Regenerative medicine has been gaining attention not only because of its effectiveness for treating a wide variety of conditions but also for the growth potential the industry presents. The treatment focuses on reestablishing normal functionality of organs, tissues, and human cells by renewing or replacing damaged cells with new, healthy cells. This allows the body’s natural healing process to take over when the healthier cells are introduced.
There are different approaches to regenerative medicine, including using the body’s own cells to heal, or by using laboratory-grown cells and tissues. The treatment is used to treat a vast number of diseases and conditions, with the potential to include incurable chronic diseases and conditions from Alzheimer’s and Parkinson’s disease to diabetes and from heart disease to spinal cord injuries.
$13 billion in 2019 to grow to $73 billion dollars in 2027
According to a report published by Markets and Markets, it is predicted the lucrative regenerative medicine market could reach $73.4 billion by 2027. It sat at $13.3 billion in 2019, at a CAGR of 23.8%. With the FDA’s introduction of the Cures Act for regenerative medicine, in hand with an increase in funding for regenerative medicine, the doors for growth potential are wide open. As well development of CAR-T cell therapies and a growing demand to provide care and treatment of cancer, orthopedic disorders, and chronic wounds, etc. regenerative medicine is being viewed as the treatment with the most potential.
About the Regenerative Medicine Market
The regenerative medicine market has a few classification types, including:
- Cell-based immunotherapy & cell therapy products
- Gene therapy products
- Tissue-engineered products
The largest segment for market share in 2019 was cell-based immunotherapy & cell therapy products, thanks to an increased demand for cell-based immunotherapies. As well, the establishment of the Cures Act by the FDA is allowing industry experts to streamline the regenerative medicine approval process.
Applications of Regenerative Medicine
The regenerative medicine market is further classified based on application, including:
- Musculoskeletal disorders
- Wound care
- Oncology
- Ocular disorders
- Diabetes and other application
The leading sector in 2019 was the musculoskeletal disorders segment. Demand for treatment is on the rise as the senior population continues to grow, and the incidence of orthopedic diseases increases.
North America Leading the Regenerative Medicine Market
The demand for regenerative medicine treatments in North America is high, making it the most likely market to have the largest share globally. In fact, North America will probably hit the targeted growth predicted prior to the forecast period. This is much due to the research of activity growth, the introduction of CAR-T cell therapies and the establishment of stem cell banks and tissue engineering.
Major players in the U.S. include:
- Kite Pharma
- Vericel Corporation
- Integra LifeSciences
- Wright Medical
- MiMedx
- Osiris Therapeutics
- Stryker Corporation
- Spark Therapeutics
As diseases and disorders such as CVD, cancer, diabetes, and cystic fibrosis continue to increase globally, so too will demand for treatments to manage these conditions. As a result, the U.S. and emerging countries will continue to pursue regenerative medicine as the treatment with the most potential to address these diseases.
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Reference: https://www.marketsandmarkets.com/Market-Reports/regenerative-medicine-market-65442579.html
