Artificial cartilage is a synthetic cartilage implant, usually used after cartilage damage or osteoarthritis. Patients with osteoarthritis use artificial cartilage implants to delay joint replacement surgery. These implantable cartilages are made of biocompatible polyvinyl alcohol, and they are designed to relieve arthritis in the joints of common toes, knees, and thumbs. The artificial cartilage implant market aims to replace the damaged cartilage surface of various joints such as toes, thumbs, and knees. here are many reasons for the damage of articular cartilage. Once the articular cartilage is damaged, the joint movement function will be affected. With the development of medicine, the demand for artificial joints will increase.
Cartilage Implant & Artificial Joint Market is divided into upper extremity joints, lower extremity joints and vertebral joints. Upper extremity joints are the joints of the upper limbs of the human body. There are mainly shoulder joints, elbow joints, finger joints and wrist joints. Lower extremity joints include hip, knee, ankle and foot joints. In joint replacement surgery, hip and knee joints are the two main types. At present, lower extremity joints are the major part of the overall Southeast Asia cartilage implant and artificial joint market, accounting for 80.36% of the market share, and is expected to reach a market value of $670.84 million by 2027, remaining the highest market value among all types.
Cartilage implants and artificial joints are medical supplies, so they are applied in hospitals, ambulatory surgical centers, and clinics. Because of its well-established medical facilities and advanced medical technology, hospitals have become the part with the largest market share among all applications. In 2019, the market value of hospitals in the industry $377.51 million. Ambulatory surgical centers and clinics were $65.75 million and $179.38 million, respectively.
Southeast Asia Cartilage Implant & Artificial Joint Industry Market Status and Prospect Analysis
Indonesia is the largest revenue market with a market share of 32.86% in 2019. Vietnam ranks second with its market share of 25.74%. Moreover, the cartilage implant and artificial joint market in Thailand is expected to be the most promising market with an estimated market value of $129.71 million by 2027, up from $93.77 million in 2019.
As the largest country in ASEAN, Indonesia accounts for about 40% of its population, area and total economy. Economic growth has been maintained at around 5% for many years, ranking among the forefront of the world economy. As a result, the cartilage implant and artificial joint industry has continued to develop positively. In 2019, its market value has reached 204.6 million, ranking first in Southeast Asia.
Vietnam economy is a socialist-oriented market economy, the 45th largest in the world. It is also a member of the Asia-Pacific Economic Cooperation, ASEAN and the World Trade Organization. Vietnam has a fairly extensive hospital network with 1,531 hospitals, of which 86% are public and 14% are private. Therefore, the cartilage implant and artificial joint industry is highly guaranteed to grow in Vietnam. Its market value is expected to reach $217.58 million by 2027
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In addition, Singapore will also be one of the most promising growth markets for the cartilage implant and artificial joint industry. According to the United Nations, Singapore is the second fastest aging country in the world after South Korea. With a declining birth rate and restrictions on foreign workers, Singapore is increasingly dependent on the elderly. In turn, the elderly is prone to suffer from osteoporosis, leading to an increasing demand for cartilage implants and artificial joints in Singapore for a long time to come. The market value is $9.53 million in 2019 and is expected to increase to $13.12 million by 2027.
The Market for Cartilage Implants and Artificial Joints Will Continue to Expand as Medical Advances Continue to Improve
According to the survey, the total sales of the cartilage implant and artificial joint market in Southeast Asia was $523.18 million in 2015, and increase to $622.65 million in 2019. The market value is expected to reach $837.85 million by 2027. The CAGR of Cartilage implants and artificial joints is 5.66% from 2020 to 2027.
However, there are still some factors that will affect the further development of the industry, mainly in the supply of raw materials and the operation of the industry market. The impact of COVID-19 has led to a suspension of logistics and a tight supply of raw materials. The suspension of production in factories worldwide will directly affect production schedules and delivery plans. The spread of the epidemic has had a huge impact on the operation of the industry, with many companies unable to operate and sell their products normally, exacerbating the shortage of funds for small and medium-sized enterprises and causing many companies to fall into dilemmas.
With rapid economic and medical development and increasing patient acceptance of orthopedic implants, the global demand for high-end cartilage implants and artificial joints will continue to grow at a high rate. In the future, investment and M&A in the field of high-end cartilage implants and artificial joints will increase. The good market prospect and huge growth space will bring more impetus to the development of enterprises. With the upgrading of consumption concept, people pay more and more attention to health, the proportion of medical expenditure gradually increases, and the ability to pay for cartilage implants and artificial joints gradually increases, increasing the consumption of cartilage implants and artificial joints.
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