REGENERATIVE MEDICINE (BONE AND JOINT) MARKET ANALYSIS (2020-2027)

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.

Statistics:

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.

Global Regenerative Medicine (Bone and Joint) Market: Drivers

High prevalence of arthritis is expected to propel growth of the global regenerative medicine (bone and joint) market over the forecast period. For instance, according to the Centers for Disease Control and Prevention (CDC)’s May 2019 report, an estimated 54.4 million US adults have diagnosed arthritis, which accounted for around 1 in 4 people in the U.S.

Moreover, increasing geriatric population is also expected to aid in growth of the global regenerative medicine (bone and joint) market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.  

Statistics:

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.

Figure 1. Global Regenerative Medicine (Bone and Joint) Market Share (%), by Value, by Technology, 2019

Global Regenerative Medicine (Bone and Joint) Market: Restraints

Regulatory constraints are expected to hinder growth of the global regenerative medicine (bone and joint) market. Human cellular and tissue based products are considered as biologics. All regenerative medicine products used in bone and joint reconstructive surgeries must meet criteria of good manufacturing practice (GMP) guidelines and good tissue practice (GTP) guidelines. The Office of Cellular, Tissue, and Gene Therapies (OCTGT) of the U.S. FDA regulates and monitors regenerative medicine products in the U.S. OCTGT has the responsibility of monitoring gene therapy, tissue engineering, tissue cellular therapy and cellular gene therapy products.

Moreover, post implant infections and implant failures are also expected to limit growth of the global regenerative medicine (bone and joint) market. Implants have been associated with foreign body-related infections (FBRIs) which increase morbidity and overall cost of treatment for the patient. Staphylococci account for majority of these infections and promote formation of biofilm by adhering to biomaterials.

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, Anika Therapeutics, Inc.’s clinical trial for hyalofast, a biodegradable, 3D, hyaluronic acid-based (HA-based) scaffold with autologous bone marrow aspirate concentrate (BMAC) is in the phase III and is expected to be completed in December 2021.

Moreover, high prevalence of bone disorders is also expected to aid in growth of the market. For instance, according to National Center for Biotechnology Information (NCBI), January 2020, incidence of Achilles tendon rupture in the global population is around 5 to 10 per 100,000 people, and it is expected to increase.

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.

Figure 2. Global Regenerative Medicine (Bone and Joint) Market Value (US$ Mn), and Y-o-Y Growth (%), 2019-2027

Market Trends/Key Takeaways

The regenerative medicine (bone and joint) market in North America is driven by high prevalence of bone related disorders. For instance, according to the World Health Organization, in U.S., by the year 2040, around 78.4 million adults aged 18 years and older will have doctor-diagnosed arthritis, compared to 54.4 million adults in 2013-2015. Moreover, according to the Center for Disease and Prevention (CDC) statistics, 2016, in the U.S, around 5.1% of men and 24.5% of women, both the groups in the age range of 65 years and above were diagnosed with osteoporosis of the femur neck or lumbar spine.

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 April 2019, the U.S. Food and Drug Administration approved romosozumab (Evenity) for the treatment of osteoporosis in postmenopausal women, who are at a high risk of bone fractures. The medicine works by boosting bone formation in women with a history of osteoporotic fracture or multiple risk factors for fracture, or those who have not benefited from other types of osteoporosis therapies.

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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 expanding marketing and clinical development programs to enhance their market share. For instance, in September 2020, Aziyo Biologics filed for a US$ 57.5 million Nasdaq IPO, with plans to expand its marketing and clinical development programs.

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