The regenerative medicine market estimating the current size and exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the market size of segments and sub-segments.
According MarketsandMarkets™ Research – The report “Regenerative Medicine Market by Product (Cell Therapies (Autologous, Allogenic), Stemcell Therapy, Tissue-engineering, Gene Therapy), Application (Wound Care, Musculoskeletal, Oncology, Dental, Ocular), Geography – Global Forecast to 2025″, is projected to reach USD 17.9 billion by 2025 from USD 8.5 billion in 2020, at a CAGR of 15.9%.
COVID-19 Impact on Global Regenerative medicine market;
COVID-19 is an infectious disease caused by the most recently discovered novel coronavirus. The World Health Organization (WHO) declared COVID-19 as a pandemic on March 11, 2020. This pandemic has disrupted growth in many economies across various domains. The COVID-19 outbreak will impact the market in the initial phase of the forecast period. Due to nationwide lockdowns, denied wound care services, cancelled or postponed elective surgeries, and increasing skin injuries in COVID-19 medical care providers, the regenerative medicine market is expected to register a certain decline during the forecast period. However, during the latter half of the forecast period, the demand for regenerative medicine products is expected to rise drastically.
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Growth Driver: Growing prevalence of chronic diseases, genetic disorders, and cancer;
Over the last few decades, the incidence and prevalence of chronic diseases such as CVD, cancer, diabetes, ulcers, and genetic disorders such as cystic fibrosis have increased significantly across the globe. Diabetes and obesity can result in the increased incidence and complexity of wounds such as infections, ulcerations (leg or foot ulcers), and surgical wounds, which require treatments and incur exorbitant medical expenses.
Growth Opportunity: Implementation of the 21st Century Cures Act;
The 21st Century Cures Act was signed into law in the US in December 2016. Among other objectives, this new law has been enacted to advance regenerative medicine research and medical innovation and covers various provisions that may impact the development and approval of several products in the coming years.
Recent Developments;
In February 2020, Integra Lifesciences (US) launched AmnioExcel Plus Placental allograft membrane.
In November 2019, Stryker Corporation (US) acquired Wright Medical (US) to strengthen its product portfolio.
In March 2019, Smith & Nephew (UK) acquired Osiris Therapeutics (US) to strengthen its product portfolio.
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Geographical View in-detailed: The regenerative medicine market is segmented into four major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2019, North America accounted for the largest share in the market. The growth in the North American market can be attributed to rising stem cell banking, tissue engineering, and drug discovery in the region; expansion of the healthcare sector; and the high adoption of stem cell therapy and cell immunotherapies for the treatment of cancer and chronic diseases.
Global Key Leaders: The major players operating in Regenerative Medicine Market are 3M (US), Allergan plc (Ireland), Amgen, Inc. (US), Aspect Biosystems (Canada), bluebird bio (US), Kite Pharma (US), Integra LifeSciences Holdings Corporation (US), MEDIPOST Co., Ltd. (South Korea), Medtronic plc (Ireland), Anterogen Co., Ltd. (South Korea), MiMedx Group (US), Misonix (US), Novartis AG (Switzerland), Organogenesis Inc. (US), Orthocell Limited (Australia), Corestem, Inc. (South Korea),