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Regenerative Medicine Market Overview
The global regenerative medicine market size is projected to advance at a considerable rate in the coming years due to the increasing prevalence of chronic diseases and genetic disorders, rising number of regenerative medicine companies across the globe, surging government investments in regenerative medicine research, and technological advancements in the stem cell therapy and tissue engineering areas.
The discipline of medicine that focuses on the regeneration or replacement of human cells, tissues, and organs for re-establishing normal functionality of the body is referred to as regenerative medicine. The renewal or replacement of cells in human tissues and organs can be attained by encouraging the body’s own cells to heal or by treating with cells and tissues that are laboratory grown. Cell-based and acellular are two types of regenerative medicines, between which, the cell-based regenerative medicine held the larger regenerative medicine market share in the past. This was because of the rising demand for cell-based immunotherapies. The type is further divided into autologous and allogenic.
The different types of therapy included in the industry are gene therapy, immunotherapy, cell therapy, and tissue engineering. Among these, the immunotherapy category is predicted to register the fastest growth in the coming years in the regenerative medicine market. The reason for this is the swift advancements in the stem cell technology and the increasing awareness regarding its resultant product across the globe, which, in turn, has resulted in the rising research & development funding from different private and government organizations.
There are several applications of regenerative medicine including diabetes, orthopedic & musculoskeletal disorders, cardiology, oncology, dermatology, and central nervous system disease. Out of these, the orthopedic & musculoskeletal application dominated the regenerative medicine market in the past, owing to the surging incidence of orthopedic diseases, which, in turn, is attributed to the increasing geriatric population. The oncology application is projected to grow at the fastest pace in the near future because of the rising prevalence of cancer around the world.
Geographically, North America contributed the largest revenue share to the regenerative medicine market in the past, primarily, due to the presence of large number of key players in the region. In addition to this, the availability of innovative technology and presence of a number of research institutes which are focusing on the development therapeutics are also driving the growth of the regional market. Furthermore, the availability of funds and increasing initiatives by private and government organization is contributing to the domain’s growth.
The Asia-Pacific region is expected to register the fastest growth in the coming years in the regenerative medicine market, which is ascribed to the improving infrastructure and facilities for accelerating the stem cell research in developing countries. The Chinese government has approved research related to the human embryonic stem cells that has further encouraged the researchers for exploring the clinical potential of stem cells. In addition to this, changing lifestyle, aging population and increasing medical needs of people is further driving the growth of the regional market.
Regenerative Medicine Market Dynamics
The surging prevalence of chronic diseases and genetic disorders is a major driving factor for the regenerative medicine market growth. The prevalence of chronic diseases is rising because of the increasing adoption of sedentary lifestyles and changing dietary habits. As per the World Health Organization, about 17.9 million people die every year due to cardiovascular diseases, accounting for approximately 31% of the total deaths across the world. Several technological advancements are taking place in the regenerative medical medicine domain, as it has the potential to cure different chronic and genetic diseases, such as diabetes, heart diseases, and Alzheimer’s disease.
The increasing requirement for organ transplantation is creating wide opportunities for the players operating in the regenerative medicine market. Because of regenerative medicine, medical professionals are able to replace broken bones and develop new organs which have been damaged and are unable to function due to illness or injury. The conventional organ transplantation process involves the replacement of a failed or damaged organ in the human body with a new organ; however, there is a risk of rejection as the body may perceive the organ foreign.
Moreover, the availability of organs around the world is insufficient, and the waiting lists for transplants is growing day by day. Attributed to this, the researchers are focusing on regenerative medicine for development of organs.
Regenerative Medicine Market Competitive Landscape
Some of the major players in the global regenerative medicine market are NuVasive Inc., Acelity L.P. Inc., Vericel Corporation, Integra Lifesciences Corporation, Osiris therapeutics Inc., Stryker Corporation, Organogenesis Inc., Cook Biotech Incorporated, Japan Tissue Engineering Co. Ltd., and Medtronic Inc.