Impact of Coronavirus (Covid-19) | Regenerative Medicine Market Size 2021 Emerging Trends, Growing At A CAGR of 10.3% | Coherent Market Insights
SEATTLE, May 05, 2021, (PHARMIWEB) —
Regenerative medicine is a biological heterogeneous domain that incorporates material science, engineering, medicine, biological science, and surgery. It acts therapeutically by augmenting and stimulating the body’s capacity for regeneration and self-repair. Regenerative medicine involves the development of methods to regrow, repair or replace either the damaged or diseased cells, organs or tissues. This medicinal branch includes the generation and usage of stem cells and tissue engineering.
Moreover, Major players in the market are also focused on expanding their capabilities. For instance, in March 2020, BioStem Life Sciences, a subsidiary of BioStem Technologies Inc. and a developer of regenerative therapies, announced to add R&D laboratory to its Florida, U.S. facility.
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During the forecast period, the global regenerative medicine (bone and joint) market is expected to experience a robust growth owing to the focus of market players on approval and launch of their products. Aziyo Biologics, Inc. released the latest OsteGro and OsteGro V products in 2017. Aziyo’s patented method optimises the materials to secure and retain native bone cells. The OsteGro V is the latest addition to Aziyo’s viable bone matrix programme, which aims and facilitates bone repair.
Furthermore, Anika Therapeutics, Inc, a multinational integrated orthopaedic medicines corporation, announced the soft launch of TACTOSET, its injectable HA-enhanced bone repair treatment, in the United States in September 2018. TACTOSET was created for the treatment of bone voids and other skeletal system bone defects caused by fracture or age-related degeneration.
Impact of COVID-19 Pandemic
The COVID-19 pandemic has had a significant impact on every industry around the world, and it is projected to have a significant impact on the global regenerative medicine (Bone and Joint) market as well:
Ongoing clinical trials in regenerative medicine (Bone and Joint) have had a disappointing effect. Many clinical trials have postponed enrolment on April 29, 2020, according to the NCBI (National Center for Biotechnology Information), in order to reduce the possibility of contracting COVID-19, which has caused a pause in the activation of new clinical trials. Furthermore, several firms have already failed to follow up on patients who have already completed trials. Furthermore, travel limits, medical worries over contracting coronavirus infection, and other reasons all contributed to patients skipping the clinical trial.
Moreover, during the COVID-19 public health emergency, policymakers are focused on taking steps to perform clinical trials of medicinal devices. According to the U. S. FDA (Food and Drug Administration), general considerations to support promoters and researchers in ensuring the wellbeing of study subjects, conformity with good clinical practise (GCP), and minimising threats to trial credibility for the length of the COVID-19 public health emergency were published in July 2020. The guidelines’ appendix also answered several general questions regarding performing clinical trials during the COVID-19 public health emergency that the US Food and Drug Administration (FDA) had obtained from various sponsors and researchers.
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Due to the increased emphasis on gene therapy for bone regeneration, the global regenerative medicine (bone and joint) market is expected to expand. In January 2020, the European Union’s Horizon 2020 discovery and advancement initiative announced the introduction of cmRNAbone, a new gene therapy for bone regeneration. The aim of the project is to provide a new bone regenerative treatment for patients with fracture and osteoporosis. Chemically adapted RNAs and a new vector delivery mechanism had to be used in a biomaterial formulation suited the needs of patients, according to the researchers.
Due to the high prevalence of rheumatoid arthritis throughout, the global regenerative medicine (bone and joint) market is projected to grow at a CAGR of 10.3 percent over the forecast period. For instance, According to findings reported in the Annals of the Rheumatic Diseases in October 2019, the worldwide prevalence of rheumatoid arthritis was 19,965,115 in 2017, with an age-standardized prevalence rate of 246.6 cases/100,000 population, up 7.4% from 1990 to 2017.
Due to increased product approvals by key players, the biomaterial category is expected to maintain a leading place in the regenerative medicine (bone and joint) industry in 2020. The US FDA approved a supplementary Biologics License Application (sBLA) for Praluent (alirocumab) Injection, a PCSK9 inhibitor, in 2018.
Due to the growing production and releases of novel regenerative medicines drugs, the bone graft replacements category is expected to maintain a leading role in the regenerative medicine (bone and joint) industry in 2020. Aziyo Biologics, Inc., a regenerative medicine firm, announced the launch of OsteGro V, a viable cell bone matrix made up of cancellous bone particles, demineralized cortical bone particles, and fibres, on June 29, 2020. The substance aids in the protection and preservation of patients’ native bone cells.
Key companies contributing in the global regenerative medicine (bone and joint) market are CONMED Corporation, Medtronic, Plc, Stryker Corporation, Anika Therapeutics, Inc, Baxter International, Inc., Ortho Regenerative Technologies Inc., Aziyo Biologics, Arthrex, Inc., Zimmer Holdings, Inc., Smith & Nephew plc, and Johnson & Johnson.
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By Technology :
- Stem Cell
- Tissue Engineering
By Application :
- Bone Graft Substitutes
- Osteoarticular Diseases
- Allogeneic Bones
- Autogenic Bones
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