Regenerative Medicine Market (Bone and Joint) (By Technology - Stem Cell Therapy, Biomaterial and Tissue Engineering; By Applications - Bone Graft Substitutes, Osteoarticular Diseases, Allogeneic Products, Autogenic Products and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019
Albany, NY -- (SBWIRE) -- 04/15/2015 -- Regenerative medicines possess the distinctive capability to repair, reinstate, and regenerate tissues and organs damaged owing to injuries, diseases, or because of natural progression of age. These regenerative medicines are capable of re-establishing the functionality of tissues and organs. These medicines are applicable in a broad range of degenerative disorders such as dermatology, cardiovascular and neurodegenerative diseases, and orthopedic applications. Medical professionals and scientists are researching to develop technologies based on genes, biologics, somatic and stem cells.
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Technological Development to Drive Global Regenerative Medicine Industry
The technological development in tissue engineering and stem cell therapy is likely to augment the growth in the global regenerative medicine market particularly the bone and joint segment. In addition to this, the rising prevalence of bone and joint disorders has also caused the regenerative medicine market to grow at a healthy pace. However, some factors such as strict regulatory measures, ethical issues related to stem cell therapy, and infections occurring post implant are likely to hamper the development in the global market for regenerative medicine during the period of 2013 to 2019.
Biomaterial, stem cell therapy, and tissue engineering are the three segments of the global regenerative medicine industry according to the technologies employed in this market. In 2012, the biomaterials segment occupied the biggest share in the global regenerative medicine industry pertaining to bone and joint because of the strong demand for biomaterials and favorable reimbursement policies in the global regenerative medicine market. On the other hand, the high cost of biomaterials would prove to be a restricting factor to the growth of the global market to a large extent in the coming years.
Post Implantation Infection to Hamper Growing Regenerative Medicine Industry
Osteoarticular diseases, bone graft substitute, autogenic bones, allogeneic bones, and others are the categories of the global market for regenerative medicines based on various applications of these medicines. The bone graft substitute segment held the biggest share in the overall regenerative medicine application market in 2012, due to the growth in the demand for bone graft substitute in orthopedic surgeries. But, post implantation infection linked with bone graft substitute is considered as a critical factor that can limit the global demand for bone graft substitutes.
The regenerative medicine market concerning bone and joint is regionally distributed into regions such as North America, Europe, Asia Pacific, and Rest of the World. The market in North America held the biggest market share for regenerative medicine across the globe in 2012 owing to the rise in orthopedic reconstructive surgeries and introduction of technically advanced medical products and devices.
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Europe qualified for the second largest position in the global regenerative medicine industry based on bone and joint in 2012. A huge base of geriatric population is the most important factor that drives the growth of regenerative medicine industry in this region. Asia Pacific is likely to exhibit exceptional growth with the highest growth between 2013 and 2019 owing to the large base of prospective reconstructive surgery patients and support from federal government.
Global Regenerative Medicine Industry to reach US$6,473 million by 2019
In 2012, the global regenerative medicine industry with reference to bone and joint had reached a value of US$2,589.5 million. It is estimated that this industry will expand at a CAGR of 12.8% between 2013 and 2019 and will attain an expected value of US$6,473.4 million by the end of the forecast period.
The global market for regenerative medicine is highly fragmented. The key players of this industry are Stryker Corporation, Zimmer Holdings, Inc., CONMED Corporation, Baxter International, Inc., Anika Therapeutics, Inc., Medtronic, Inc., Smith & Nephew plc, DePuy Synthes, Inc., and Arthrex, Inc.
In May 2013, Smith & Nephew procured an Indian medical technology firm named Sushrut Surgical Pvt. Ltd., whose product portfolio consists of spine salvage products, limb salvage products, and trauma implants and instruments. This procurement would expand the business and improve the product portfolio of Smith & Nephew. It would also help the firm in seizing a lucrative share in the Asia Pacific market for regenerative medicine.
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