The Global Regenerative Medicine Market Size was valued at USD 19.2 Bn in 2020 and is expected to reach USD 66.4 Bn by 2027, growing at a CAGR of 19.4% during the forecast period.
Regenerative medicine therapies including advanced cell, gene, and tissue therapies that could help to manage and potentially cure many conditions and diseases that are intractable, chronic, and even terminal. However, compared with more mature medical fields that feature a greater number of marketed products and a fully developed infrastructure such as traditional pharmaceutical drugs, medical devices the regenerative medicine field currently has few finalized standards, preventing many novel regenerative medicine therapies from becoming ready for marketing.
The growth of the regenerative medicine market is primarily driven by the increasing prevalence of various chronic diseases such as cancer, CVD, and others across the globe. Major factors behind the burgeoning chronic conditions are unhealthy lifestyle, alcohol consumption, smoking habits, and physical inactiveness. Cancer is the second leading cause of mortality in 2018, with a continuous rise in the number of cancer patients across the globe, as per the report published by WHO. Moreover, as per WHO, nearly one-third of the mortality rate occurs due to cancer. This is due to dietary risk, which includes low fruit and vegetable intake, high body mass index, lack of physical activity, alcohol consumption, and tobacco use.
Tobacco is one of the leading factors for the rise in the prevalence of cancer and moralities that accounted for nearly 22% of the global population. The rising number of cancer patients is the major factor for the growth of the global regenerative medicine market.
The Global Regenerative Medicine Market Segmentation:
Based on type, the cell-based therapy & cell immunotherapy products, is expected to dominate the global regenerative medicine market due to increased investment for research on cell-based immunotherapy & cell therapy
Based on type, the global regenerative medicine market has been segmented into cell-based therapy & cell immunotherapy products, tissue-engineered products, and gene therapy products. The cell-based therapy & cell immunotherapy products segment is projected to witness the fastest market growth during the forecast period. Rising research and investment for cell-based immunotherapies for the treatment of cancer is one of the key driving factors in segmental growth.
Based on application, oncology is expected to dominate the global regenerative medicine market due to increased prevalence of cancer patients
Based on indication, the market has been segmented into musculoskeletal disorders, wound care, oncology, ocular disorders, diabetes, and others application. The oncology segment is projected to have the largest share of 28% in the global market in 2018. The oncology segment is mainly driven due to the increasing prevalence of cancer coupled with growing genomics research and government funding.
The genomics profile platform enables the identification of genes that are targeted by novel drugs. The drugs are developed with great sensitivity to target tumor cells. The genomics profiles enable in development of novel biomarkers which are used to diagnose disease, predict patients and respond to treatment.
Geographically, North America accounted for the largest share of the global regenerative medicine market
North America accounted for nearly 45% share of the global regenerative medicine market in 2018 and is expected to dominate the market throughout the forecast period followed by Europe and Asia-Pacific. The developed infrastructure and investment in research and development to make advanced regenerative medicine and the rising number of cancer patients are considered to be major factors that are driving the growth of the market in the North American region.
North America is one of the strongest economies globally, comprising around 23.3% of the world economy as per International Monetary Fund in 2017. According to data from OECD, in 2016 the US spent almost 17.2% of GDP on healthcare expenditure, whereas Canada spent 10.6% of GDP on healthcare. Asia-Pacific accounted for the highest CAGR in the global regenerative medicine market during the forecast period.
Company Profiles and Competitive Intelligence
The key players operating in the regenerative medicine market are:
The report also provides an in-depth analysis of the global market dynamics such as drivers, restraints, opportunities, and challenges
COVID-19 Impact on the Global Regenerative Medicine Market
COVID-19 has highly affected the industries in terms of growth, economy, health, and mental wellbeing of every individual. In this challenging situation, every industry is trying to give the best services in terms of quality and safety. The outbreak of COVID-19 has not affected much on the healthcare industry and the regenerative medicine market. This uncertain outbreak of coronavirus has led to an increase in demand for technological advances, but the COVID 19 does not have a direct impact on the regenerative medicine market.
However, due to the outbreak of COVID- 19, the funding for the innovation in regenerative medicines distracted is the restraining factor for the growth of the global regenerative medicine market.
The report also provides an in-depth analysis of key trends in global regenerative medicine industry
The report also provides an in-depth analysis of recent news developments and investments
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