The Europe cartilage degeneration market is expected to reach US$ 3,365. 09 million by 2027 from US$ 2,463. 16 million in 2019; it is estimated to grow at a CAGR of 4. 1% from 2020 to 2027. The cartilage degeneration market in Europe is growing primarily due to the increasing prevalence of sports injuries and obesity.
New York, Oct. 28, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Europe Cartilage Degeneration Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Procedure Type ; Application ; and End User and Country – Regional Analysis and Market Forecasts by Procedure Type, Application and End User" - https://www.reportlinker.com/p05978846/?utm_source=GNW
However, high cost of cartilage therapies and lack of reimbursement scenario are the factors restraining the growth of the market in this region.
Nevertheless, the growing number of product approvals and rising emphasis on regenerative medicines are likely to fuel the growth of the Europe cartilage degeneration market during the forecast period.
Degeneration of cartilage leads to pain and chronic inflammation in joints of a human body.Furthermore, damaged cartilage can potentially influence the quality of a patient’s life.
Continuous research and developments are innovating new techniques and methodologies to deal with damaged cartilages. A few of these techniques comprise joint replacement, cell therapies, and chondroplasty.
Companies in the cartilage degeneration market are undertaking various R&D activities to introduce more innovative products. For instance, in September 2013, OligoMedic, Inc., a global designer, manufacturer, and distributor of osteoarthritis products, launched its CE mark injectable implant JointRep™ for the treatment of cartilage articular joint defect. Also, the new cartilage therapies are enabling the adoption of advanced cell technologies, which are, in turn, strengthening the procedural outcomes. Furthermore, in May 2017, Co.DON AG got European Medicines Agency (EMA) approval for its Spherox, a knee cartilage repair product for the treatment of symptomatic articular cartilage defects in femoral condyle and patella
The players operating in the cartilage degeneration market are focusing on establishing collaborations and partnerships for the development of advanced products with increasing procedural efficiency. For instance, in October 2018, Gelmetix, a UK-based player, and Stemmatters, a Portuguese regenerative medicine company, entered into a strategic partnership for the innovation and development of an advanced knee cartilage repair device. hus, the increasing number of product approvals, developments, advanced technologies, and strategic activities are projected to offer lucrative opportunities for the growth of the market.
The European economy is severely affected due to the exponential rise in the number of COVID-19 patients in this region.The Medical Device Regulation (MDR) requires manufacturers to conduct Post Market Clinical Follow-Up (PMCF) studies to demonstrate the continued safety and performance of their devices.
This is expected to impact the product launch and ongoing clinical trials of medical devices, thereby hampering the sales and market growth. Also, disrupted supply chains, extended lockdowns, and canceling of other medical procedures have adversely affected the growth of the cartilage degeneration market in Europe.
The knee segment accounted for the largest share of the market in 2019.The growth of this segment is attributed to the increasing prevalence of knee injuries.
For instance, according to a study published—based on NCBI data—on an online newspaper, one in four adults suffer from chronic knee pain in this region. Moreover, the prevalence of knee pain has witnessed a massive growth of around 40.0% during the past 4 decades. Furthermore, the increasing awareness of benefits provided by cartilage repair is anticipated to drive the growth of the knee segment.
The major secondary sources associated with the Europe cartilage degeneration market report are the World Health Organization (WHO), British Journal of Sports Medicine, European Society of Sports Traumatology, Knee Surgery, Arthroscopy (ESSKA), Organization for Economic Cooperation and Development (OECD), and others.
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