Number of pages: 100-120 | Report Format: PDF | Published date: 28 January, 2022
Historical Years – 2018 & 2019 | Base Year – 2020 | Forecasted Years – 2021 to 2031
The global regenerative medicine market was pegged at ~US$ 8.15 billion in 2020 and is expected to witness a CAGR of ~15.5% during the forecast period.
Regenerative medicine is a branch of medicine that focuses on repairing or regenerating damaged cells such as tissues and organs by stimulating the body's own repair mechanisms to restore their normal function. Regenerative medicine has the potential to treat previously untreatable diseases. There are ongoing researches that are focused to create solutions for permanently damaged organs. Regenerative medicine can help cure acute and chronic diseases such as orthopedic disorders, heart disease, stroke, cancer, diabetes, and neurological diseases. Regenerative medicine has enabled scientists to grow tissues and organs in the laboratory.
The global regenerative medicine market is mainly driven by increasing research activities in the field of stem cell therapies, growing product pipelines, and rising government funding for research activities. Moreover, increasing incidences of chronic diseases and the rising geriatric population are providing impetus for 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.
The global regenerative medicine market has been analyzed from three perspectives: Product Type, Application, and Region.
Regenerative Medicine Market by Product Type
Based on type, the regenerative medicine market has been segmented into cell therapy, tissue-engineered products, gene therapies, and progenitor & stem cell therapies. The cell therapy segment is further sub-segmented into autologous therapies and allogeneic therapies. Progenitor & stem cell therapies segment is anticipated to grow at a higher CAGR during the forecast period. Stronger stem cell product pipeline and rising investments for stem cell research activities are some of the major factors expected to propel the market growth during the projected period.
Regenerative Medicine Market by Application
Based on application, the regenerative medicine market has been segmented into oncology, musculoskeletal disorders, wound care, ocular disorders, diabetes, and other applications. The musculoskeletal disorders segment held the largest market share of the regenerative medicine market in 2020. The major factors attributing to the growth of this segment include the rising geriatric population and increasing incidences of accidental injuries and orthopedic diseases that are leading to the growing demand for medicines that can be used to treat them.
Regenerative Medicine Market by Region
Regionally, the global regenerative medicine market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America held the largest market share of the global regenerative medicine market in 2020. In North America, the U.S. held the largest market share. Factors such as the rising geriatric population, rising prevalence of cancer and musculoskeletal disorders, rising number of research activities associated with regenerative medicine, growing stem cell banking, and increasing pipeline of cell therapy and stem cell therapy products are driving the demand in this region. Rising public-private funding for research studies and a growing number of FDA approvals for these products are further propelling the growth of the regenerative medicine market.
Some of the prominent players operating in the global regenerative medicine market includes:-