Number of pages: 100 | Report Format: PDF | Published date: March 29, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
Report Attribute |
Details |
CAGR |
7.5% |
Base Year for Estimation |
2022 |
Forecast Period |
2023-2031 |
Historical Year |
2021 |
Segments Covered |
Anatomy of Joints, End User, and Region |
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global artificial cartilage implants market is expected to register a revenue CAGR of 7.5% during the forecast period.
Artificial Cartilage Implants Market Fundamentals
The market for artificial cartilage implants is expected to grow in the coming years due to several factors, including an aging population, an increase in the prevalence of joint-related conditions, such as osteoarthritis, and technological advances. Artificial cartilage implants are a less intrusive surgical option than more invasive surgical procedures, such as joint replacement. They may be especially beneficial for younger individuals or those with milder joint degeneration. Additionally, it is anticipated that technological developments and the creation of new materials will further improve the efficiency and usability of artificial cartilage implants. North America is expected to dominate the market, followed by Europe and Asia Pacific. Factors contributing to market revenue growth in these regions include the availability of advanced healthcare facilities and high healthcare spending.
However, the high cost of artificial cartilage implant procedures and limited insurance coverage may hinder market revenue growth. The development of alternative treatments, such as stem cell therapy, may also impact the market for artificial cartilage implants.
Artificial cartilage is a synthetic material designed to mimic the function of natural cartilage in the body. Cartilage is a connective tissue that provides cushioning and support to joints, and it can be damaged due to injury, wear and tear, or degenerative conditions, such as arthritis. Artificial cartilage can be developed from various materials, including hydrogels, synthetic polymers, and natural and synthetic materials. It is typically designed to have similar mechanical properties to natural cartilage, such as elasticity and compressibility. Artificial cartilage is used in medical applications to repair or replace damaged cartilage in the body, particularly in the joints. It can be surgically implanted or injected into the affected area, providing pain relief and improving joint function. Research in this area is ongoing, and new materials and techniques are being developed to enhance the effectiveness of artificial cartilage implants.
Artificial Cartilage Implants Market Dynamics
The rising global aging population contributes to an increase in joint-related conditions, such as osteoarthritis, and subsequently drives demand for joint replacement surgeries. As a result, the artificial cartilage implants market is experiencing significant revenue growth. According to the Global Burden of Disease Study 2019, more than 500 million people are affected by osteoarthritis worldwide, accumulating around 7% of the world’s population. There is a growing trend toward minimally invasive surgical procedures, which are less traumatic and have shorter recovery times than traditional open surgery. This is leading to an increased demand for artificial cartilage implants. Researchers are constantly developing new materials and techniques for making artificial cartilage implants that are more effective and durable. This makes artificial cartilage implants an increasingly attractive option for patients who want to avoid more invasive surgical procedures. Moreover, the growing incorporation of advanced technologies, such as 3D printing, enables the creation of customized artificial cartilage implants that cater to individual patients’ unique requirements. This has the potential to result in improved outcomes and reduced complications.
There is a rise in the adoption of artificial cartilage implants in sports medicine that is accelerating athletes’ recovery from joint injuries and facilitating their quick return to play. As per the Centers for Disease Control and Prevention (CDC), the United States observes approximately 7 million sports-related injuries annually. As more patients become aware of the benefits of artificial cartilage implants, there is a growing demand for these implants. This factor is expected to fuel the revenue growth of the artificial cartilage implants market.
However, the high cost of artificial cartilage implants is restricting market development. Alternative treatments, such as physical therapy, are available for patients with cartilage damage. Additionally, artificial cartilage implants are not widely available and may only be offered by a limited number of healthcare providers, hindering the revenue growth of the artificial cartilage implant.
Artificial Cartilage Implants Market Ecosystem
The global artificial cartilage implants market is analyzed from three perspectives: anatomy of joints, end user, and region.
Artificial Cartilage Implants Market by Anatomy of Joints
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Based on the anatomy of joints, the global artificial cartilage implants market is segmented into upper extremity joints, lower extremity joints, and vertebral joints.
