Anika Therapeutics, Inc. ANIK , a global medical technology company, specializing on integrated orthopedics medicines , has made a development with its proprietary hyaluronic acid (HA) technology. The company recently published favorable data on evaluating the usefulness of HYALOFAST, a non-woven biodegradable HA-based scaffold for treatment of cartilage lesions of the knee joint.
The study was based on 40 patients with full thickness cartilage lesions of the knee joint. 20 among them were aged above 45 and the remaining, below the figure. Per the company, all patients were implanted with HYALOFAST, soaked in bone marrow aspirate concentrate (BMAC), containing mesenchymal stem cells (MSCs) and prospectively evaluated for four years.
Data from the trial demonstrated that treatment outcomes were equally effective for both the age groups. This is more encouraging for the fact that it is difficult to treat patients above 45 years of age with traditional surgical approaches such as microfracture. Based on the findings, the company claimed that irrespective of a patient's age, HYALOFAST in combination with autologous adult mesenchymal stem cells (MSCs), can be successfully used as a treatment option for cartilage lesions.
With this breakthrough, we expect the market adoption of HYALOFAST to increase significantly, boosting Anika Therapeutics' sales performance. Notably, HYALOFAST is commercially available in more than 15 countries worldwide and has been used in more than 11,000 patients so far. Also, this trial result should advance the company's procedure of regulatory submission of HYALOFAST in the US. Under 'FastTRACK' Phase III trial, it is currently enrolling patients across the U.S. and Europe.
Demand for therapeutics-based treatment in the field of integrated orthopedics medicines and traumatic conditions, is growing in leaps and bounds these days. Per a recent report by Market Research Engine in this regard, global Orthopedic Devices Market will witness a CAGR of 5% from 2016 to 2022 and is projected to reach $47.50 billion by 2022.
Some of the big names in the orthopedic device market with promising growth potential are Stryker Corporation SYK , Smith & Nephew plc SNN and Orthofix International N.V. OFIX .
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Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Stryker Corporation (SYK): Free Stock Analysis Report Smith & Nephew SNATS, Inc. (SNN): Free Stock Analysis Report Orthofix International N.V. (OFIX): Free Stock Analysis Report Anika Therapeutics Inc. (ANIK): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research