Biloine W. Young • Wed, July 30th, 2014
According to a new market research report published by Transparency Market Research, the regenerative medicine (bone and joint) market was valued at $2.6 billion in 2012 and is estimated to reach a market worth of $6.5 billion by 2019. That is a growth rate of 12.8% from 2013 to 2019.
Regenerative medicine is defined 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 has stated that regenerative medicine is the process of creating functional tissue to repair and replace tissue or organs, which have lost their function due to damage, congenital defects, disease and age.
Two major circumstances appear to be driving the market. One is the technological advancement in tissue engineering and stem cell therapy. The second is the growing prevalence of bone and joint problems and the large numbers of people suffering from arthritis disorders.
The global market for regenerative medicine is segmented, based on technology, into three groups—stem cell therapy, biomaterials and tissue engineering. In 2012, the biomaterials segment accounted for the largest market share in the global bone and joint market owing to favorable reimbursement policies and the strong demand for biomaterials in the global market.