30 August 2016 | News | By BioSpectrum Bureau
Global regenerative medicine market to grow by 13%
In 2015, North America accounted for the largest revenue share of global regenerative medicine (bone & joints) market, representing a market value of $ 2,039.8 million.
Owing to increasing demand for bone and joint reconstructive surgeries and encouraging government initiatives, North America is expected to remain the largest market for regenerative medicine (bone and joint) in 2016.
Europe is the second largest market for regenerative medicine, with the region's high geriatric population fuelling adoption at a robust pace.
By technology, biomaterials segment accounts for the highest market share globally, owing to favorable reimbursement policies and strong demand for biomaterials.
Apart from biomaterials, tissue engineering is the other segment which is quickly gaining traction among end-users, and is projected to witness the highest YoY growth among all the technology segments.
On the basis of application, bone graft substitute holds the highest share of the market in terms of value owing to a robust demand of bone graft substitute in orthopedic treatments.
However, complications associated with bone graft substitute can pose challenges to adoption in 2016 and beyond.
While North America and Europe are key to the growth of the regenerative medicine market, rising awareness among healthcare professionals and patients in developing countries of Asia Pacific is expected to open up new opportunities for stakeholders.
Favorable government initiatives in growing Asian economies such as China and India has paved the way for regenerative medicine market in the region.
Moreover, adoption in developed countries of APAC, such as Japan and South Korea is also fuelling the growth of the market.
Key participants in the global regenerative medicine market are Medtronic (INFUSE Bone Graft), DePuy Synthes (HEALOS Bone Graft), Orthofix (Trinity Evolution), NuVasive (Osteocel Plus) and Zimmer Holdings (CopiOs Bone Void Filler).
The key strategy of these players is to expand globally through distribution agreements, M&As, public-private partnerships and new product development.
On a long-term outlook, the global regenerative medicine market (bone and joints) is anticipated to increase at a CAGR of 11.1% during the forecast period from 2015 to 2019.
North America will remain the largest market throughout the forecast period, whereas Bone Graft Substitutes will continue to hold the largest share in terms of application.