Cartilage Degeneration Market Size Is Expected To Reach A Value Of More Than $15 Billion By 2028 As Per The Business Research Company's Cartilage Degeneration Global Market Report 2024
LONDON, Jan. 29, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Cartilage Degeneration Global Market Report 2024, the global cartilage degeneration market has witnessed a substantial upswing, with the market size surging from $11.88 billion in 2023 to $12.63 billion in 2024, reflecting a remarkable Compound Annual Growth Rate (CAGR) of 6.3%. This growth in the historic period can be attributed to factors such as an aging population, joint injuries, the obesity epidemic, sports injuries, and limited self-repair capacity.
Forecasted Expansion
The momentum is expected to continue as the cartilage degeneration market is poised to experience robust growth in the forecast period, reaching $15.64 billion in 2028, with a CAGR of 5.5%. Key drivers for this expansion include advancements in regenerative medicine, biologic injections, tissue engineering solutions, precision medicine, and robotics-assisted surgery. Notable trends in the forecast period encompass stem cell therapies, 3D printing in orthopedics, gene therapy for cartilage repair, personalized rehabilitation programs, and telemedicine for follow-up care.
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Impact of Elderly Population
The increased elderly population is anticipated to play a pivotal role in boosting the growth of the cartilage degeneration market. With the elderly population expected to reach 1.4 billion by 2030 and 2.1 billion by 2050, the market is positioned to address age-related changes in muscles, bones, and joints. Cartilage degeneration interventions are crucial in strengthening bones and delaying the pace of bone loss among the elderly.
Key Players and Technological Innovations
Major companies driving the cartilage degeneration market include Johnson & Johnson Services Inc., MEDIPOST Co. Ltd., Medtronic PLC, Stryker Corporation, Zimmer Biomet Holdings Inc., and others. These industry leaders are actively focusing on developing new technologies to sustain and advance their positions in the market. For example, Zimmer Biomet, in collaboration with Canary Medical Inc., launched the Persona IQ knee implant, the world's first smart knee implant for total knee replacement surgery, incorporating cutting-edge sensor technology.
Regional Dynamics
North America emerged as the largest region in the cartilage degeneration market in 2023, while Asia-Pacific is anticipated to be the fastest-growing region in the forecast period.
Market Segmentation
The cartilage degeneration market, as covered in this report, is segmented based on:
- Procedure:
- Joint Replacements
- Chondroplasty
- Osteochondral Transplants
- Microfracture
- Meniscus Transplants
- Cell-Based Cartilage Resurfacing
- Autologous Chondrocyte Implantation
- Other Procedures
- Application:
- Knee
- Hip
- Other Applications
- End User:
- Hospitals And Specialty Clinics
- Ambulatory Surgical Centers
- Academic And Research Institutes
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In conclusion, the Cartilage Degeneration Global Market Report 2023 provides valuable insights into the current and future landscape of the cartilage degeneration market. Businesses, healthcare professionals, and stakeholders can leverage this comprehensive report to make informed decisions and capitalize on the growing opportunities within the cartilage degeneration market. As major players continue to innovate, the industry is poised for sustained growth, presenting ample prospects for strategic advancements and partnerships.
Cartilage Degeneration Global Market Report 2024 by The Business Research Company provides insights on the cartilage degeneration market size, cartilage degeneration market segments, cartilage degeneration 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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