Globally, the Regenerative Medicine market is witnessing moderate growth due to factors such as government and private funding to support the development of regenerative medicine, rising prevalence of chronic diseases and genetic disorders, increase in global healthcare expenditure, and rapid growth in the aging population.
On the other hand, ethical concerns regarding the use of embryonic stem cell for R&D and the lack of clear regulatory guidelines may hinder the market growth for regenerative medicine.
Based on types, the Regenerative Medicine market is segmented into cell-based products and acellular products. The cell-based products is expected to dominate the global Regenerative Medicine market in 2016. The increasing awareness about stem cell therapy, growing funding for new stem cell lines, and development of advanced genomic methods for cell analysis are key drivers in this market segment.
Based on therapy, the Regenerative Medicine market is segmented into cell therapy, gene therapy, tissue engineering, and immunotherapy. In 2016, cell therapy is expected to account the largest share in the Regenerative Medicine market, by therapy. Increasing funding from several agencies and private organizations for the research and development of cell therapies, growing inclination of the healthcare industry towards stem cell research, and increasing global awareness about the benefits of stem cell therapies are driving the growth of the cell therapy segment.
By application, the market has been segmented into orthopedic & musculoskeletal disorders, dermatology, cardiology, diabetes, central nervous system diseases, and other applications. Oncology is the fastest growing application market. Increasing cancer incidence, rich product pipeline and increasing demand for cancer treatments fuelling the growth of the market.
By region, the Regenerative Medicine market is segmented into North America, Europe, Asia-Pacific and Rest of the world (RoW) where North America dominates the Regenerative Medicine market in 2016 while Asia is expected to have the fastest growth rate due to increasing aging population, increasing government and private funding to support the development of regenerative medicine and increasing incidences of chronic diseases.