According to the report, the Global Regenerative Medicines Market was worth USD 17.20 billion in 2019 and is estimated to reach USD 54.88 billion by 2024, showcasing a CAGR of 23.24%.
The Global Regenerative Medicines Market report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, and Competitive Landscape, etc.
The market is segmented based on the product (Cell-Based Products and Acellular Products), therapy (cell therapy, gene therapy, tissue engineering, and immunotherapy), and application (orthopedic & musculoskeletal spine, dermatology, central nervous system, cardiovascular, oncology, diabetes, and other applications). Further, the market is also geographically segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Growth of global regenerative medicines market is attributed to rising demand for biologically derived materials for regenerative medicine, growing technological advancements (nanotechnology-based tissue engineering), and high support from the government to promote the tissue engineering for the development of advanced therapies. In addition, the growing utilization of regenerative medicines in cancer research & drug discovery, increasing organ transplantations, and rising healthcare expenditure are further stimulating the growth of the global regenerative medicines market.
However, the presence of stringent regulatory pathways for tissue-engineered products & cell-based products, strict ethical regulations for the utilization of human tissue, certain post-implantation infections & complications, and high cost for the research & development of cell-based products (such as stem cells).
North America is estimated to account for the largest market share of 31.3% of global regenerative medicines market owing to growing advancements in stem cell therapy & tissue engineering technologies, increasing demand for bone & joint reconstructive surgeries, rising adoption of regenerative medicines utilization, growing number of new product launches in this market, presence of huge cell therapy products, rising funding from NIH & BARDA in the U.S. for the research & development, and increasing development of regenerative medicines in Canada.
Asia-Pacific region is estimated to be the fastest-growing segment with a CAGR of 28.90% during the forecast period 2016-2021. The high growth of the market in this region is due to government initiatives supporting advanced therapies, rising focus of foreign pharmaceutical companies to invest on the Asian healthcare industry, a growing number of patients suffering from chronic disease conditions, and increasing demand for organ transplantation.
The key players in global regenerative medicines market such as Vertex Pharmaceuticals Incorporated (U.S.), Acelity L.P. Inc. (U.S.), Celgene Corporation (U.S.), StemCells, Inc. (U.S.), Organogenesis Inc. (U.S.), NuVasive, Inc. (U.S.), Vericel Corporation (Genzyme) (U.S.), Japan Tissue Engineering Co., Ltd. (Japan), Cytori Therapeutics Inc. (U.S.), Advantagene, Inc. (U.S.), and Mesoblast Ltd. (Australia).
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