Transparency Market Research Report Added “Regenerative Medicine Market (Bone and Joint) (Technology – Stem Cell Therapy, Biomaterial and Tissue Engineering; Application – Bone Graft Substitutes, Osteoarticular Diseases, Allogeneic Products, Autogenic Products and Others)” to its database.
Global Regenerative Medicine Market: Snapshot
Increasing application areas such as neurology, cardiovascular, musculoskeletal and orthopedic diseases will build up greater opportunities, states TMR. The market for regenerative medicine market appears to be fragmented in terms of competition. The Asia Pacific region will present large opportunities, displaying a promising CAGR between 2013 and 2019. The Asian countries such as South Korea, China, and Japan hold considerable prospects for augmentation of global regenerative medicine market. Smith & Nephew, a British medical equipment manufacturing company acquired Sushrut Surgical Pvt. Ltd., an India-based medical technology firm, enhancing access to the consumer pool in Asian countries in order to secure larger profits.
The global regenerative medicine market was pegged at US$2.5 mn in 2012. It is projected to achieve US$6.4 mn by the end of 2019, expanding at a progressive CAGR of 12.8% during the forecast period.
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North America Leads Due to Increasing Bone and Joint Reconstructive Surgeries
North America, owing to a large number of leading companies operating in regenerative medicine, dominates the global regenerative medicine market. The ongoing expansive research and development activities in the U.S. will also drive the North America segment. The bone and joint regenerative medicine market is the leading application segment in this region, as a high demand for regenerative medicine is exhibited.
The region of Asia Pacific will witness monumental growth because of its massive consumer pool, rising disposable incomes of people, and growing healthcare expenditure. Over the coming years, the regenerative medicine market in Asia Pacific will benefit from the growing demand for orthopedic surgeries, technological innovations, high incidence of joint and bone diseases, and increasing awareness about regenerative medicine. However, the market might face challenges such as high costs and regulatory policies.
Japan displays great potential on account several favorable factors. Fewer regulatory restraints, coupled with technological advancements in the area of regenerative medicine will ensure market expansion in the country. One key technological development is the emergence of 3D tissue bioprinters that enable the creation of blood vessels, cartilage, skin and other tissues.
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