Global Artificial Cartilage Implant Market: An Overview
Cartilage is a semi-solid dedicated connective tissue. It performs a wide range of roles in the human body. It is designed to bear weight, give support, torsion, and bending, and resists tension. Autologous chondrocyte implantation (ACI) is an advanced cartilage implantation method used in the new formation of the impaired articular cartilage.
According to the National Joint Registry in the U.K., approximately 160,000 people undergo knee replacement procedures each year. The growing research and developments in relation to synthetic materials, repair procedures, and technologies like 3-D printing are expected to bring major changes to artificial cartilage implant medical procedures in the near future.
The Food and Drug Administration in the U.S. recently granted an approval for synthetic cartilage implants for arthritis. Arthritis is a common ailment among old people. Additionally, the global artificial cartilage implant market is expected to offer treatment for important body parts such as the toe, which bears a major brunt while walking and lifting the body.
The Transparency Market Research (TMR) report provides an astute analysis of the global artificial cartilage implant market, which includes an in-depth analysis of development indicators and demand parameters that could influence the growth of this market. Main market parameters such as demand drivers and challenges of the global artificial cartilage implant market are discussed at length in this report.
Global Artificial Cartilage Implant Market: Key Trends
Currently, there are over 54.4 million adults in the U.S. who suffer from gout, rheumatoid arthritis, and common arthritis, according to Centers for Disease Control and Prevention. The number is expected to increase rapidly due to growing cases of geriatric ailments. Additionally, ailments like diabetes and lifestyle-related issues such as lack of exercise and fast foods are expected to result in more growth for the artificial cartilage implant market.
Current cartilage implants in the market are not permanent solutions. Additionally, people who undergo surgeries experience immense pain when the connective tissue needs to be replaced. Hence, innovative technologies like durable cartilage implantation are expected to gain a prominent status in the near future. These technologies still in the pipeline of government body approvals replicate both flexibility and strength of the original tissue, and is expected to drive the global artificial cartilage implant market.
The global artificial cartilage implant market also faces some challenges in the near future. The key challenge in the artificial cartilage implant is the high cost of the replacement surgeries. Also stringent regulation procedures by the FDA are also expected hinder the market growth. However, newer synthetic materials which cause fewer complications during surgeries and increase the lifeline of the tissue are expected to drive growth.
Global Artificial Cartilage Implant Market: Regional Outlook
Region wise, the upcoming report by TMR can offer insights into the global artificial cartilage implant market in North America, Western Europe, Asia-Pacific, Eastern Europe, Latin America, Middle East and Africa.
The artificial cartilage implant market in North America is expected to bag a notable share of the global artificial cartilage implant market. Large number of knee replacements, increasing geriatric population, and favorable healthcare insurance policies in the U.S. are the driving factors for the market’s growth in North America. The artificial cartilage implant market in Asia Pacific is expected to register robust growth. The Asia Pacific market is expected to register significant CAGR growth during the forecast period. Large population, growing number of elderly people, and increasing public and private funding for research and modernization of medical care infrastructure will contribute to the growth of artificial cartilage market in Asia Pacific region.
Global Artificial Cartilage Implant Market: Competitive Dynamics
A few of the main players in global artificial cartilage implant market are Azellon Cell Therapeutics, Biomet, Inc., DePuy, Anika Therapeutics, and CellGenix.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.