The global regenerative medicine (bone and joint) market was valued at US$ 4,254.0 Mn in 2015, and is expected to grow at a year-over-year rate of 13.0% to reach US$ 4,808.9 Mn in 2016. In 2015, North America accounted for the largest revenue share of global regenerative medicine (bone & joints) market, representing a market value of US$ 2,039.8 Mn. 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.
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By technology, biomaterials segment accounts for the highest market share globally, owing to favourable 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 year-over-year 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 orthopaedic 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. Favourable 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.
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Key participants in the global regenerative medicine market are: Medtronic, Inc. (INFUSE Bone Graft), DePuy Synthes, Inc. (HEALOS Bone Graft), Orthofix, Inc. (Trinity Evolution), NuVasive, Inc. (Osteocel Plus) and Zimmer Holdings, Inc. (CopiOs Bone Void Filler). The key strategy of these players is to expand globally through distribution agreements, mergers and acquisitions, public-private partnerships and new product development.