Increased funding for regenerative medicine research and high demand for treatment of diseases like cancer and orthopedic disorders to drive global regenerative medicine market
According to TechSci Research report, “Global Regenerative Medicine Market By Therapy (Cell-Based Immunotherapy & Cell Therapy, Gene Therapy, Others), By Application (Musculoskeletal Disorders, Wound Care, Others), By Material (Synthetic Material, Biologically Derived Material, Others), By Cell (Autologous, Allogenic), By Product (Biologic, Cell -based Medical Devices, Others), By Technique (Microfracture, Mosaicplasty), By Distribution Channel (Hospitals, Clinics , Others), By Region, Forecast & Opportunities, 2025”, the global regenerative medicine market is expected to witness double digit CAGR until 2025. Major factors contributing to the growth of global regenerative medicine market include increasing aging population globally, higher prevalence of chronic diseases, genetic diseases and advanced scientific and technological developments. Additionally, regenerative medicine market finds wider application in cardiology, oncology, dermatology and ophthalmology. It helps to repair, replace or regenerate damaged tissues or organs. Moreover, rising prevalence of chronic diseases like diabetes and osteoarthritis is another factor contributing to the growth of regenerative medicine market, as these medicines hold potential to treat such incurable diseases. They also find huge application in treatment of Alzheimer and Parkinson’s diseases. Prevalence of genetic diseases and cancer has also led to the growth in demand for regenerative medicines. Additionally, growing demand for organ transplant, increased use of skin substitutes, grafts and other tissue engineered regenerative medicines is also anticipated to boost the global market for regenerative medicines. However, there are certain issues which might hamper regenerative medicines market. Ethical issues regarding the use of embryonic stem cell in research and development activities, high cost of advancement in technology and lack of operational efficiency are some major factors which might hamper the growth of global regenerative medicine market.
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The global regenerative medicine market is segmented based on therapy, application, material, cell, product, technique, distribution channel and region. Based on therapy, the market is segmented into cell-based immunotherapy & cell therapy, gene therapy, tissue-engineering, immunomodulation therapy, blood transfusion, bone marrow transplantation, plasma rich plasma therapy, prolotherapy and others. Among them, the cell-based immunotherapy dominated the market in 2019 due to increasing demand for cell-based immunotherapies and increasing investment in stem cell research. Furthermore, global regenerative medicine market is segment based on application. This includes musculoskeletal disorders, wound care, oncology, neurology, ocular disorders, diabetes, cardiology and others. In 2019, musculoskeletal disorders segment accounted for the largest market share owing to increasing geriatric population and rising incidence rate of orthopedic diseases. Based on region, North America held the leading market share in terms of revenue over the last few years owing to availability of advanced technologies and presence of major research institutes in countries like United States, Canada, etc. Additionally, the region witnesses high number of clinical trials and has significant number of key market players of regenerative medicines.
Major players operating in the global regenerative medicine market include Novartis AG, Vericel, Integra Lifesciences, Mimedx Group, Stryker, Wright Medical, Roche, Bristol-Myers Squibb, Allergan, Corline Biomedical, Cook Biotech, Pfizer, Baxter, Boehringer Ingelheim, Caladrius Biosciences, Takara Bio, Medtronic, Osiris Therapeutics, Kite Pharma and Organogenesis. These companies are also offering consulting services which is fueling growth of the services segment. Manufacturers are also focusing on joint ventures, partnerships, acquisitions, and others, to increase their footprints in the market.
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“Surging research activities in the field of regenerative medicine are anticipated to propel the market growth until 2025. Additionally, researchers are focusing on advancing regenerative medicines for developing organs, which can help in organ transplant. This has created a huge opportunity for growth of new market players in regenerative medicine market. Moreover, influx of investments and funding by various governments towards regenerative medicine research encourages manufacturers and helps them in brining innovative products and services in the market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Regenerative Medicine Market By Therapy (Cell-Based Immunotherapy & Cell Therapy, Gene Therapy, Others), By Application (Musculoskeletal Disorders, Wound Care, Others), By Material (Synthetic Material, Biologically Derived Material, Others), By Cell (Autologous, Allogenic), By Product (Biologic, Cell -based Medical Devices, Others), By Technique (Microfracture, Mosaicplasty), By Distribution Channel (Hospitals, Clinics , Others), By Region, Forecast & Opportunities, 2025”has evaluated the future growth potential of global regenerative medicine market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global regenerative medicine market.