Regenerative Medicine Market by Product Type (Cell Therapy, Tissue-Engineered Products, Gene Therapies, Progenitor & Stem Cell Therapies), Application (Oncology, Musculoskeletal Disorders, Wound Care, Ocular Disorders, and Diabetes) – Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+Reports, the global regenerative medicine market was pegged at ~US$ 8.15 billion in 2020. The market is expected to witness a CAGR of ~15.5% from 2021 to 2031.
Factors contributing to the growth of the regenerative medicine market include a strong product pipeline, rising new product launches, and a large number of ongoing research activities related to regenerative medicine. Moreover, the rising geriatric population, growing incidences of chronic disorders, and rising government funding’s for stem cell research are some of the other factors playing a crucial role in driving the growth of the regenerative medicine market. However, the high cost of gene and cell therapy and ethical concerns are likely to hinder the market growth to a certain extent.
Many people across the globe are suffering from some or chronic condition. According to the Center for Disease Control and Prevention, in 2018, in the U.S., 51.8% of adults had at least 1 chronic condition, and 27.2% had multiple chronic conditions. As regenerative medicines can be used to treat several diseases, the high burden of such diseases is anticipated to propel the growth of the regenerative medicine market during the forecast period. Moreover, the increasing aging population is also driving the demand for regenerative medicine as aged people tend to have a higher prevalence of chronic diseases.
Researchers are continuously conducting studies with stem cells or engineered tissues that have shown effectiveness in treating previously untreatable diseases. According to Pharmaceutical Research and Manufacturers of America, more than 362 cell and gene therapy products are in clinical development by biopharmaceutical companies in the U.S. For instance, Kite, a Gilead Company is conducting a study to evaluate whether axicabtagene ciloleucel therapy improves the clinical outcome compared with standard of care second-line therapy in patients with relapsed/refractory diffuse large B-cell lymphoma (DLBCL). Similarly, Lattice Biologics Ltd. is conducting a study for developing novel stem cell technology, AmnioBoost, for the treatment of COVID-19 infection.
Many national and private institutes & companies have funded organizations developing stem cell therapy or gene therapy. These funds help them in supporting the research activities as the process for developing stem cell and gene therapies are long and expensive. For instance, in September 2020, the National Institutes granted a fund of US$ 14.6 million to the Fred Health Hutchinson Cancer Research Center in Seattle to support gene therapy research for HIV. Similarly, in May 2020, Phoenix Nest, a New York-based biotech company received US$ 380,000 from Cure Sanfilippo Foundation to support the development of gene therapy to treat children with rare genetic neurodegenerative disease Sanfilippo syndrome type C.
Although gene and cell therapies are more effective than traditional medicines or treatments, the cost of these therapies is quite higher and this is one of the major factors restraining the market growth. As a series of procedures are conducted using stem cells, this tends to increase the overall treatment cost. Moreover, at present, insurance coverage is very low for these treatments. Thus, such factors are hindering the market growth of the regenerative medicine market.
Regionally, Asia-Pacific is anticipated to grow at a higher CAGR during the forecast period. Major factors contributing to the growth of the regenerative medicine market in this region include growing government initiatives for developing healthcare infrastructure and the rising adoption of new technologies at healthcare facilities. Rising incidences of chronic disease coupled with a rising geriatric population have also played a role in propelling the growth of the regenerative medicine market in this region.
Some of the prominent players operating in the global regenerative medicine market include 3M, Allergan, Gilead Sciences, Inc., Bristol-Myers Squibb Company, Integra LifeSciences Corporation, Amgen Inc., Novartis AG., Medtronic, Spark Therapeutics, Inc., and Stryker, among others.