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.
It holds potential to treat previously incurable chronic diseases and conditions, including Alzheimer’s disease, Parkinson’s disease, diabetes, heart disease, renal failure, osteoporosis, and spinal cord injuries, among others. Also, using regenerative medicine, entire organs can potentially be generated for transplantation.
What the 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.
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What Drives the Regenerative Medicine Market?
The growth of the global market for Regenerative Medicine is primarily influenced by the following factors:
• Rising Prevalence of Chronic Diseases and Genetic Disorders
• Rising Government Investments in Regenerative Medicine Research
• Product Approvals and Growing Pipeline of Regenerative Medicine Products
• Rising Demand for Organ Transplantation
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 major market players 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).