The global regenerative medicine market (bone and joint) was valued at USD 2.6 billion in 2012 and is estimated to reach a market worth of USD 6.5 billion in 2019 growing at a CAGR of 12.8% from 2013 to 2019.
Albany, NY -- (SBWIRE) -- 08/19/2016 -- The competitive landscape of the global regenerative medicine market includes players such as CONMED Corporation, Anika Therapeutics Inc., Arthrex, Inc., Baxter International Inc., Smith & Nephew PLC, DePuy Synthes Inc., Stryker Corporation, Medtronic Inc., and Zimmer Holdings Inc. Though North America and Europe were the largest markets for regenerative medicines, the market players are increasingly shifting their focus on the emerging economies across Asia Pacific such as India, South Korea, Japan, and China. These countries are registering an increased demand for various bone and joint reconstructive products such as Osteocel Plus (NuVasive Inc.), Trinity Evolution (Orthofix Inc.), and INFUSE Bone Graft (Medtronic Inc.) owing to the rapid growth of the healthcare sector and the rising pool of patients. The market players are investing in rigorous research and development initiatives for innovative products.
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Demand for Tissue Engineering to Rise amid High Cost of Biomaterials
Regenerative medicine is an emerging branch of medical science and is being extensively used to treat cardiovascular disease, musculoskeletal disease, and orthopedic disorders. The growing prevalence of bone and joint disorders and the rise in orthopedic surgeries have fuelled the demand for regenerative medicines. Furthermore, technological innovations in stem cell therapy, biomaterials, and tissue engineering have supported the growth of the global regenerative medicines market. However, regulatory constraints pose a threat to the development of regenerative medicines. "Ethical issues related to allogeneic bone grafts and stem cell therapy, and post implantation infections are impeding the growth of the overall market," the analyst states.
Technology has played a pivotal part in the success of regenerative medicines. Favorable reimbursement policies had augmented the demand for biomaterials in 2012. However, tissue engineering is being increasingly preferred over biomaterials. In fact, during the period between 2013 and 2019, tissue engineering is anticipated to expand at the fastest pace. "The high cost of biomaterials has led to their decreased adoption among patients," the analyst mentions.
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