Regenerative Medicine is one of the fastest growing sectors in biomedical research replacing diseased cells, tissues or organs. The global regenerative medicine market is expected to show phenomenal growth and advance at a CAGR of 21.18% during the forecast period, asserts Market Research Future (MRFR) in a detailed research report.
Chronic diseases like cancer and diabetes are spreading at a rapid pace and are increasingly becoming common in lower-income countries too. This factor in conjunction with an aging population and changing lifestyle is likely to pose a challenge and exert massive burden on the global healthcare system. Regenerative medicines are being highly preferred over other naturally derived medicine sources. They provide a complete cure for any medical condition through tissue replacement.
Surging incidences of degenerative diseases and a shortage of organs for transplantation also spur the growth of the global regenerative medicine market. Regenerative medicines have proven to be effective in the treatment since it aims to replace or restore human cells or tissues and over the time, the injured tissue starts functioning normally, thereby eliminating the need for organ transplant.
Advances made in stem cell therapy and its soaring popularity also reflects positively on the growth of the global regenerative medicine market. Stem cell therapy participates in the process of regenerative medicine and assists in speedy recovery.
Furthermore, the recent progress made in the field of material engineering and cell biology also acts a driving force to the growth of the market. Utilization of nanomaterials in wound care, drug delivery, and immunomodulation has opened up new growth avenues for the regenerative medicine market.
However, regenerative medicinal treatment is not paid for by any insurance plan and is the cost of treatment of regenerative medicine is exorbitantly high. This results in a drop in adoption rate which might restrict the growth of the market over the forecast period.
Segmentation
The global regenerative medicine marketing has been segmented based on material, therapy, and application. By material, the global regenerative medicine market has been segmented into synthetic materials, genetically engineered materials, pharmaceuticals, biologically derived materials, and others. By therapy, the global regenerative medicine market has been segmented into stem cell biology, cellular therapy, tissue engineering, and others. By application, the global regenerative medicine market has been segmented into cardiovascular, orthopedics, neurology,
Urology, oncology, orthopedic, dermatology, cord blood, and others.
Regional Analysis
North America, Europe, Asia Pacific, and the Middle East & Africa are the key markets for regenerative medicine.
North America is dominating the global regenerative medicine market and accounts for more than 44% share of the global market. Rapid advances in technology, the presence of major players in the region and substantial investment in stem cell & oncology can be attributed to the growth of the market in North America. In addition, the region is home to various organizations such as National Stem Cell Foundation, International Society for Stem Cell Research, Alliance for Regenerative Medicine, National Institutes of Health, National Cancer Institute which are engaged in R&D of regenerative medicine which further stimulates the growth of the North America regenerative medicine market. North America market for regenerative market is expected to grow at a CAGR of 22.3% over the forecast period.
Europe follows North America closely and is expected to grow at a CAGR of 22.5% over the forecast period.
Asia Pacific is projected to be the fastest growing market for regenerative market. High investments in healthcare research by emerging economies in the region. Presence of a flexible regulatory environment for clinical adoption of cell-based research therapies in the economies of Japan and China are expected to reflect positive growth.
Competitive Landscape
Baxter International, Inc., CryoLife, Sanofi, BioMimetic Therapeutics, Osiris Therapeutics, LifeCell Kinetic Concepts, Advanced Cell Technology, Stryker and RTI Surgical, Medtronic, LifeSciences, StemCells Inc, Organogenesis, and Cook Biotech are some of the eminent players in the global regenerative medicine market.
Industry Updates
- In November 2018, IU Philanthropic Venture invested in Vascugen Inc., a regenerative medicine company. Vascugen is focused on finding therapies to repair human tissue damaged by reduced blood flow will utilize the fund to produce clinical-grade
- In October 2018, a public-private platform, Translational and Clinical Bio-Manufacturing (TCBM), was launched which will share expertise in the translation of research results into clinical application to promote Regenerative medicine.
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