Some of the prominent players operating in the global market for autologous matrix-induced chondrogenesis (AMIC) are Smith & Nephew plc., Geistlich Pharma AG, and Zimmer Biomet Holdings. Together, they accounted for 47% in the overall market in 2015. This makes the competitive landscape somewhat consolidated.
In order to further augment their shares, such big players have been focusing on increasing their outreach in developing economies of India, Mexico, Brazil, South Africa, and China. These countries are lucrative markets for not just being underpenetrated but also for the availability of low cost skilled labor which makes manufacturing cheaper. Additionally, the soaring popularity of medical tourism in the region has also pushed up demand for AMIC products and procedures.
A report by Transparency Market Research forecasts the global market for autologous matrix-induced chondrogenesis to expand at a healthy 8.6% CAGR from 2016 to 2024 to reach a value US$186.38 mn by 2024 from US$89.71 mn in 2015.
Increasing Instances of Different Bone and Joint Disorders Propels North America Market
Depending upon the material, the global market for autologous matrix-induced chondrogenesis is segmented into hyaluronic acid, collagen, polyethylene glycol (PEG), and poly lactic-co-glycolic acid (PGLA), among others. Among them, the collagen segment accounts for maximum share in the market and is trailed by the hyaluronic acid segment. The two unique perceived benefits of collagen – high tensile strength and excellent handling properties – are predicted to push up its adoption in the foreseeable future.
Geographically, the key segments of the global market for autologous matrix-induced chondrogenesis are North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Of them, North America holds a leading position because of the increasing instances of different bone and joint disorders such as arthritis and rheumatoid arthritis, particularly in the elderly. North America is followed by Europe. In the near future, however, Asia Pacific is expected to outpace all other regions in terms of growth because of the growing demand for minimally invasive procedures which in turn has been brought about by the rising incomes of people in the region.
Soaring Popularity of Minimally Invasive Surgeries Drives Market Growth
At the forefront of driving growth in the global market for autologous matrix-induced chondrogenesis is the rising demand for minimally invasive surgeries. “Autologous matrix-induced chondrogenesis is a biological treatment that uses bi-layer collagen via microfracture surgery to repair articular cartilage damage. This single-step procedure has allowed several end users to opt for the convenient solution of a minimally invasive surgery to overcome bone and joint disorders. The increasing pool of the aging population that is susceptible to such conditions is projected to provide a substantial boost to the overall market in the coming years,” explains the lead analyst of the TMR report.
Rising Sports Injuries Push up Demand in Market
Another factor majorly boosting demand in the global market for autologous matrix-induced chondrogenesis is the growing number of sports injuries on account of higher participation in various kinds of sports, especially adventure sports among the youth. AMIC brings about speedy recovery and lowers risk of unnecessary complications.
Countering the growth in the market, on the other hand, is the inefficient reimbursement system in developing countries of Brazil and India. “Several health insurance companies do not insure AMIC products or procedures, which has discouraged many patients from opting for it. Furthermore, lack of clinical data supporting the advantages and the long-term benefits or consequences of using AMIC products and procedures is also restraining the growth of the global market,” adds the analyst of the report.
This review is based on the findings of a TMR report titled, “Autologous Matrix-induced Chondrogenesis Market (Material - Hyaluronic Acid, Collagen, Polyethylene Glycol (PEG), and Poly Lactic-Co-Glycolic Acid (PGLA)) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016-2024.”
Global Autologous Matrix-Induced Chondrogenesis Market, by Material
- Hyaluronic Acid
- Polyethylene Glycol (PEG)
- Poly lactic-co-glycolic acid (PGLA
Global Autologous Matrix-Induced Chondrogenesis Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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