U.S. Orthopedic Stem Cell Market to Grow 68% in 2009
Orthopedic Stem Cell Market to Reach $228 Million by 2014
VANCOUVER, April 7 /PRNewswire/ - According to a report by iData Research (www.idataresearch.net), an international medical device and dental market research firm, the U.S. market for stem cells used in orthopedic therapy will grow to an estimated $228 million by 2014. Applications are currently focused on spinal fusion surgery, mostly for arthritis, but will eventually expand to include the fixation of traumatic fractures and the regeneration of worn joint cartilage.
Since 2005, adult stem cell products have been commercially available for use in spinal fusion surgery, the common treatment for arthritis and other bone defects. More than 29,000 patients have benefited from orthopedic stem cell therapy, which eliminates the pain and surgical complexity of traditional procedures. The Obama administration's lifting of research restrictions has renewed public interest in applications for embryonic stem cell therapies.
"The aging population will be the main driver for stem cell therapies, as it is for the overall orthopedic marketplace," says Kamran Zamanian PhD., CEO of iData, "The prevalence of osteoarthritis and degenerative joint disease will increase in the near future, driving the market for stem cell therapies. Stem cells are an advancement over traditional treatments because, unlike other treatments, they can potentially regenerate healthy tissue."
According to the report, over 60% of adults over 64 suffer from osteoarthritis. This implies an enormous future market for all orthopedic stem cell applications. This market will grow as baby boomers age and embryonic stem cell use increases. The report estimates a compound annual growth rate of 33% through 2014.
"Stem cell therapy in orthopedics is not only ahead of other medical applications, such as cardiology and neurology," says Zamanian. "It is also less socially contentious because it is based on adult stem cell lines, side-stepping the political difficulties with embryonic research, and increasing potential patient acceptance."
Orthopedic Stem Cell Market to Reach $228 Million by 2014
VANCOUVER, April 7 /PRNewswire/ - According to a report by iData Research (www.idataresearch.net), an international medical device and dental market research firm, the U.S. market for stem cells used in orthopedic therapy will grow to an estimated $228 million by 2014. Applications are currently focused on spinal fusion surgery, mostly for arthritis, but will eventually expand to include the fixation of traumatic fractures and the regeneration of worn joint cartilage.
Since 2005, adult stem cell products have been commercially available for use in spinal fusion surgery, the common treatment for arthritis and other bone defects. More than 29,000 patients have benefited from orthopedic stem cell therapy, which eliminates the pain and surgical complexity of traditional procedures. The Obama administration's lifting of research restrictions has renewed public interest in applications for embryonic stem cell therapies.
"The aging population will be the main driver for stem cell therapies, as it is for the overall orthopedic marketplace," says Kamran Zamanian PhD., CEO of iData, "The prevalence of osteoarthritis and degenerative joint disease will increase in the near future, driving the market for stem cell therapies. Stem cells are an advancement over traditional treatments because, unlike other treatments, they can potentially regenerate healthy tissue."
According to the report, over 60% of adults over 64 suffer from osteoarthritis. This implies an enormous future market for all orthopedic stem cell applications. This market will grow as baby boomers age and embryonic stem cell use increases. The report estimates a compound annual growth rate of 33% through 2014.
"Stem cell therapy in orthopedics is not only ahead of other medical applications, such as cardiology and neurology," says Zamanian. "It is also less socially contentious because it is based on adult stem cell lines, side-stepping the political difficulties with embryonic research, and increasing potential patient acceptance."