Increasing prevalence of neurodegenerative, orthopedic, oncology and genetic diseases has led to the emergence of approaches to restore the function of cells. For instance, musculoskeletal injuries (shoulder, hip, knee and others) are a common cause of pain. Around 100 million new injuries occur every year worldwide. Regenerative medicine can be useful for back pain treatment and have been in use for the treatment of musculoskeletal injuries.
Regenerative medicine approaches are gaining momentum through a very strong pipeline, product approvals and clinical trials phase. For instance, introduction of CRISPR and Cas gene technology has accelerated the efficacy of gene-related research. In addition, introduction of 3D printing of cells and tissues to restore structural and functional characteristics of damaged cells are changing the dynamics of the tissue engineering technology. Advancements in the field of 3D tissue engineering as organ-on-a-chip technologies and use of 3D bio-printers are developing quickly. In addition, increasing funding for the development of new solutions have enhanced the research of the 3D tissue engineering. For instance, NIH invested around USD 445 million in human non-embryonic undeveloped cell research.
The increasing use of stem cell-based development drug discovery technologies would save hafety amount of money used for direct testing fees as well as reducing drug recalls. Invitrogen is one of the leaders in the molecular biology and cell culture with over 1200 products for growing and differentiating stem cells. For instance, KNOCKOUT(TM) SR XenoFree Media launched by company is used for the culture of human embryonic stem cells.
Global regenerative medicine market accounted for over USD 14.5 billion in 2017 and is expected to grow at a CAGR of 25.5% during the forecast period, 2019–2026.
Global regenerative medicine market is segmented by product, therapy and applications.
Byproduct, 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 is also driving the growth. The senior citizen population will double in the U.S. to about 70 million by 2040, and about 25% of GDP would be used for healthcare policies. In addition, regenerative surgeries have also increased in the region. As per the U.S. Centers for Medicare and Medicaid Services, around 900,000 bone restructuring or regeneration are performed in the U.S. annually, spinal fusion (about 450,000)being the most common.
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. For instance, in 2016, Sernova Corp. received USD 6.24million from the EU Horizon 2020 Program to develop the cell-based hemophilia therapeutics.
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. Furthermore, revamping medical products regulations in order to promote growth is also helping industry to grow. For instance, in 2014, the Japanese Government implemented new regulations for regenerative medicine products different from medical devices and pharmaceuticals.
LAMEAis expected to witness moderate growth owing to ethical issues related to use of stem cells harvested from human embryos. In addition, despite high incidence of genetic diseases such as sickle cell and thalassaemia in the Middle East, it lacks number of transplants due to limited awareness in the region.
Some of the key players in the global regenerative medicine market are Nuvasive, Inc., Acelity L.P. Inc., Osiris Therapeutics, Inc., Organogenesis Inc., Medtronic PLC, Vericel Corporation, Cook Biotech Incorporated, Stryker Corporation and Japan Tissue Engineering Co., Ltd.
|Market Size||USD in Billion By 2030|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
|Segments Covered||by Product (Cell-Based Products, Acellular Products), Therapy, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, LAME and Rest of the World|
|Key Companies Profiled/Vendors||Nuvasive, Inc., Acelity L.P. Inc., Osiris Therapeutics, Inc., Organogenesis Inc., Medtronic PLC, Vericel Corporation, Cook Biotech Incorporated, Stryker Corporation and Japan Tissue Engineering Co., Ltd.,|
|Key Market Opportunities||Advancements In The Field Of 3D Tissue Engineering|