The U.S. market for regenerative medicine products used in bone and joint applications is expected to reach $4.1 billion in 2020.
Wellesley, MA (PRWEB) June 15, 2015
Regenerative medicine receives more than 10 times as much private funding as government funding. While private-industry research typically focuses on developing an end product in a singular field (e.g., biology, chemistry) government research tends to be in the form of grants to laboratories focused more on fundamental research that deepens knowledge in a field. According to BCC Research in its new report, the lack of a federal funding strategy, as well as meaningful funding levels, for regenerative medicine has inhibited fundamental research in regenerative medicine.
The U.S. market for regenerative medicine products used in bone and joint applications should grow at a five-year compound annual growth rate (CAGR) of 6.8%, reaching nearly $2.9 billion and $4.1 billion in 2015 and 2020, respectively. Bone replacement/grafting, the largest segment of the market, will reach nearly $2.8 billion in 2020, a gain of $700 million over the forecast period that reflects a 5.9% CAGR. The fastest growing segment, cell therapy/tissue engineering/cartilage, should total $460 million by 2020, demonstrating a 12.5% CAGR and $205 million gain over the forecast period.
The key market drivers are greater familiarity with regenerative products and the expanding technical base. Venture capital, which should total about $291 million of the overall market value in 2020, is sustaining an increasingly larger number of development and clinical stage companies. Because of the growing number of elderly in the target population for bone and joint therapies, and more patients being treated at younger ages, the patient-base is expanding, as well.
A major barrier faced by the regenerative medicine market is a lack of research related to the fundamental building blocks of the science. “Once scientists gain a better understanding of tissue interactions and scaffold technology, they will be able to apply this knowledge and create more advanced tissue systems,” says BCC Research analyst Kevin Gainer. “When harnessed to create and integrate new tissues, the application of knowledge of cellular interactions and tissue growth will culminate in two branches of regenerative medicine research: in vivo cell-based therapy and in vitro-grown tissues and organs.”
But this would take increased funding. The current disparity in funding has resulted in no profitable products and an extremely limited understanding of the ways complex tissues function, Gainer says. “This industry, (which has a potential economic impact of $500 billion annually) and the federal investment should be strategically focused,” he adds.
Regenerative Medicines: Bone and Joint Applications (PHM032D) discusses bone and joint diseases and disorders applicable to regenerative technologies, analyzes the regenerative products used to treat bone and joint disorders, along with the regulatory issues affecting them. The report also provides five-year projections of segment market values and growth rates.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven(dot)cumming(at)bccresearch(dot)com.
About BCC Research
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