ALBANY, New York, February 9, 2017 /PRNewswire/ --
The leading players operating in the Global Autologous Matrix-Induced Chondrogenesis (Amic) Market are working towards strengthening their foothold in emerging economies such as Brazil, India, China, Mexico, and South Africa. The strategy to expand to these countries is expected to benefit the companies as they will be able to employ cheaper skilled labor, thereby bringing down the costs of their products. Furthermore, the burgeoning medical tourism industry in these countries is also expected to augment the demand for AMIC products and procedures. The leading players in the global market as of 2015 were Geistlich Pharma AG, Zimmer Biomet Holdings, and Smith & Nephew plc. Collectively, these companies held a share of 47% in the overall market in 2015.
The global autologous matrix-induced chondrogenesis is expected to be worth US$186.38 mn by 2024 from US$89.71 mn in 2015. During the forecast years of 2016 and 2024, the global market is projected to expand at a CAGR of 8.6%.
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Collagen to Lead with Extensive Usage in Tissue Engineering Applications
On the basis of material, the global AMIC market is segmented into hyaluronic acid, collagen, polyethylene glycol (PEG), and poly lactic-co-glycolic acid (PGLA). Of these, collagen dominates the global market. However, the segment is projected witness a minor slip during the forecast period. Despite factors challenging the collagen segment, it is poised to acquire a share of 49.9% in the overall market by the end of 2024. The extensive usage of collagen for tissue engineering applications is estimated to give the segment a major boost in the coming years.
In terms of geography, the global AMIC market is fragmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Out of all these regional segments, North America is projected to lead the global market throughout the forecast period. Between 2016 and 2024, the North America AMIC market is estimated to expand at a CAGR of 8.3%. This regional market is likely to be driven by the growing pool of geriatrics.
Sports Injuries to Offer Lucrative Ground for AMIC Products and Procedures
The mounting demand for minimally invasive surgeries is expected to spike the sales of AMIC materials and products in the coming few years. AMIC 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.
The market is also likely to be driven by the increasing number of sports injuries are participation in various types of sports continues to be on the rise. The growing popularity of adventurous sports among the younger population is expected to fuel the uptake of AMIC material and products to treat sports injuries. The fast recovery rate of the AMIC has also benefited the global market as it considerably reduces the risk of unnecessary complications.
Lack of Insurance Policies for AMIC Procedures to Dampen Market Spirits
The steadfast demand for AMIC is being deterred by the inefficient reimbursement system in developing countries such as Brazil, Australia, 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.
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This review is based on Transparency Market Research's report, titled "Autologous Matrix-induced Chondrogenesis Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 - 2024."
The global autologous matrix-induced chondrogenesis market has been segmented as follows:
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
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