The lower extremity joints segment accounts for the largest revenue share in the artificial cartilage implants market. Lower extremity joints are more commonly affected by degenerative joint diseases, such as osteoarthritis and chondromalacia, which can cause damage to the cartilage lining the joint. Advancements in technology have made it possible to create artificial cartilage implants that can be used to replace or repair damaged cartilage in the lower extremity joints, such as the knee, hip, and ankle. These implants are designed to mimic cartilage’s natural structure and function, providing a durable and long-lasting solution for individuals with joint damage. The demand for artificial cartilage implants in the lower extremity joint segment is driven by a growing aging population, which is more likely to experience joint damage due to wear and tear. This has led to an increase in the number of joint replacement surgeries and other treatments for joint damage, including artificial cartilage implants.
The upper extremity joints segment accounts for a considerable revenue share of the artificial cartilage implants market. The upper extremity joints, including the shoulder, elbow, and wrist, are susceptible to injuries such as rotator cuff tears, tennis elbow, and carpal tunnel syndrome. These injuries can cause cartilage damage and lead to chronic pain and decreased mobility, making artificial cartilage implants an attractive treatment option. As more patients and physicians become aware of the benefits of artificial cartilage implants, demand for these devices is likely to increase. This could contribute to the revenue growth of the upper extremity joints segment market.
Artificial Cartilage Implants Market by End User
Based on the end user, the global artificial cartilage implants market is segmented into hospitals, ambulatory surgical centers, and others.
The hospitals segment dominated the artificial cartilage implants market with the highest revenue share in 2022. Hospitals have specialized medical staff trained in orthopedic surgeries, including artificial cartilage implant procedures. This makes hospitals the preferred option for patients requiring joint replacement or repair surgery. Hospitals typically have access to advanced medical equipment and technology for successful orthopedic surgeries. This includes advanced imaging technology, robotic surgical systems, and other specialized equipment that can improve surgical outcomes. Hospitals perform many joint replacement and repair surgeries, including procedures requiring artificial cartilage implants. This has contributed to the development of technical orthopedic departments within hospitals focusing on joint replacement and repair surgeries. In many countries, health insurance policies cover hospital-based surgeries, making it more affordable for patients to undergo joint replacement or repair procedures in a hospital setting. This has contributed to the dominance of the hospital segment in the artificial cartilage implants market.
The ambulatory surgical centers segment accounted for a significant revenue share of the artificial cartilage implants market. Ambulatory surgical centers generally have lower overhead costs than hospitals, which can translate to lower patient costs. This makes these centers attractive for patients with limited insurance coverage or who prefer to pay out of pocket for their surgical procedures. Ambulatory surgical centers are increasingly equipped with advanced medical technology and equipment, enabling them to perform more complex orthopedic procedures, including joint replacement and repair surgeries that require artificial cartilage implants.
Artificial Cartilage Implants Market by Region
Geographically, the global artificial cartilage implants market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The North America region accounted for a significant market revenue share in 2022. The rising prevalence of joint disorders, such as osteoarthritis, rheumatoid arthritis, and other types of joint injuries, in the region is fueling the demand for artificial cartilage implants. According to the CDC, approximately 32.5 million people in the U.S. are affected by osteoarthritis. The region has a highly advanced healthcare infrastructure, advanced medical technologies, and highly skilled healthcare professionals. This has enabled the region to adopt new medical technologies and surgical techniques, including artificial cartilage implants. The North America region has a growing geriatric population, which is more prone to joint disorders and injuries. This has contributed to the rising demand for joint replacement and repair surgeries, thus increasing the need for artificial cartilage implants. Several countries in the region have favorable reimbursement policies for artificial cartilage implant surgeries, making them more accessible and affordable for patients. Moreover, the number of knee injuries is also expected to increase the number of knee replacement and treatment surgery, which is expected to fuel the revenue growth of the North America region. The research conducted by Consumer Product Safety Commission estimates that there are 2.29 knee injuries for every 1,000 people in the U.S., in which strains and sprains are the most common knee injury, which is around 42.1%.
Artificial Cartilage Implants Market Competitive Landscape
The prominent players operating in the global artificial cartilage implants market are:
Artificial Cartilage Implants Market Strategic Developments
An artificial cartilage implant is a medical device designed to replace damaged or diseased cartilage in the human body, particularly in the joints.
The rising global aging population and technological advancement are some of the driving factors in the market.
The prominent players operating in the global artificial cartilage implants market are Zimmer Biomet, Johnson & Johnson, Stryker Corporation, Smith & Nephew, and Medtronic Plc.
The lower extremity joints segment dominates the global artificial cartilage implants market.
The high cost of artificial cartilage implants and the availability of alternative treatments are some revenue growth restricting factors for the global market.
*Insights on financial performance are subject to the availability of information in the public domain