Southeast Asia Artificial Joints and Artificial cartilage and artificial Joints Market size- Industry Trends & Forecast Report 2026.
The South East Asia artificial cartilage and artificial joints market is growing at a potential growth rate Year-over-Year (YoY) and has reached USD 7.3 billion in 2019. The market is further expected to touch USD 15.0 billion by 2026, growing at a CAGR of 11.8% during 2020-2026 (forecast period). The artificial cartilage and Artificial Joints market is likely to grow in the forecast timeframe due to the rising usage of artificial cartilage and artificial Joints implants to repair degenerative cartilages. Additionally, they are useful in delaying total and partial joint replacement surgeries in elderly patients.
Source: BlueWeave Consulting
Southeast Asia artificial cartilage and artificial Joints Market Overview:
Cartilage is defined as the semi-rigid specialized connective tissue which performs a various range of functions in the human body. It provides support, also bears weight, tension, torsion, and bending. Cartilage is also known as articular cartilage, elastic cartilage, and fibrocartilage. Each cartilage type owns a different function. The elastic cartilage among all helps in the maintenance of shape. Additionally, Cartilage also functions as a binder between two bones, permitting smooth motion between adjoining bony segments. Furthermore, the cartilages are required for runners and exercisers.
Artificial cartilage and artificial Joints Market Forecast and Trends
Increasing incidence of osteoarthritis
The rising cases of osteoarthritis are the major driver for the market as in the past years, the cases of osteoarthritis have raised across the globe. According to the studies, it is reported that around 1 million knee and hip replacement procedures were conducted each year in the region. it is also reported that degenerative joint diseases such as osteoarthritis will likely affect more than 130 million patients worldwide by 2050. The most adapted treatments for osteoarthritis are autologous chondrocyte implantation and Scaffold implants. Hence, the osteoarthritis rising cases are expected to drive the demand for cartilage repair and regeneration products.
Adoption of the technological advancements
Advanced adoption of the country's technical advances in the healthcare industry is acting as the major driver for the market. The bone defects which are caused by trauma, tumor resection, infection, and other congenital deformities, can be treats with artificial cartilage and artificial Joints is the Novel strategies have been utilizing such as cell sheet technology to enhance bone and cartilage regeneration. These are been developed over the past years and have shown great clinical potential in regenerative medicine due to their effective preservation of cell-cell connections and extracellular matrix and their scaffold-free nature. Additionally, recent advances in utilizing cell sheet technology are launched to regenerate bone and cartilage defects and bone–cartilage complex defects.
High cost of cartilage repair surgeries
Being the most useful repair surgeries and better and long-lasting results, these artificial cartilages have some demerits. The high cost associated with these therapies is one of the major factors limiting their adoption among patients. For instance, the average cost for knee replacement procedures is likely to be known around USD 16,000, while the average cost of cartilage repair procedures could be around USD 18,000–USD 23,000 the procedure. These huge investment costs underrate the results of cartilage repair therapies, and in turn, may result in a fewer preference for these procedures.
Impact of COVID-19 in industry
Southeast Asia's economy and humanity have been pushed into a crisis due to the COVID-19 pandemic. Due to the high infection rate and adverse impact on public health systems, various governments have enforced nationwide lockdowns significantly impacting manufacturing supply chains, trade, and related services. Players are currently considering digital solutions that would enable them to serve the community and provide new opportunities to do business. The production, manufacturing, supply chain, and other operations, have slowed down south East Asia artificial cartilage and artificial Joints aimed to limit the spread of corona virus,
The South East Asia impact of the coronavirus disease 2019 (COVID-19) is likely only beginning and would significantly affect the artificial cartilage and artificial Joints market in 2020. The outbreak of COVID-19 has brought with it travel bans and quarantines; massive slowing of the supply chain; uncertainty in the stock market; falling business confidence, and growing panic among the population. Despite the growing uncertainty and panic, technology suppliers must continue to focus on their long-term investments, maintain engagement with partners and prospects, and look to specific markets for stability.
Artificial cartilage and artificial Joints Market: By Product
Based on the product, the market is segmented into Cemented Joints, Non-Cemented Joints. The rising geriatric population and obese individuals are leading to musculoskeletal disorders, hypertension, and other lifestyle diseases. Osteoarthritis is the most prevalent musculoskeletal disease affecting the geriatric population, causing a rise in demand for artificial joints. Moreover, the artificial joints with integrated circuits and other R&D initiatives relevant to the artificial joints accessing brain neuron impulses are expected to further drive the growth of the market. However, factors such as the high cost of artificial joints and product recalls are expected to hamper the growth of the market.
Artificial cartilage and artificial Joints Market: Regional Insight
South East Asia region is likely to dominate in the artificial cartilage and artificial Joints market as developing countries like China and India have major contributing largely to the market. The opportunities for industrial production of artificial cartilage and artificial Joints equipment, retail sales, and fixed-asset investment for artificial cartilages are driving the market. Several other economies such as Indonesia, the Philippines, and Singapore in the region are also forecast to grow at modest rates. The company's productivity is directly proportional to the productivity of workers. Hence, businesses in these regions are commonly embracing different instruments to help workers increase their productivity.
· In 2019, Smith & Nephew had acquired one company namely Osiris Therapeutics, Inc. This acquisition helped in developing the company’s customer base and enhanced the advanced artificial cartilage and artificial Joints segment of Smith & Nephew. This acquisition would be further likely to benefit the company in terms of high revenue generation.
· In 2019, MEDIPOST had expanded the GMP manufacturing facility to accelerate CARTISTEM production. This is used in the artificial cartilage and artificial Joints treatment and hence would help the company in diversifying their services.
The artificial cartilage and Artificial Joints market is fragmented owing to the presence of several companies that provides varied artificial cartilage and artificial Joints products. However, the companies that hold the majority share of the artificial cartilage and artificial Joints market are, Syntellix A.G., Conformis, Osteopore International Pte Ltd, SmartBones,BioSpace.com. , EUREKA Clusters Artificial Intelligence Call – Enterprise, Auxein, B. Braun, Sandvik Coromant and others, and other prominent players.
In the artificial cartilage and artificial Joints market, prominent market participants compete based on price and product quality. Small and medium-sized market players are expected to show considerable improvements in the foreseeable future, given the moderate level of capital expenditure needed to set up a business. The large-sized companies, however, are likely to aim for south East Asia expansion, in a bid to gain a more considerable brand reputation.
Scope of the Report
Historical data – 2016-2019
Base Year – 2020
Forecast – 2021 – 2027
Revenue in USD Million
U.S, Canada, Germany, UK, France, Italy, Spain, Russia, Brazil, Japan, South Korea, China, UAE, South Africa, UAE, Turkey
By material, By Product, By application, By technology and By Country
Syntellix A.G., Conformis, Osteopore International Pte Ltd ,SmartBones ,BioSpace.com. , EUREKA Clusters Artificial Intelligence Call – Enterprise ,Auxein ,B. Braun ,. Sandvik Coromant and others
Scope of the Report
Ø Cobalt-Chromium Alloys
Ø Titanium and Titanium Cobalt
By End User
Ø Prosthetics Clinics
Ø Rehabilitation Centre
Ø Ambulatory Care Centers
Ø Orthopedic Clinics
Ø Artificial Joints of Knee
Ø Artificial Joints of Hip
Ø Artificial Joints of Shoulder
Ø 3D Printing
Ø Cemented Joints
Ø Non-Cemented Joints