According to Blueweave consulting, South East Asia artificial joints and artificial cartilage market worth USD 7.3 billion in 2019, and is further projected to reach USD 15.0 billion by 2026, growing at a CAGR of 11.8% during 2020-2026 (forecast period). Cartilage is characterized as the semi-unbending specific connective tissue which plays out a different scope of functions in the human body. It offers help, additionally bears weight, strain, twist, and bowing. The artificial cartilage market is likely to grow in the forecast timeframe due to the rising usage of artificial cartilage implants for the therapy’s treatments, increasing patients’ numbers, and healthcare expenditure in the region.
Increasing incidence of osteoarthritis is likely to drive the artificial cartilage market in South East Asia
The rising instances of osteoarthritis are the significant driver for the market as in the previous years, the instances of osteoarthritis have raised over the globe. As indicated by the examinations, it is accounted that around 1 million knee and hip substitution techniques were led every year in the locale. It is likewise revealed that degenerative joint illnesses, for example, osteoarthritis will probably influence more than 130 million patients worldwide by 2050. The most ordinarily adjusted medicines for osteoarthritis are autologous chondrocyte implantation and Scaffold inserts. Subsequently, the osteoarthritis rising cases are relied upon to drive the interest in ligament fix and recovery items.
Adoption of technological advancements in the artificial cartilage market
Progressed appropriation of the nation’s specialized advances in the medical services industry is going about as the significant driver for the market. The bone imperfections which are brought about by injury, tumor resection, disease, and other innate deformations, can be treats with fake ligament, for example, cell sheet innovation to improve bone and ligament recovery. These are been created over the previous years and have demonstrated extraordinary clinical potential in regenerative medication because of their successful safeguarding of cell-cell associations and extracellular framework and their platform free nature. Furthermore, ongoing advances in using cell sheet innovation are dispatched to recover bone and ligament deformities and bone–ligament complex imperfections.
Challenge of limited cartilage-based stem cell products
These are acting as the major challenges in the artificial cartilage market due to ethical considerations and safety issues, such as immune rejection, tumorigenesis, and teratoma formation. To monitor these activities, strict regulations have been implemented by authorities namely the Human Tissue Authority (HTA), Human Fertilization and Embryology Authority (HFEA), Medicines and Healthcare Products Regulatory Agency (MHRA), and the Central Ethics Committee for Stem Cell Research. Due to these regulations the use of embryonic stem cells in research and development activities, regenerative medicine research can be restricted to a great extent in various countries across the region.
Cemented Joints occupy the largest share of the artificial cartilage market
The popularity of artificial cartilages is growing significantly due to the benefits associated with it. Cemented joints are used to compensate when concrete expands and shrinks with temperature changes. The concrete joints are required to improve the performance of the material and it also allows the materials to contract or move without damaging other structures. The increasing prevalence of arthritis and osteoporosis will upsurge the joint replacement surgeries. According to a recently published report, approximately, 200 million women aged above 60 years are affected by osteoporosis every year dominating the market.
Southeast Asia Artificial Joints and Artificial Cartilage Market: Regional insights
Singapore catering the largest share and expected to witness significant growth in the artificial cartilage market during the forecast period. High industry growth rate, with the emergence of new technology the market is growing. The technology in the healthcare industry is continuously upgrading and offerings are rinsing by the key players to differentiate them from other competitors. This is achieved by various organic and inorganic strategies. Suppliers operating in the industry are continuously working on technical expertise.
South East Asia Artificial Joints and Artificial Cartilage Market: Competitive Landscape
The leading players for southeast Asia artificial joints and artificial cartilage product market include Syntellix A.G., Conformis, Osteopore International Pte Ltd, SmartBones,BioSpace.com. , EUREKA Clusters Artificial Intelligence Call – Enterprise, Auxin, B. Braun, Sandvik Coromant, and others, are expanding their presence in the market by implementing various business strategies. Major players are engaged in mergers and acquisitions, expansion of their manufacturing facilities, infrastructural growth, investment in R&D facilities, and the quest for opportunities to expand vertically through the value chain.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of south East Asia artificial joints and artificial cartilage market size & forecast. The report promises to provide recent technology trends of the creative productivity tool market and industry insights that help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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