Global Orthopedic Regenerative Medicine Market, By Type (Stem Cell, Biomaterial and Tissue Engineering), By Application (Osteoarticular Diseases, Rheumatoid Arthritis, Ligament Injuries, Burisitis, Osteoporosis and Others) and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 9.53 Billion in 2023 and is expected to exhibit a CAGR of 10.7% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The increasing adoption of inorganic growth strategies, such as acquisition, by the key players in the market is expected to drive the growth of the global orthopedic regenerative medicine market over the forecast period. For instance, in January 2020, Halma plc, a technology company, announced the acquisition of NovaBone Products, LLC, a designer and manufacturer of US FDA-approved synthetic bone graft products.
Global Orthopedic Regenerative Medicine Market - Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of products from one place to another.
According to the National Center for Biotechnology Information (NCBI), on April 29, 2020, across the cell and gene therapy sector, research programs and preclinical activities have been disrupted, as the companies have reduced the number of people working on the site to keep them safe. Around 85% of the cell and gene therapy companies’ employees are working from home for several weeks, which is one of the reasons for the delay in the commencement of the trials. Moreover, lack of laboratory consumables, personal protective equipment (PPE), and reagents are some of the reasons for the delay in the commencement of clinical trials.
According to the National Center for Biotechnology Information (NCBI), on April 29, 2020, many clinical trials suspended trial enrolment, in order to minimize the risk of contracting COVID-19, and this has led to the delay in the activation of new clinical trials. Moreover, many companies have already missed the follow-up for the patients already in trials. Furthermore, travel restrictions, patient concerns of contracting a coronavirus infection, and others are some of the factors responsible for the withdrawal of patients from the clinical trial.
Global Orthopedic Regenerative Medicine Market: Key Developments
On July 5, 2023, Biocomposites, a global medical devices company that engineers, manufactures, and markets world-leading products for regenerating bone and managing infection in bone and soft tissue, announced investing in Renovos Biologics, an innovative biologics company. Renovos Biologics lead product, RENOVITE, is a synthetic, biodegradable nanoclay carrier that can be used to place a wide range of pharmaceutical drugs and biologics at the site of treatment. It can be injected through a 23-gauge cannula in support of minimally invasive procedures and sets into a stiff gel upon contact with physiological fluids, such as blood serum. As a cell-responsive carrier, it requires a lower dose of therapeutic drugs to accelerate healing. The investment from Biocomposites will allow Renovos Biologics to access Biocomposites’ expertise and know-how in the development of drug carriers to progress RENOVITE to pre-market approval as a carrier for use in spine, trauma, and orthopedics.
In February 2021, Integra LifeSciences, a global medical technology company offering innovative solutions, including leading regenerative technologies, in specialty surgical solutions, orthopedics, and tissue technologies announced the acquisition of ACell Inc., an innovative regenerative medicine company. The acquisition of ACell Inc. is the next step in the expansion of Integra LifeSciences Orthopedics and Tissue Technologies segment.
In October 2022, CGBio, a healthcare provider in South Korea, secured a firm foothold for the sale of its synthetic bone graft material used clinically for spine, orthopedic, trauma, and dental applications in North America through a license-out and finished product supply contract with Orthofix, a medical device company.
Browse 29 Market Data Tables and 29 Figures spread through 180 Pages and in-depth TOC on “Global Orthopedic Regenerative Medicine Market”- Forecast to 2030, Global Orthopedic Regenerative Medicine Market, By Type (Stem Cell, Biomaterial and Tissue Engineering), By Application (Osteoarticular diseases, Rheumatoid Arthritis, Ligament Injuries, Burisitis, Osteoporosis and Others) and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/orthopedic-regenerative-medicine-market-4841
Key Takeaways of the Global Orthopedic Regenerative Medicine Market:
- The global orthopedic regenerative medicine market is expected to exhibit a CAGR of 10.7% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global orthopedic regenerative medicine market.
- Among application, the rheumatoid arthritis segment is expected to hold a dominant position in the global orthopedic regenerative medicine market during the forecast period, and this is attributed to the increasing prevalence of rheumatoid arthritis. For instance, according to data published on February 3, 2023, by SingleCare Administrators, more than 350 billion people have rheumatoid arthritis globally in 2021.
- Among region, North America is expected to be the dominant region in the global orthopedic regenerative medicine market, owing to the increasing adoption of inorganic growth strategies such as mergers by the key players in the market. For instance, in October 2022, Orthofix, a global medical device company with a spine and orthopedics focus, and SeaSpine, a global medical technology company focused on surgical solutions for the treatment of spinal disorders, announced they have entered into a definitive agreement to merger fro creating global Spine and orthopedics company.
- The major players operating in the global orthopedic regenerative medicine market are Anika Therapeutics, Inc, Arthrex, Inc., Baxter International, Inc., CONMED Corporation, Johnson & Johnson, Medtronic, Plc, Smith & Nephew plc, Orthofix, Stryker Corporation, Zimmer Holdings, Inc., Aziyo Biologics, and Ortho Regenerative Technologies Inc., OssDsign.
