NEW YORK, March 18, 2019 (GLOBE NEWSWIRE) -- Global regenerative medicine market is expected to reach USD 79.8 billion by 2024, at a CAGR of 20.5% from 2018 to 2024. Factors driving the growth of the market are: increasing prevalence of degenerative and chronic diseases, technological advancements in nanotechnology, bioengineering and stem cell therapy, and increasing geriatric population across the globe. Moreover, limited number of organs available through donation and increasing investment by governments and private players is further augmenting the growth of the market. However, stringent government regulations may restrain the market growth to some extent.
Key findings of the report:
- The global regenerative medicine market is expected to reach USD 79.8 billion in 2024, at a CAGR of 20.5% during 2018 -2024
- Based on technology, the cell therapy segment held the major share of the market in 2017
- On the basis of application,
° The dermatology segment held the major share of the global market
° The oncology segment is likely to augment at the fastest CAGR over 2018-2024 due to the increasing number cancer patients across the globe, and a growing number of clinical trials in oncology indications. Approx. 53% of all current clinical trials are in oncology, such as lymphoma, leukemia, and cancer of breast, colon, brain, pancreas, cervix, bladder, and esophagus, among others. - North America held the largest share of the global market in 2017. Asia-Pacific region is expected to register highest CAGR over the 2018-2024.
- Some of the key companies operating in the market include Osiris Therapeutics, Inc., Novartis AG, TxCell, Inc., Cellectis, Inc., NuVasive, Inc., Integra LifeSciences Corporation, MiMedx Group, Inc., Cellular Biomedicine Group, Inc., Spark Therapeutics, Inc., and Vericel Corporation among others.
Regenerative medicine offers potential of providing lifetime cure for unmet medical needs
Shortages of tissue and organ have been identified as a major public health challenge with only a small percentage of deserving patients receiving transplantations. Regenerative medicine is an emerging field in the healthcare sector that aims to repair, replace and regenerate damaged organs and tissue. This emerging technology, which includes cell therapy, small molecules and biologics, tissue engineering, and gene therapy, offers the potential of lifetime cure for unmet medical needs. In many ways regenerative medicine has become the leading edge of clinical practice and biomedical research. Moreover, over the last decade, there has been increased government support for funding and approvals of regenerative medicine products. The industry has witnessed increasing number of clinical trials, and various companies are working on products derived from embryonic stem cells that should reach the clinics in the next five years. In addition, regenerative medicine could potentially be applied towards improving health in developing countries. Several developing countries themselves have recognized the potential of regenerative medicine and have initiated R&D activities in this field.
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Global Regenerative Medicine Market– Regional insight
Geographically, the global Regenerative Medicine market is segmented into North America, Europe, Asia-Pacific, Central & South America, and Middle East and Africa. North America held the major share of the global market owing to the technological advancements in tissue engineering, and increasing investments in research and development activities. Moreover, increasing incidence of degenerative diseases and presence of advanced healthcare infrastructure is further propelling the industry growth in the region. The growth of the market in Europe is attributed to increasing aging population, and growing number of chronic diseases. Asia-Pacific is expected to witness the highest CAGR during 2018-2024, owing to an increasing prevalence of chronic diseases, and the rapidly growing healthcare sector. Moreover, growing development in stem cell therapy and tissue engineering are further propelling the market growth in the region. Furthermore, favorable government policies and increasing awareness among healthcare professionals are also boosting the industry growth in the region.
This report segments global regenerative medicine market based on technology, application, and geography.
By Technology
- Cell Therapy
- Small Molecules and Biologics
- Tissue Engineering
- Gene Therapy
By Application
- Dermatology
- Dental
- Orthopedic
- Central Nervous System Diseases
- Cardiovascular
- Autoimmune Disorders
- Muscle Regeneration
- Ocular Diseases
- Oncology
By Geography
- North America
- Europe
- Asia-Pacific
- Central & South America
- Middle East and Africa
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