Regenerative Medicine Market
Regenerative Medicine Market (Bone and Joint) (Technology - Stem Cell Therapy, Biomaterial and Tissue Engineering; Application - Bone Graft Substitutes, Osteoarticular Diseases, Allogeneic Products, Autogenic Products and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019
Press Release :
Competition Heats up in Nascent Regenerative Medicine (Bone and Joint) Market with More Players Entering it
A large pool of elderly worldwide and the rising instances of external and internal injuries has led to increasing uptake of regenerative medicine (bone and joint) – a relatively new concept which promotes the human body’s natural capacity to heal. Another factor that has served to boost the market is the technological progress in biomaterials. Despite such tailwinds, however, the market is yet to reach its full potential owing to regulatory constraints, complications and infections, and other ethical concerns.
The market at present is in a nascent stage, and hence has a strong potential to grow in the near future. Hence, many aspiring players are entering the fray and are upping the ante against their well-entrenched counterparts with more effective products. This is also expected to heat up competition in the market for regenerative medicine (bone and joint) which at present is fragmented. According to a report by Transparency Market Research, the market is predicted to attain a value of US$6.5 bn by 2019.
Stem Cell Technology Primed to Revolutionize Market
The global market for regenerative medicine (bone and joint) can be segmented on the basis of technology into biomaterials, stem cell therapy, and tissue engineering. Of them, the stem cell technology holds out maximum potential in the market at present. It is a bio-based alternative that is gaining traction in spite of the swift development of synthetic options. This is because of the high generative capacity of the stem cells that brings about production of other cells in the body. Not just in bone and joint disorders, regenerative medicine also finds usage in treating retinal diseases, cancer, diabetes, Alzheimer’s, rheumatoid arthritis, cerebral palsy, autism spectrum, and others.
Going forward, stem cells are predicted to play a crucial role in regenerative medicine which serves to treat the primary cause of the ailment, instead of the symptoms unlike other medicines. Many breakthroughs have already been reported in this direction. However, despite all the progress in the domain of stem cell therapy, the segment of biomaterials accounts for a leading share at present and going forward too is expected to hold onto it.
Thrust on Research and Development Makes North America Leading Regional Segment
From a geographical standpoint, North America dominates the global market for regenerative medicine (bone and joint) owing to the extensive cutting-edge research and development being carried out in the U.S. mainly. This is primarily due to the large allocations by both government and private players. Another reason for the North America market dominating is the large elderly population in the region who are highly susceptible to bone and joint issues and the high medical spends of the overall population.
Asia Pacific is another attractive region in the market for regenerative medicine (bone and joint). Numerous factors such as a strengthening healthcare infrastructure, a large patient pool because of a large population, surging awareness about regenerative medicines, and increasing ability of people to spend on better treatments are playing a key role in promoting the market in the region. Japan is one of the main markets in the region owing to fewer regulatory restraints, coupled with technological advancements in the area of regenerative medicine.
Regenerative medicine is an emerging field in the healthcare industry concerned with the repair, replacement, and regeneration of damaged human tissue and organs. This includes damage from age-related degeneration, congenital defects, accidents, or diseases. Due to its vital contribution, regenerative medicine is becoming widely popular in the treatment of neurological, cardiovascular, musculoskeletal, and orthopedic conditions. Bone and joint conditions are among the leading applications of regenerative medicine. The viability of several synthetic alternatives to bones and joints is one of the key points that have driven investment in regenerative medicine in the recent past.
The report presents a detailed summary of the historical development trajectory exhibited by the global regenerative medicine market and explains the market’s present condition through industry-standard analytical tools. A solid analysis of the market’s statistics is used to derive reliable forecasts regarding the development of the market in the coming years. According to the report, the global regenerative medicine market is expected to reach a valuation of US$6.5 bn by the end of 2019.
Global Regenerative Medicine Market: Trends and Opportunities
The increasing incidence of bone and joint diseases and injuries, brought about by the chronic damage done by the unhealthy lifestyle of most urban consumers and the rising number of vehicular and sports accidents, is the key driver for the global bone and joint regenerative medicine market. The sedentary lifestyle and chronically unhealthy diets of many urban individuals leave them prone to diseases that weaken or damage the bones, leading to a greater demand for orthopedic implants.
While synthetic alternatives to bones and tissues are being developed at a steady rate, biobased alternatives such as stem cell therapy and tissue engineering have enjoyed a rapid emergence in the last few years. The ability of stem cells to develop into multiple types of human cells makes them vital in the treatment of several types of diseases. Stem cells are being intensively researched at present to maximize the scope of their use, and their use is likely to become increasingly important to the regenerative medicine market over the coming years. However, the biomaterials segment is likely to remain the leading contributor to the global regenerative medicine market in the near future.
On the other hand, ethical objections to the use of stem cells have held back their widespread use and have also led to some restrictions on research into their utility in medicine. This is a key restraint on the overall regenerative medicine market, since stem cells are likely to be a crucial part of the future of the market.
Global Regenerative Medicine Market: Geographical Segmentation
Regionally, North America is the key contributor to the global regenerative medicine market due to the presence of several leading market players in the region, which has led to the latest advances in the field becoming easily available to patients. The well-funded R&D environment in the U.S. is also a key driver for the North America bone and joint regenerative medicine market, which is likely to remain a dominant regional market for regenerative medicine in the coming years.
Asia Pacific is likely to emerge as a leading regional market for bone and joint regenerative medicine in the coming years. The increasing patient pool of bone and joint conditions and the steady rise in healthcare expenditure in Asia Pacific are vital in ensuring sustained growth of the Asia Pacific regenerative medicine market in the coming years. Many key multinational players in the regenerative medicine market have identified Asia Pacific as a high-potential market for the future and have accordingly taken steps to expand their presence in the region.
Key players examined in the report include Smith & Nephew plc, Anika Therapeutics Inc., DePuy Synthes Inc., Baxter International Inc., Stryker Corporation, Medtronic Inc., Arthrex Inc., Zimmer Holdings Inc., and CONMED Corporation.
Global Regenerative Medicine (Bone and Joint) Market by Technology
- Stem Cells
- Tissue Engineering
Global Regenerative Medicine (Bone and Joint) Market by Application
- Bone Graft Substitutes
- Osteoarticular Diseases
- Allogeneic Bones
- Autogenic Bones
Global Regenerative Medicine (Bone and Joint) Market by Geography
- North America
- Asia Pacific
- Rest of the World