Focus on stem cell therapy and tissue engineering to regenerate and reconstruct bone tissue is a next big thing in the life science industry. Manufacturers involved in the field are focused on development of improved tissue engineering and stem cell therapy based bone and joint application products in the market. Regenerative medicine is considered as an emerging field of medical science that aims to regenerate, repair or replace damaged tissue and organs. The U.S. National Institute of Health states, regenerative medicine is the process of creating active and efficient tissues that has lost its function due to the following age, congenital defect, damage and due to various disease. Regenerative medicine has wide application areas such as neurology, orthopedic, cardiovascular and musculoskeletal diseases. Industry experts believe that regenerative medicine is expected to revolutionize the bone and joint application market making the products an integral part of bone and joint reconstructive surgeries.
For the first time, skin grafts were made by Heinrich Christian Bunger in 1842 and it was successful analogous during skin transplantation. Moreover, modern kidney transplant was performed successfully for first time in the year 1954, where regenerative medicine procedure was used extensively for that transplantation. Over the past few decades regenerative medicine applications have witnessed a paradigm shift from organ to tissue regeneration and repair. In recent times, technologies that are utilized for making regenerative medicine bone and joint products are improved significantly due to rising prevalence of various arthritis disorder coupled with increasing geriatric population worldwide. However, ethical issues pertaining to stem cell therapy would restrict the regenerative medicine bone and joint product to some extent in the global market.
Regenerative medicine is a biological heterogeneous domain that acts therapeutically by augmenting and stimulating the body’s capacity for regeneration and self repair. Transparency Market Research, a leading U.S.-based Market Research firm, analyses the market for regenerative medicine bone and joint application and predicts it to grow at a compounded annual growth rate of 12.8% for the period 2013 to 2019.
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It was also observed that manufacturer of regenerative medicine bone and joint products are expanding their operation in Asian countries (China, Japan, India and South Korea) as these countries grasp enormous potential for regenerative medicine bone and joint application.
Thus, it can be securely concluded that the future of the regenerative medicine (bone and joint) industry holds immense potential for market growth due to the introduction of innovative technology (tissue engineering) for product development. Moreover, private companies and government organizations have invested a huge amount in research and development activities to bring revolutionary persistent product in the market, which will further augment the uptake of these product.
Vendors who are operating in the global regenerative medicine bone and joint application market includes DePuy Synthes, Inc., Medtronic, Inc., Stryker Corporation, Zimmer Holdings, Inc., Stryker Corporation and Smith and Nephew PLC.
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