LONDON, March 19, 2024 (GLOBE NEWSWIRE) -- The Business Research Company’s Cartilage Repair Market Global Report 2024 forecasts significant growth, with the cartilage repair market size expected to rise from $1.24 billion in 2023 to $1.42 billion in 2024, demonstrating a compound annual growth rate (CAGR) of 14.6%.
Driving Forces and Future Outlook
The cartilage repair market report attributes this substantial growth to several factors. These include the increasing incidence of joint disorders, growing awareness and diagnosis rates, rising healthcare expenditure, and collaborative partnerships within the healthcare industry.
Looking ahead, the forecast period from 2024 to 2028 anticipates continued rapid growth, with the market projected to reach $2.3 billion by 2028, reflecting a compound annual growth rate (CAGR) of 12.8%. Key drivers for this growth include the growing aging population, rising sports injuries, regulatory support for advanced therapies, and increasing patient preference for non-invasive treatments.
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Addressing Health Challenges: Diabetes and Obesity
The cartilage repair market report highlights the impact of growing incidences of diabetes and obesity on the cartilage repair market. Both diabetes and obesity can impede cartilage repair processes, influencing inflammatory responses and compromising the regenerative capacity of cartilage tissues. With the prevalence of diabetes and obesity on the rise globally, the demand for effective cartilage repair solutions becomes increasingly significant.
For instance, according to the International Diabetes Federation, the prevalence of diabetes worldwide is expected to increase, with projections indicating a significant rise by 2045. Similarly, the World Health Organization predicts a substantial increase in the number of adults and children affected by obesity by 2025. These trends underscore the critical role of cartilage repair technologies in addressing healthcare challenges associated with diabetes and obesity.
Innovative Solutions and Industry Acquisitions
Major companies operating in the cartilage repair market, such as Johnson and Johnson Services Inc., Medtronic PLC, and Stryker Corporation, are developing innovative products to meet market demand. For example, products like Chondro-Gide offer advanced solutions for protecting injured cartilage and promoting healing.
Furthermore, strategic acquisitions, such as Bioventus Inc.'s acquisition of CartiHeal Ltd., reflect the industry's commitment to strengthening its position and expanding its product portfolio. CartiHeal Ltd.'s expertise in cartilage repair complements Bioventus Inc.'s objectives in the cartilage repair market, contributing to further growth and innovation.
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Regional Insights and Market Segmentation
North America emerged as the largest region in the cartilage repair market in 2023, driven by technological advancements and favorable healthcare infrastructure.
The cartilage repair market covered in this report is segmented –
1) By Treatment Modality: Cell-Based, Non-Cell-Based
2) By Site: Knee, Hip, Ankle And Foot, Other Application Sites
3) By Application: Hyaline Cartilage, Fibrocartilage
4) By End User: Hospital And Clinic, Ambulatory Surgical Center (ASC), Other End-Users
Cartilage Repair Global Market Report 2024 by The Business Research Company provides insights on the cartilage repair market size, cartilage repair market segments, cartilage repair market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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