LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the regenerative medicine market in the US is expected to grow at a CAGR of almost 24% during the forecast period.
This research report titled ‘Regenerative Medicine Market in the US 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The regenerative medicine market in the US is expected to grow at a rapid pace during the forecast period. The major factors that are driving the demand for regenerative products are increasing investments in R&D activities and the rising incidence of chronic diseases. Leading vendors have increased their R&D investments to develop innovative medical therapies, which is driving the overall growth of the market. M&A and strategic alliances among vendors will have a significant impact on the market growth.
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Technavio’s healthcare and life sciences research analysts categorize the regenerative medicine market in the US into the following segments by end-user. They are:
- Hospitals
- ASCs
- Regenerative medicine centers
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Hospitals
Hospitals are the key end users in the market, which form a partnership with regenerative medicine manufacturing companies to provide cell therapy and tissue scaffolds to improve patient care and treatment. The increasing number of wound treatment, craniomaxillofacial surgery, knee replacement cases, and soft tissue repair has increased the demand for cell therapy and tissue scaffolds in the market.
According to Srinivas Sashidhar, a lead orthopedics and medical devices research analyst from Technavio, “Hospitals provide cell therapy in outpatient settings to reduce the cost burden on the patient. The Centers for Medicare and Medicaid Services provides reimbursement to the hospitals based on the Current Procedural Terminology code and the type of cell or tissue scaffold product. A minimal amount is paid to the physician who performs the procedure. Most of the hospitals have budget constraints and are required to reduce medical expenses. This has made many hospitals to avoid purchasing the high-cost regenerative medicines.”
ASCs
There is an increased need for monitoring chronic conditions outside hospitals. The growing focus toward offering more consumer-friendly outpatient services and locations has increased the demand for ASCs. Individuals who have received vital signs monitoring in emergency rooms will step into urgent care centers. ASCs have a limited number of suppliers.
“The government in the US focuses on reducing overall hospital costs. Governments pay low reimbursements in these centers compared with hospitals, which helps in making profits. In addition, these centers offer better patient care, and people can go through the same services offered in hospitals at a lower cost, which will lead to an increase in surgical procedures in these centers,” adds Srinivas.
Regenerative medicine centers
Regenerative medicine centers are certified clinics that offer healthcare services to people. These centers have specialized departments for regenerative medicine, which offer care and treatment. For instance, the Regenerative Medicine Clinic at the Cedars-Sinai Heart Institute offers treatment and consultation for heart patients. For such patient pool, the clinic investigates the effect and efficiency of stem cell therapy.
Kansas Regenerative Medicine Center in the US provides stand-alone stem cell therapy. It offers autologous adipose-derived stem cell treatments. It contains multidisciplinary physicians to provide treatment to the patients. The skilled professionals conduct mini liposuction procedures to isolate and implant patient’s source of regenerative cells from the fat tissue.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Acelity
- Medtronic
- MiMedx
- Organogenesis
- Zimmer Biomet
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