Answer:
Currently there is no effective way of replacing the cartilage that is damaged or worn out. There are some promising treatments that are on the horizon that may change this situation - but are still a few years away and currently considered experimental.
Sometimes a treatment with an injection of a collagen (visco-supplementation) that is derived from rooster combs can be effective for some patients.
Alternative options like acupuncture, topical analgesics (capsaicin cream), physical therapy or a knee brace can all help control pain as well.