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(Health-NewsWire.Net, October 17, 2021 )
Market Overview
The global orthopedic regenerative surgical products market size was valued US$ YY billion in 2019 and is estimated to reach US$ YY billion by 2028, growing at a CAGR of YY % during the forecast period (2021-2028).
Regenerative orthopedics helps treat discomfort and pain of the musculoskeletal system and improve the healing of orthopedic conditions, such as ligament, tendon injuries, muscle, bone, the meniscus of the knee, spinal disc, etc. cartilage. These body parts have a comparatively poor capability to heal on their own. Regenerative orthopedic surgical products help these tissues to heal better. Orthopedic regenerative surgical products may help some patients avoid orthopedic surgery completely.
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Market Dynamics
The orthopedic regenerative surgical products market growth is driven by the growing technological advancements, the prevalence of arthritis and other orthopedic conditions, orthopedic surgeries, and R&D activities are some of the key factors of this market.
Rising prevalence of arthritis and other orthopedic conditions, orthopedic surgeries, is expected to drive the growth in the forecast period
According to data published by the Centers for Disease Control and Prevention in 2018, an estimated 54.4 million adults had doctor-diagnosed arthritis, with significantly higher prevalence in women than in men in the United States. In addition, according to the Centers for Disease Control and Prevention estimates, about 78.4 million (25.9% of the projected total adult population) adults aged 18 years and older will have doctor-diagnosed arthritis by 2040.
Furthermore, with the increase in the geriatric population, there is a rise in the number of people suffering from orthopedic conditions requiring regenerative treatment. Also, utilization of emerging technologies, including platelet-rich plasma (PRP) therapies, viscosupplements, and stem cells, is increased in the healthcare industry. For instance, In April 2021, the Azienda Ospedaliero-Universitaria Consorziale Policlinico in Italy completed a study on Platelet Rich Plasma (PRP) injections for knee osteoarthritis in adults aged between 40 to 81 years. This study is one of the many R&D projects registered on the clinicaltrials.gov platform of the U.S. National Library of Medicine. The statistics mentioned above indicate that the prevalence of arthritis and demand for orthopedic regenerative surgical products is increasing, which may drive the market over the forecast period.
Poor reimbursement scenarios and stringent regulatory scenarios may hinder the growth of the market.
The Centers for Medicare and Medicaid Services (CMS) determine what treatments and technologies are worth covering and design reimbursement structures. Recently, CMS lowered their reimbursement rates — possibly causing hospitals and surgical centers to lose billions. In 2016, CMS established a new value-based reimbursement system, known as the Comprehensive Care for Joint Replacement model. This guides how CMS reimburses nursing facilities, hospitals, and outpatient cents for orthopedic surgeries. The transition from the previous reimbursement model puts hospitals and surgical centers at risk of losing billions.
COVID-19 Impact Analysis
The COVID-19 pandemic is expected to impact the orthopedic regenerative surgical products market due to disruptions in clinical studies, cancellation of elective procedures, and supply chain disruption. Orthopedic regenerative surgical products suppliers faced several challenges such as travel restrictions, business closures, stay-at-home protocols, and employee illness or quarantines during the pandemic.
Many hospitals have canceled or postponed elective surgeries across the world to prevent cross-infection and meet the demands of coronavirus patients. For instance, University Medical Center and Sunrise Health in Las Vegas postponed elective surgeries to save bed capacity in 2020. According to the CovidSurg Collaborative in 2020, orthopedic procedures were canceled most frequently, composing 26% of the total canceled or postponed surgeries in 2020, which had a short-term negative impact on the market.
Market Segmentation
Global Orthopedic Regenerative Surgical Products Market – By Product
• Allograft
• Amniotic Products
• Others
• Synthetic
• Cell-based
• Viscosupplements
Global Orthopedic Regenerative Surgical Products Market – By Application
• Orthopedic Pain Management
• Trauma Repair
• Cartilage and Tendon Repair
• Joint Reconstruction
• Others
Global Orthopedic Regenerative Surgical Products Market – By End-User
• Hospitals
• Ambulatory Surgical Centers
• Others (Orthopedic Specialty Centers, Clinics)
Global Orthopedic Regenerative Surgical Products Market - By Region
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• South America
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Moreover, the adoption of mergers and acquisitions and partnerships as a key growth strategy by regional companies is anticipated to propel the market over the forecast period further. For instance, on 6 May 2021, MIMEDX Group, Inc. and the Wake Forest Institute for Regenerative Medicine announced a collaborative agreement to advance regenerative science and innovative biologics.
Competitive Landscape
The global orthopedic regenerative surgical products market is highly competitive with presence of global companies. Some of the key players which are contributing to the growth of the market include Zimmer Biomet, Stryker, AlloSource, Amniox Medical, Inc., Anika Therapeutics, Inc., Smith & Nephew, Baxter, Vericel Corporation, MIMEDX, Aptissen S.A and PUR Biologics. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the software as a medical device globally. For instance, in January 2021, Miravo Healthcare announced the commercial launch of NeoVisc+ and NeoVisc ONE in Canada. These are hyaluronic acid Viscosupplements developed for the treatment of pain. NeoVisc+ and NeoVisc ONE received Health Canada approval in September 2020.
Orthopedic Regenerative Surgical Products Market Key Companies to Watch
Stryker
Overview: Stryker Corporation is an American multinational medical technologies corporation based in Kalamazoo, Michigan. Stryker is one of the world’s leading medical technology companies and, together with its customers, is driven to make healthcare better. The company offers innovative products and services in Orthopaedics, Medical and Surgical, and Neurotechnology and Spine that help improve patient and hospital outcomes.
Product Portfolio: The key product categories are Allograft Wedges, AlloWrap DS, BIO⁴, DBM, HydroSet, Imbibe, Nerve repair, ProChondrix CR, ProLayer, Vitoss, Vitoss BA2X, Vitoss BA and Vitoss BBTrauma.
Key Developments: On 29-Apr-2021, Stryker enters national partnership with Minor League Baseball to become the “Official SmartRobotics Joint Replacement Partner”.
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