Orthopedic Regenerative Surgical Products Industry Overview
The global orthopedic regenerative surgical products market size is anticipated to reach USD 5.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a notable CAGR of 3.9% from 2022 to 2030. The key factors driving the market growth include the rising geriatric population, orthopedic procedures, research activities, and technological advancements. Osteoarthritis, for instance, has been identified as the leading cause of chronic disability in the geriatric population over the age of 70. The World Health Organization (WHO) has also designated osteoarthritis as a ‘priority disease’ promoting RD for therapies to treat osteoarthritis and its associated symptoms.
The growth of the market was restrained during the COVID-19 pandemic due to deferred elective surgeries, low volume of patient flow for chronic conditions in clinics and hospitals, decreased sales and marketing activities, quarantine and lockdown protocols, and low demand. Vericel Corporation, for example, reported the adverse impact of COVID-19 on its business and operations during 2020. The company registered cancellations of scheduled MACI procedures; its key product used in the repair of cartilage damage of the knee. In addition, there was a slowdown in new orders. Anika Therapeutics reported challenges in patient enrollment for its clinical trials due to the pandemic, which negatively impacted the company’s revenue and operating results. However, both companies expect recovery financial performance as elective surgeries resumes to pre-COVID numbers.
According to the Centers for Disease Control and Prevention (CDC), about 26% (or 78 million) the U.S. adults are estimated to suffer from arthritis by 2040. The prevalence increases with age and is found to be more common in women. Obesity has been identified as another risk factor contributing to orthopedic conditions. The prevalence of obesity in the U.S. was estimated at 42.4% from 2017 to 2018 by the CDC. The increasing prevalence of orthopedic diseases, obesity, and geriatric population is expected to fuel market growth. Orthopedic regenerative surgical products find application in different conditions of varying severity from joint pain, gout, articular defects, fibromyalgia, and osteoarthritis, to trauma and joint replacement, this is expected to contribute to market growth.
Market players are also involved in research and development activities to launch new regenerative solutions for treatment or pain relief from orthopedic conditions. Amniox Medical, Inc. for instance, received FDA clearance to proceed with a dosing study using TTAX03- its Investigational New Drug (IND) comprising cryopreserved amniotic membrane and umbilical cord, to treat facet joint osteoarthritis pain in March 2021. Zimmer Biomet on the other hand offers an extensive portfolio of allografts and synthetic orthopedic regenerative products such as the PrimaGen Advanced allograft, InterGro DBM, and PlatFORM bioresorbable bone graft substitute.
Orthopedic Regenerative Surgical Products Market Segmentation
Grand View Research has segmented the global orthopedic regenerative surgical products market based on product, application, end-use, and region:
Based on the Product, the market is segmented into Allografts, Synthetic, Cell-based, and Viscosupplements.
- The viscosupplementssegment dominated the market for orthopedic regenerative surgical products and accounted for the largest revenue share of over 42.0% in 2021. This growth is owing to the rising incidence of knee pain and osteoarthritis. Factors such as aging, obesity, excessive exercise, external injury, and genetic predisposition, further contribute to knee osteoarthritis, thus driving the market for orthopedic regenerative surgical products.
- The allografts segment is expected to witness the fastest CAGR of 4.0% over the forecast period. This is because of the increasing use of allografts including fresh-frozen meniscal allografts, osteochondral allografts, off-the-shelf cartilage, and soft tissue allografts in orthopedic surgeries.
Based on the Application, the market is segmented into Orthopedic Pain Management, Trauma Repair, Cartilage tendon repair, Joint reconstruction, and others.
- The joint reconstruction segment dominated the market for orthopedic regenerative surgical products and accounted for the largest revenue share of over 35.0% in 2021. The key factors attributing to this share include increasing surgical procedures, adoption of regenerative solutions in joint reconstruction, and technological advancements. Amniox Medical, Inc.
- The cartilage and tendon repair segment is expected to witness the fastest CAGR of 3.8% over the forecast period due to growing applications in sports medicine, geriatric patients, and the incidence of trauma cases. MACI by Vericel, for example, is indicated for cartilage defects that result from injury due to general wear and tear, overuse, and muscle weakness in the knee.
Based on the End-use, the market is segmented into Hospitals, Ambulatory Surgical Centers, and Others.
- The hospitals segment dominated the market for orthopedic regenerative surgical products and accounted for the largest revenue share of over 49.0% in 2021. Hospitals are an integral part of the healthcare industry and are the main revenue source for the entire sector, which drives research and innovation. The factors contributing to the large share of the segment include a higher volume of orthopedic procedures performed in hospital settings.
- The others segment consists of orthopedic specialty centers and clinics is estimated to register the highest CAGR of 4.0% in the market for orthopedic regenerative surgical products over the forecast period. This is owing to the high usage of orthopedic regenerative surgical products for pain management and other treatments within orthopedic clinics and centers. The ambulatory surgery centers segment is also expected to grow notably in the coming years due to the increasing number of ASCs.
Key Companies Market Share Insights
The market for orthopedic regenerative surgical products is moderately competitive. Market players are involved in the implementation of strategic initiatives, including RD, product development and launches, regional expansion, and expansion of distribution networks. Key players are also involved in partnerships and mergers and acquisitions. For instance, in May 2021, MiMedx partnered with the Wake Forest Institute For Regenerative Medicine to conduct research and development for advancements in regenerative science and innovative biologics. This supported the company’s initiative to demonstrate the capability of amniotic tissues to address chronic conditions including musculoskeletal disorders. Some of the prominent players in the orthopedic regenerative surgical products market include:
- Anika Therapeutics, Inc.
- Vericel Corporation
- Baxter
- Zimmer Biomet
- Stryker
- Smith Nephew
- AlloSource
- Amniox Medical, Inc.
- VSY Biotechnology
- Aptissen S.A.
- MiMedx
- Arthrex, Inc
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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