Regenerative medicine is the discipline of medicine that focuses on the regeneration or replacement of organs, tissues, and human cells to re-established normal functionality. Regenerative medicine aims to renew or replace cells in human tissues and organs that have been damaged and are unable to function due to injury or illness. It can be attained by encouraging the body’s own cells to heal, or by treating a patient with laboratory-grown cells and tissues.
What the Regenerative Medicine Market Looks Like?
Predicted to grow at a CAGR of 23.8% during the forecast period, the Global Regenerative Medicine Market is estimated to reach USD 38.7 billion by the end of 2024.
Based on type, the market is segmented into cell-based immunotherapy & cell therapy products, gene therapy products, and tissue-engineered products. The cell-based immunotherapy & cell therapy products segment accounted for the largest market share in 2018. This can be attributed to the rising adoption of cell-based immunotherapies for the treatment of cancer.
Based on application, the Regenerative Medicine Market is segmented into musculoskeletal disorders, wound care, oncology, ocular disorders, diabetes, and other applications. The oncology segment is expected to witness the highest growth in the forecast period. The increasing prevalence of cancer across the globe and growing investments by government and non-government bodies in cancer research are contributing to the growth of the oncology segment.
Critical questions the report answers
- What are the growth opportunities in the regenerative medicine market across major regions in the future?
- Emerging countries have immense opportunities for the growth and adoption of regenerative medicine products. Will this scenario continue during the next five years?
- Where will all the advancements in products offered by various companies take the industry in the mid- to long-term?
- What are the various regenerative medicine types and their respective market shares in the overall market?
- What are the new trends and advancements in the regenerative medicine market?
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Driver: Rising Prevalence of Chronic Diseases and Genetic Disorders
Over the last few decades, the incidence and prevalence of chronic diseases such as CVD, cancer, and diabetes and genetic disorders such as cystic fibrosis have increased significantly across the globe. Currently, CVD is the leading cause of death, globally. According to the WHO, around 17.9 million people die each year from CVD, accounting for around 31% of total deaths worldwide. Owing to the growing adoption of sedentary lifestyles, changing dietary habits, and the presence of many people with major risk factors for CVD (such as hypertension and obesity), the incidence CVD to increase significantly in the coming years. Similarly, the incidence and prevalence of cancer and diabetes have increased significantly across the globe over the last few decades, and this trend is expected to continue in the coming years. According to the International Diabetes Federation (IDF), about 415 million people were suffering from diabetes globally in 2015, and this number is expected to reach 642 million by 2040. In 2018, cancer was the second-leading cause of death globally and was responsible for an estimated 9.6 million deaths
Geographical growth scenario of Regenerative Medicine Market:
Based on the region, the Regenerative Medicine Market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America accounted for the largest market share in 2018 and is also projected to witness the highest growth in the forecast period. The increase in this market can be attributed to the rise in stem cell banking, tissue engineering, and drug discovery and the high adoption of stem cell therapy and cell immunotherapies for the treatment of cancer and other chronic diseases.
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Leading market players and strategies adopted:
The Regenerative Medicine Market is a highly fragmented market and is dominated by various players offering Regenerative Medicine therapies and tissue-derived regenerative products. The major players in this market are Kite Pharma (US), Novartis (Switzerland), Vericel Corporation (US), Integra LifeSciences (US), Wright Medical (US), MiMedx (US), Osiris Therapeutics (US), Stryker Corporation (US), and Spark Therapeutics (US). Product launches and acquisitions are the key growth strategies followed by most players in this market.