarketsandMarkets, the cartilage repair market is projected to reach USD 779.8 Million by 2021 from USD 414.6 Million in 2016, growing at a CAGR of 13.5% during the forecast period of 2016 to 2021.
Browse 63 market data Tables and 22 Figures spread through 102 Pages and in-depth TOC on "Cartilage Regeneration Market"
Increase in obese population and rising incidence of sports injuries are the major factors driving the demand of cartilage repair/ cartilage regeneration. On the other hand, high cost of therapy and unfavorable reimbursement scenario are the major factors restraining the growth of cartilage repair market.
The Cartilage Repair Market is segmented on the basis of treatment modalities, application, and region. Based on treatment modalities, the market is segmented into cell based approaches and non-cell based approaches. Cell based approaches are further segmented into chondrocyte transplantation, growth factor technology, and stem cells. Non-cell based approaches are segmented into tissue scaffolds and cell-free composites.
The cell based approaches segment is expected to account for the largest market share in 2016.This treatment modality segment is also expected to be the fastest growing segment in the Cartilage Repair Market. This segment is projected to grow at CAGR of 14.1% during forecast period. The large share and high growth of this segment can be attributed to long-term results of these therapies in terms of cartilage repair which makes it most preferred therapy.
On the basis of applications, the Cartilage Repair Market is segmented into hyaline cartilage and fibrocartilage. Among these segments, the hyaline cartilage segment is expected to account for the largest market share in 2016. Hyaline cartilage application segment is also expected to be the fastest growing application segment in the Cartilage Regeneration Market. This application segment is projected to grow at CAGR of 13.9% during forecast period. The large share and high growth of this segment can be attributed to the high prevalence of cartilage damage in hyaline cartilage.
Globally, North America is expected to be the fastest-growing regional segment in the Cartilage Repair Market. North America is also expected to account for largest share in the Cartilage Regeneration Market, by region in 2016. The high growth and largest share of this segment can primarily be attributed to the expansion of the Cartilage Regeneration Market in this region due to presence of major players in this market and wide availability of cartilage repair products.
The major players operating in the Cartilage Regeneration Market include Zimmer Biomet Holdings, Inc. (U.S.), Vericel Corporation (U.S.), Smith & Nephew plc (U.K.), Osiris Therapeutics, Inc. (U.S.), and Arthrex Inc. (U.S.).
Zimmer Biomet Holdings, Inc. (U.S.) held the largest market share of ~33%. Over the past three years, the company preferably adopted the strategy of acquisition to maintain its position in the global Cartilage Regeneration Market. In May 2016, Zimmer Biomet Holdings Inc. (U.S.) acquired Cayenne Medical Inc. (U.S.), provider of advanced soft tissue repair and reconstruction solutions for the knee, shoulder and extremities. This acquisition is aimed to strengthen company's offering for repair and reconstruction of knee, shoulder and extremities.
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