Global Regenerative Medicine For Cartilage Market
Dublin, Sept. 01, 2022 (GLOBE NEWSWIRE) -- The "Regenerative Medicine For Cartilage Global Market Report 2022: By Treatment, By Treatment, By Site, By Application, By End-Use" report has been added to ResearchAndMarkets.com's offering.
The global regenerative medicine for cartilage market is expected to grow from $4.83 billion in 2021 to $5.26 billion in 2022 at a compound annual growth rate (CAGR) of 9%. The market is expected to reach $7.03 billion in 2026 at a CAGR of 7.5%.
Europe was the largest region in regenerative medicine for cartilage market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The growing incidence of osteoarthritis across the globe will drive the market for regenerative medicine for cartilage. Osteoarthritis is a degenerative joint disorder that mostly attacks the articular cartilage. According to the Arthritis Foundation in 2019, degenerative joint disease disorders such as osteoarthritis will impact at least 130 million individuals around the globe by 2050. Some of the most commonly used treatments for osteoarthritis are autologous chondrocyte implantation and scaffold implants. Thus, the increasing incidence of osteoarthritis is expected to drive the demand for the market for regenerative medicine for cartilage.
The high cost of regenerative medicine therapies is one of the major factors limiting the growth of the market for regenerative medicine for cartilage. The average cost for knee replacement is around $4,500 to $8,400, while the average cost of cartilage repair procedures is around $18,000, depending on the country where the procedure is being performed. Such high prices discourage individuals to resort to cartilage repair therapies, and in turn, result in a lower preference for these procedures.
Tissue engineering and stem cell therapy are emerging trends in the regenerative medicine for cartilage market. The growth of tissue engineering technology has given hope for the regeneration of cartilage. Stem cell therapy is gaining attention with its advantages over traditional orthopedic treatments. Stem cell therapy helps to reduce knee pain and improves knee cartilage regeneration and repair. For instance, growth factors in the form of platelet-rich plasma (PRP) therapy are injected to promote tissue regeneration effectively. Companies operating in the market are continuously focusing on introducing new technologies to survive in the regenerative medicine for cartilage market.