Gurugram, India, April 20, 2023 (GLOBE NEWSWIRE) -- Driven by the growing number of severe diseases, infections, and cancers. Rising clinical trials and spending on research & development by players and governments. The Global Regenerative Medicine Market is forecasted at approximately US$ 70 Bn by 2028 says Ken Research Study.
Regenerative medicine is a process to restore human cells, tissues, and organs. It is referred to as a group of biomedical approaches to clinical therapies involving stem cells. Furthermore, therapies involving stem cells are cell therapy, which is the injection of stem cells or progenitor cells, and tissue engineering, which is the transplantation of laboratory-grown organs and tissues.
“Ken Research shares 3 key insights on this high-opportunity market from its latest research study.”
1. Regular New Therapies Announcements by Players & Government Initiatives Toward the Future of Healthcare, are Likely to Drive the Market
According to Ken Research Analysis, the Global Regenerative Medicine Market was valued at ~US$ 30 billion in 2022 and is forecasted to reach a market size of ~US$ 70 billion opportunities by 2028, owing to the rise in a number of severe diseases, infections, and cancers. Rising clinical trials and research & development spending on new advanced healthcare processes and facilities by players and governments is also fuelling the growth of the market.
In October 2022, Astellas Pharma Inc. and Pantherna Therapeutics GmbH announced entering into a new technology evaluation agreement for research to generate mRNA-based regenerative medicine programs using reprogramming. According to whitehouse.gov, a USA government website, mentioned in the September 2022, factsheet, BioFabUSA & BioMADE (launched by the Department of Defence) and NIIMBL (launched by the Department of Commerce) will expand their industry partnerships to enable commercialization across regenerative medicine, industrial biomanufacturing, and biopharmaceuticals.
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2. The Increasing Number of Cancer Patients Worldwide & Player’s Continuous Effort to Cure Cancer is Driving the Growth of the Market
According to World Health Organization, a specialized international public health organization stated that nearly 10 million deaths in 2020 are caused by cancer worldwide, the most common cases of cancer were lung, prostate, skin, stomach, colon, and rectum. Cancer immunotherapy activates, replaces, and regenerates the immune system in order to fight cancer. Cancer immunotherapy is a form of regenerative medicine. The rising number of cancer patients worldwide is driving the growth of the regenerative medicine market.
According to National Health Cancer, a US national cancer program, also a part of the national institute of health, mentioned that, since 2017, six CAR T-cell (another form of immunotherapy) therapies have been approved by the FDA. All are approved for the treatment of blood cancers, including lymphomas, and leukemia. In September 2022, Celltrion USA receives U.S. FDA approval for its oncology biosimilar Vegzelma for the treatment of six types of cancer.
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3. High Cost of Cell & Gene Therapy can Hamper the Growth of the Regenerative Medicine Market
Patients suffering from wound injuries, serious disorders, and others require cell and gene therapies, representing advanced technology. The high cost of cell and gene therapies is hampering the growth of the market. In 2017, the Food and Drug Administration (FDA), a federal agency of the department of health and human services, approved Luxturna to treat a rare form of inherited blindness that affects 100 to 2000 people in the USA. This treatment cost approximately US$ 425,000 per eye. According to National Health Cancer, CAR T-cell therapy came under criticism for its cost, which is around US$ 4,00,000 or more.
Market Taxonomy
By Product Type
- Cell Therapy
- Gene Therapy
- Tissue Engineering
- Stem Cells
By Material
- Synthetic Material
- Biomaterial
- Genetically Engineered Material
- Others
By Application
- Dermatology
- Musculoskeletal
- Wound Healing
- Oncology
- Cardiovascular
- Ophthalmology
- Other
By Geography
North America
-
- USA
- Canada
- Mexico
Europe
-
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe)
Asia Pacific
-
- China
- Japan
- South Korea
- India
- Australia
- Rest of Asia Pacific
LAMEA
-
- Latin America
- Middle East
- Africa
Key Players
- Integra Lifesciences
- Amgen
- AstraZeneca
- Tissue Regenix
- Takeda Pharmaceutical Company Limited
- Bayer AG
- Novartis AG
- Smith+Nephew
- Vericel
- GSK plc
For more insights on the market intelligence, refer to below link:-
Global Regenerative Medicine Market
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