Regenerative Medicine Market Value Projected to Expand by 2019

The global regenerative medicine market is anticipated to expand at a CAGR of 12.8% during the period between 2013 and 2019. The overall market stood at a valuation of US$2.6 bn in 2012 and is projected to be worth US$6.5 bn by 2019.

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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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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.

In terms of application, the global regenerative medicine market is broadly categorized into osteoarticular diseases, bone graft substitutes, autogeneic bones, allogeneic bones, and others. Bone graft substitutes had witnessed the highest demand in 2012 owing to the rise in orthopedic surgeries. A number of key market players have developed innovative bone graft substitutes. However, the demand for bone graft substitutes is expected to decline in future. “The post-implantation rejection associated with bone graft substitutes is the key factor restricting their demand,” a TMR analyst points out.

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