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Report Code: LS11128
Category : Biotechnology
Regenerative Medicine Market Overview
Regenerative medicine is a comparatively new area of science that involves the restoration of damaged cells, tissues or organs by applying cell therapy, tissue engineering, immunotherapy or gene therapy techniques. On contrary to the present clinical therapeutics that act on slowing the disease progression or relieve symptoms, regenerative medication has a promising therapeutic approach of restoring the function and structure of damaged organs and tissues. The global regenerative medicine market is expected to witness significant growth during the forecast period (2017–2023), due to the increase in the prevalence of chronic diseases, orthopaedic injuries, genetic disorders, growing aging population, increasing government funding along with the private funding in the research & development of regenerative medicines with the advancement in nanotechnology based drug delivery system, and moderate healthcare reforms. Currently, major breakthrough in the area is the development of tissue engineered trachea, transplantation of retinal pigment differentiated by stem cell based therapy to treat age-related macular degeneration. However, recently research labs have started to focus on regenerating solid organs such as heart, kidney, lungs and other organs to curb the problems associated with organ transplantation.
The rise in number of regulatory approvals of regenerative medications is expected to further drive the regenerative medicine market during the forecast period. Moreover, there has been strategic partnership between many companies that has encouraged increased involvement of these companies in the global market. Improvised drug delivery systems for regenerative medicines is also expected to contribute to the growth of the global market.
The global regenerative medicine market is segmented on the basis of type, therapy and applications. Based on type, the regenerative medicines are either cell-based or acellular. The cell based regenerative medicine, which is further sub-categorized as allogenic and autologous, held the largest share in the global market in 2016.
On the basis of therapy, the global market is categorized into cell therapy, tissue engineering, immunotherapy and gene therapy. Immunotherapy is expected to be the fastest growing therapy in the global market. The advancement in stem cell technology and the global awareness towards its resultant products has led to R&D funding from various government and private organizations in this field.
Orthopaedic and musculoskeletal disorders, dermatology, cardiology, oncology, diabetes, and central nervous system diseases are the key application areas of regenerative medicine. Orthopaedic and musculoskeletal disorders was the largest application in the global market in 2016, due to the high incidence of accidents and injuries registered, and its application as therapeutic approach to congenital disorders. Oncology is expected to be fastest growing application in the global market, due to the rise in prevalence of cancer cases globally.
Regenerative Medicine Market Dynamics
Growth Drivers and Restraints
Technological innovations in the area of stem cell therapy and tissue engineering has led to rapid growth of the regenerative medicine market size. The key factors which drive the growth of the global market include increase in the demand of orthopaedic surgeries, government healthcare reforms in certain countries such as the U.S. and Canada, aging population, rise in chronic diseases, increasing prevalence of bone and joint diseases, and innovations in nanotechnology that aids in drug delivery mechanism.
However, stringent regulations, ethical issues, and the risk of product failure and their recall are the key barriers for the growth of the regenerative medicine market. The cost of regenerative medicine treatment is significantly high and it is less effective in case of geriatric patients, which hinders the growth of the global market to some extent.
With the rising prevalence of chronic disorders and age-related ailments, treatment procedures such as organ transplant is the only viable option available in some cases of these disease. There has been a long-term shortage of organs for transplantations which provides ample opportunities to the key players to increase their regenerative medicine market size by offering an alternative approach to organ transplant. With the improvement in regenerative medicine technology, regenerative medicines can possibly be an inexhaustible source of organs. Also, regenerative medicines offer the advantage of immunosuppressant-free transplantations of tissues or organs as required. These advantages of regenerative medicines present lucrative opportunity to the players in the global market.
Regenerative Medicine Market Insights by Geography
Globally, North America is the largest market for regenerative medicine followed by Europe. The largest regenerative medicine market size of North America is attributed to the high rate of incidence of cardiac disorders, autoimmune diseases, and increasing prevalence of cancer patients among the American population. Additionally, the involvement of government organization for funding in the area of R&D of regenerative medicines, technological advancement and other policies are driving the growth of the North American market.
Regenerative Medicine Market Competitive Landscape
Key companies are acquiring other companies to strengthen their regenerative medicine market share. For instance, in August 2016, Medtronic Inc. had acquired Heart Ware International, Inc., that offers less-invasive, miniaturized, mechanical circulatory support (MCS) techniques as an advanced heart failure treatment. This acquisition was aimed at increasing the working efficiency of the company and to broaden its product portfolio.
Some of the other key players operating in the global market include Acelity L.P. Inc., NuVasive Inc., Vericel Corporation, Osiris therapeutics Inc., Integra Lifesciences Corporation, Stryker Corporation, Cook Biotech Incorporated, Organogenesis Inc., and Japan Tissue Engineering Co. Ltd.