The increase in technological advancements, growth in the government research initiatives for regenerative medicine, increase in the demand for organ transplants, surge in the incidence of genetic and chronic diseases, hike in the healthcare expenditure, and rise in the geriatric population are the major driving factors for the growth of the global regenerative medicine market. Due to the aforementioned factors, the market is projected to grow at a CAGR of 16.3% during the forecast period (2020–2030), to reach $39,012.0 million by 2030.
Due to the ongoing COVID-19 pandemic, governments of different nations have implemented several strong measures to keep the number of infected individuals to the minimum. Moreover, in order to contain the spread of coronavirus, a large number of clinical trials and other research activities were halted, which, in turn, has negatively affected the market growth. However, the healthcare system is focusing on discovering a novel treatment for COVID-19, along with other chronic diseases. Hence, with the increasing adoption of regenerative medicine for the treatment of chronic and viral diseases, the market is expected to recover by 2021.
Based on application, the regenerative medicine market is categorized into musculoskeletal, wound care, oncology, dental, ocular, and others. Amongst these, the musculoskeletal category accounted for the major market share in 2019. Moreover, it is expected to maintain the lead in the coming years as well. This would be due to the increasing prevalence of orthopedic diseases, rising geriatric population, and growing pipeline of stem cell products for the treatment of musculoskeletal disorders.
Based on type, the regenerative medicine market is categorized into cell therapy, gene therapy, and tissue-engineered products. Amongst these, the cell therapy category is expected to witness the fastest growth in the global regenerative medicine market during the forecast period. This would majorly be due to the increasing number of research projects and clinical studies involving cell therapies, such as stem cell therapy.
Geographically, the North American region held the largest share in the regenerative medicine market during the historical period (2014–2019), and it is predicted to witness the same trend during the forecast period. This is attributed to the increasing number of stem cell research institutes, growing healthcare expenditure, rising number of stem cell banks, and technological advancements in biomaterial scaffolds for tissue engineering.
The global regenerative medicine market is fragmented in nature, and the players are actively involved in product launches and approvals to gain a competitive edge. For instance, in October 2020, Glenmark Pharmaceuticals Inc. received the approval of the U.S. Food and Drug Administration (USFDA) for dimethyl fumarate delayed-release capsules, 120 mg and 240 mg, the generic variants of the Tecfidera1 delayed-release capsules, 120 mg and 240 mg, created by Biogen Inc.
Similarly, in July 2020, Novartis AG announced that the European Commission (EC) has approved Piqray (alpelisib) in combination with fulvestrant for the treatment of postmenopausal women and men with hormone receptor-positive, human epidermal growth factor receptor-2 negative (HR+/HER2-) or metastatic breast cancer with the PIK3CA mutation.
Some of the key players operating in the market are Smith & Nephew plc, 3M Company, Integra LifeSciences Holdings Corporation, Wright Medical Group N.V., Stryker Corporation, Zimmer Biomet Holdings Inc., Novartis AG, and Amgen Inc.