Rapidly advancing medical knowledge and development of gene-based therapies are transforming medical sector. Regenerative medicines utilize human cells to regrow tissues. In the last decade, genomics has made it possible to identify unknown proteins. Approximately 30 drugs based on human proteins have been approved for sales in the U.S. Advancement in tissue engineering has increased dramatically. The necessity for organ replacement and tissues is growing, which is expected to be driven by the aging population. Older people are mostly affected by worn-out muscle, digestive systems, skin, and brain cells, and may require cell-based interventions. Manufacturers can now use human cells to make artificial skin for burn victims. Scientists can also grow new blood vessels in the laboratory, including cardiac muscle, corneas, liver, and kidney. Clinicians also have started to implant these new tissues into patients, which is exhibiting acceptance of the treatment.
Global regenerative medicine market is segmented by product, therapy, and applications.
By product, the market is segmented into cell-based products and acellular products. The cell-based products segment is expected to grow at the fastest CAGR. The growth can be attributed to flexible regulatory environment to conduct cell therapy research.
Based on products, the global regenerative medicine market is segmented into cell therapy, tissue engineering, immunotherapy, and gene therapy. Gene therapy is expected to generate the largest revenue due to advances in gene sequencing and editing technology. Gene-related research are also expected to encourage use of gene therapy in treatment of genetic, metabolic, and degenerative disorders.
Application segment is classified into orthopedic & musculoskeletal disorders, dermatology, cardiology, central nervous system diseases, oncology, diabetes, and other applications. The dermatology segment can hold the largest share of the market due to easy grafting techniques for dermatological wounds and diseases. Great cell replication characteristics of skin providing various types of stem cells from usage.
Geographically, the global regenerative medicine market is segmented into four regions: North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
North America is likely to dominate the regenerative medicine market due to high investments in stem and oncology research. In addition, active presence of several research organizations is also contributing to the growth of the market. Rising healthcare costs and aging populations are also driving growth.
Europe is likely to emerge as the second largest regenerative medicine market globally. Strong biotech sectors in UK and Germany and heavy investment in regenerative medicine to gain competitive edge are major factors for the growth of the sector.
Asia Pacific regenerative medicine market is expected to witness significant growth on account of biomedical innovation and rapid increase in global players in the life sciences especially, China and India.
LAMEA is expected to witness moderate growth owing to ethical issues related to use of stem cells harvested from human embryos.