The regenerative medicine market is projected to reach US$ 37.48 billion by 2028; registering at a CAGR of 17.9% from 2022 to 2028, according to a new research study conducted by The Insight Partners
Oncology Segment, by Application, to Account for Largest Share of Regenerative Medicine Market during 2022–2028
The report highlights the key factors driving the market growth and prominent players with their developments in the market. The growth of the regenerative medicine market is primarily attributed to increasing adoption of gene therapies, stem cell therapies, and tissue engineering; growing number of approvals for cell and gene therapies; and technological advancements in the field of regenerative medicine. However, the high cost of these therapies is hampering the growth of regenerative medicine market.
Regenerative Medicine Market, by Geography, 2022 (%)
Regenerative Medicine Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: by Type (Cell-Based Immunotherapy and Cell Therapy Products, Tissue-Engineered Products, and Gene Therapy Products), Application (Musculoskeletal Disorders, Wound Care, Oncology, Ocular Disorders, and Diabetes), and Geography (North America, Europe, Asia Pacific, and South and Central America)
Regenerative Medicine Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
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Based on application, the regenerative medicine market is divided into musculoskeletal disorders, ocular disorders, oncology, wound care, and diabetes. In 2021, the oncology segment held the largest market share and is expected to grow at the highest CAGR over the forecast period. The increasing prevalence of cancer and growing research activities for its treatment are the major factors driving the segment’s growth. As per the American Cancer Society, in 2021, 1.9 million cancer cases and 608,570 deaths due to same were reported in the US. According to the European Commission, in 2020, 4 million cancer cases were reported in Europe. The disease also caused 1.9 million deaths in the region. The Cancer Atlas report stated that in 2018, 8.2 million cancer cases were reported in Asia Pacific and 5.2 million patients died of the same. Such rising prevalence of cancer across the globe is likely to increase the demand for novel therapeutics.
By type, the regenerative medicine market is segmented into cell-based immunotherapy and cell therapy products, tissue-engineered products, and gene therapy products.
The COVID-19 pandemic had a positive impact on the regenerative medicine market growth. Pharmaceutical and biotechnology companies invested a huge amount to develop several new products for the COVID-19 treatment. The demand for the development of new drugs and vaccines increased to tackle the disease. A research study ‘Mesenchymal stem cell treatment for COVID-19’ was conducted at National Clinical Research Center for Infectious Diseases, Beijing, China. Mesenchymal stem cells (MSCs) have anti-inflammatory, immunomodulatory, and regenerative properties.Thus, the safety and effectiveness of MSCs in COVID-19 was investigated in the study. All these aspects indicate the overall positive impact of the pandemic on the regenerative medicine market.
By region, the global regenerative medicine market is split into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. In North America, the US is the largest market. Asia Pacific is expected to exhibit the fastest growth due to growing healthcare infrastructure and evolving pharmaceutical and biopharmaceutical industries. Moreover, the increasing involvement of contract research organizations (CROs) in the development and production of novel therapies is expected to influence the overall growth of the market during the forecast period.
Integra LifeSciences; Gilead Sciences, Inc; Novartis AG; Vericel Corporation; Wright Medical Group N.V.; MiMedx Group; Osiris Therapeutics, Inc.; Stryker Corporation; Spark Therapeutics, Inc.; and Medtronic plc are among the leading companies operating in the global regenerative medicine market.
By geography, the global market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, Africa, and the Rest of the Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
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