The global regenerative medicine market size is projected to experience dynamic growth from USD 23.5 million in 2018 to USD 151.5 million in 2026 owing to the rising investment in the research and development of the regenerative medicine, observes Fortune Business Insights™ in its report, titled “Regenerative Medicine Market, 2019-2026”, the regenerative medicine market stood at USD 27.8 million in 2020. It is set to exhibit a CAGR of 26.1% during the forecast period.
Regenerative medicine plays an important role in the development and application of new treatments to recover the damaged tissues and organs and restore their functions which were lost due to aging, disease, or any other body ailments. Thus, there has been an increasing investment in the research and development of regenerative medicine, which has resulted in this market’s growth. Further, the regenerative medicine helps to reduce pain by focusing on the root cause of pain, instead of focusing on the symptoms. This helps in speedy recovery of the tissues or organs and also decreases the probability of occurrence of future injuries and pain. Thus, this is an important factor responsible for the growth of this market. Furthermore, there are several applications of regenerative medicine such as oncology, wound care, orthopedics, and others, which is a driving factor responsible for this market’s growth.
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In spite of the COVID-19 pandemic and the imposing of lockdown restrictions worldwide, the production and distribution of regenerative medicine has not been affected as the hospitals and clinics are functioning on a regular basis and there is a high demand for this medicine which can be used for cell repairing, tissue engineering, and other purposes. Thus, the COVID-19 pandemic has no major impact on the regenerative medicine market, which is one of the driving factors for the growth of this market.
November 2018: Novartis received EU approval for one-time gene therapy called Luxturna, which has been developed to restore vision in people with unique and genetically-associated retinal disease.
Increasing Usage of Regenerative Medicine for Treatment of Chronic Diseases to Fuel the Market
Over the years, there has been a rise in the number of patients suffering from chronic diseases related to the heart, lungs, kidneys, and others. Further, an increasing number of patients for organ transplantation have also resulted in fuelling this market’s growth. Furthermore, the regenerative medicine consists of therapeutic tissue engineering which is used in medical field to replace a natural body function. Hence, there has been an increasing development of regenerative medicine by the leading companies for treatment of chronic diseases, which has led to this market’s growth.
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On the basis of product, this market is divided into cell therapy, gene therapy, tissue engineering, and platelet rich plasma. Based on application, the market is classified into orthopedics, wound care, oncology, and others. By distribution channel, the market is categorized into hospitals, clinics, and others. In terms of geography, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The report incorporates actionable insights into the regional prospects of the market and provides a comprehensive analysis of the market drivers and challenges. Further, the report also contains detailed bifurcation of key market players and careful study of their strategies and offers a granular evaluation of the different market segments.
Rising Development of Therapeutics to Propel the North America Market Growth
North America region is projected to expand speedily in the regenerative medicine market share owing to the increasing number of research done by the medical institutions in the development of therapeutics and the rise in the number of clinical trials performed in this region.
Asia Pacific region is projected to show a rapid growth in the market on account of the surge in the infrastructure and facilities related to stem cell research in the developing nations such as India, Japan, and others. Further, the increasing aging population, medical necessities, and the improved standard of living of people are other important factors contributing in the growth of this market.
Rising Adoption of Advanced Technologies by Key Players to Boost Competition
The key players in this market are focusing on adopting advanced technologies for the research and development of the regenerative medicine across several regions in the market. This will help to increase the competition among the leading companies and diversify their portfolio and expand their market footprint.