The global “knee cartilage repair market” is currently witnessing increasing investment towards research and development. In a report, titled “Knee Cartilage Repair Market Size, Share and Global Trend By Product Type (Microfracture Devices, Scaffolds, Osteochondral Dart), By Cartilage Type (Fibrocartilage, Hyaline Cartilage), By Type of Cells (Hospitals, Specialty Clinics, Ambulatory Surgery Centers), Geography Forecast till 2026” Fortune Business Insights studies the impact of ongoing researches and clinical trials on the overall market. For Instance, after receiving FDA IDE approval, CartiHeal has recently performed its first cartilage repair implantation procedure using Agili-C™ at the Missouri Orthopedic Institute. The market is witness several similar endeavors undertaken by the leading players, which are paving way for its growth.
In terms of cartilage type, the market is classified into Hyaline Cartilage and Fibrocartilage. The hyaline cartilage is a progressive segment and likely to expand at a faster rate. According to the report, frequent product launchesare expected to contribute towards market expansion. For instance, CO.DON AG, introduced Spherox in the Europe knee cartilage repair market. Spherox is specially developed to treat knee cartilage tear or damage and offer enhanced personalized healing. Such factor positively contributes in market expansion.
Increasing cases of knee injury and rising implementation of favorable reimbursement policies are factors responsible to propel growth in the global market over forecast period 2019-2026. Moreover, technological upgrades in the medical imagining technology such as MRI is expected to drive the global market. The knee cartilage repair treatment involves consumption of regenerative stem cells. Increasing consumption of regenerative stem cells is in response anticipated to fuel the demand for knee cartilage repair treatment and therapeutics.
Food and Drug Administration’s Approval to Change Game for Market Players
In 2017 in the U.S., Vericel Corporation introduced the first MACI implant to treat symptomatic cartilage knee defects. The implant is an autologous cell-based scaffold and received approval from the Food and Drug Administration in 2016. The competition is also increasing in the market owing to prevailing opportunities. Some of the key players operating in the global market are
- Arthrex, Inc.
- Braun Melsungen AG
- Smith and Nephew
- Isto Biologics
- Vericel Corporation
- Osiris Therapeutics, Inc.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
North America to Dominate Global Market
In the global knee cartilage repair market North America held a considerable share in 2018. Furthermore, the region is foreseen to emerge dominant in market over the forecast period 2019-2026. Increasing private and government funding to undertake research on scaffolds in the autologous chondrocyte implantation procedure is likely to enable growth. Such research being conducted is likely to enable growth in the market. B. Braun Melsungen AG company and Aesculap, Inc. are involved in a phase 3 clinical research on NOVOCART 3D. The product is a tissue-engineered cell-based product specially designed for treatment of knee cartilage damage. The product is yet to be approved by the Food and Drug Administration for use in the U.S. The approval will further lead to increase in demand for knee cartilage repair procedure. However, NOVOCART 3D is approved in Europe and can be used during the knee cartilage repair treatment. The Europe market is projected to witness impressive growth during the forecast period. Besides this, increasing cases of knee injury and orthopedic in region are expected to positively contribute towards market expansion.
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