Regenerative Medicine (Bone And Joint) Market Set for Rapid Growth, to Reach around 11.1% of CAGR by 2027 | Industry Key Players, Trends and Development | coherentmarketinsights.com
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Regenerative medicines are medical products or active pharmaceutical ingredients that have the ability to cure or replace organs and tissues organs damaged by various factors such as aging, diseases, trauma, and can also be used to provide stability in congenital disorders. Regenerative medicine for bone and joint is considered an emerging and promising field.
The global regenerative medicine (bone and joint) market is estimated to account for US$ 7,189.8 Mn in terms of value in 2020 and is expected to reach US$ 14,990.0 Mn by the end of 2027.
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Global Regenerative Medicine (Bone and Joint) Market: Drivers
Approval and launch of new products is expected to propel growth of the global regenerative medicine (bone and joint) market over the forecast period. For instance, in January 2020, Carmell Therapeutics received clearance from the U.S. Food and Drug Administration (U.S. FDA) for Investigational New Drug Application for the company’s first product, which is a bone healing accelerant (BHA).
Global Regenerative Medicine (Bone and Joint) Market: Opportunities
R&D of new products is expected to offer lucrative growth opportunities for players in the global regenerative medicine (bone and joint) market. For instance, in June 2019, Personalized Stem Cells, Inc. submitted an Investigational New Drug Application (IND) to the U.S. FDA for utilizing patients own adipose-derived stem cells to treat their osteoarthritis.
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Global Regenerative Medicine (Bone and Joint) Market: Restraints
Ethical issues and post implantation infections are hindering growth of the global regenerative medicine (bone and joint) market. Utilization of adult stem cell for research and derivation of stem cell from excess in-vitro fertilization embryo does not pose any ethical concern. However, creation of embryo for research is an ethical concern and is prohibited. Moreover, utilization of adult stem cell for commercial purposes has become a threat to mankind and is considered as an ethical issue worldwide.
The global regenerative medicine (bone and joint) market was valued at US$ 6,473.4 Mn in 2019 and is forecast to reach a value of US$ 14,990.0 Mn by 2027 at a CAGR of 11.1% between 2020 and 2027. Major factor driving the growth of global regenerative medicine (bone and joint) market during the forecast period include technological advancement, and increasing prevalence of musculoskeletal disorders.
Biomaterial held dominant position in the global regenerative medicine (bone and joint) market in 2019, accounting for 62.7% share in terms of value, followed by Stem Cell and Tissue Engineering, respectively. Increasing use of regenerative medicine is expected to support growth of the segment over the forecast period.
High prevalence of rheumatoid arthritis is expected to propel growth of the global regenerative medicine (bone and joint) market over the forecast period. For instance, according to results of a systematic analysis published in the Annals of the Rheumatic Diseases in October 2019, the global prevalence of rheumatoid arthritis was 19,965,115 in 2017, with an age-standardized prevalence rate of 246.6 cases/100,000 population, which increased by 7.4% between 1990 and 2017.
Major players in the global regenerative medicine (bone and joint) market are focused on approval and launch of new products to expand their product portfolio. For instance, in January 2020, Royal Biologics launched Magnus viable cellular bone matrix, which is an osteoconductive bone scaffold and is composed of demineralized cortical, mineralized cortical, and cancellous bone that is stored in a DMSO-free cryoprotectant.
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Global Regenerative Medicine (Bone and Joint) Market: Competitive Landscape
Major players operating in the global regenerative medicine (bone and joint) market include Anika Therapeutics, Inc., Arthrex, Inc., Baxter International, Inc., CONMED Corporation, DePuy Synthes, Inc., Medtronic, Plc, Smith & Nephew plc, Stryker Corporation, Zimmer Holdings, Inc., Aziyo Biologics, and Ortho Regenerative Technologies Inc.
Global Regenerative Medicine (Bone and Joint) Market: Key Developments
Major players in the global regenerative medicine (bone and joint) market are focused on adopting various strategies to enhance their market share. For instance, in August 2020, Ortho Regenerative Technologies Inc. announced the closing of a non-brokered US$ 2.5 million private placement of units.
To know the latest trends and insights prevalent in the Global Regenerative Medicine (Bone and Joint) Market Press Release, click the link below: https://www.coherentmarketinsights.com/press-release/regenerative-medicine-bone-and-joint-market-3481
- By Technology
- Stem Cell
- Tissue Engineering
- By Application
- Bone Graft Substitutes
- Osteoarticular Diseases
- Allogeneic Bones
- Autogenic Bones
- By Region
- North America
- Latin America
- Asia Pacific
- Middle East
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