Pune, India, Feb. 13, 2023 (GLOBE NEWSWIRE) -- The regenerative medicine market size was valued at USD 23.65 billion in 2021. The market is expected to grow from USD 29.86 billion in 2022 to USD 153.05 billion by 2029 with a CAGR of 26.3% during the forecast period. Rising cases of chronic genetic disorders are expected to open a new set of opportunities, thereby driving the market growth. Increasing application in cardiology, neurology, oncology, and others is expected to propel the market course. Growing number of initiatives and investments for research is projected to assist in the market development. Fortune Business Insights™ shares this information in its report titled “Regenerative Medicine Market, 2022-2029.”
Key Industry Development
June 2022- Bristol Myers Squibb Company received the U.S. FDA approval for CAR T cell Therapy Breyanzi. It is for people who have primary refractory or relapsed Large B-cell Lymphoma (LBCL) who cannot have transplants.
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Report Scope:
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 26.3% |
| 2029 Value Projection | USD 153.05 Billion |
| Base Year | 2021 |
| Regenerative Medicine Market Size in 2021 | USD 23.65 Billion |
| Historical Data | 2018 to 2020 |
| No. of Pages | 192 |
| Segments Covered | Product, Application, Distribution Channel and Geography |
Drivers and Restraints
Increased Number of R&D Activities in New Therapies to Propel Market Development
Increasing number of investments in R&D activities that focus on new therapies and products is anticipated to drive the regenerative medicine market growth. This will pave the way for important mergers, partnerships, and research collaborations. Various private and government players and research institutes have been introducing options to treat various chronic diseases such as cancers, Parkinson's disease, diabetes, renal diseases, cardiovascular diseases, and others. Various applications of the product in cardiology, neurology, oncology, and others are expected to drive the market growth.
However, high treatment costs and insufficient policies for reimbursement are expected to hamper the market growth.
Key Takeaways:
- Key drivers propelling the market's expansion include the rising incidence of blood malignancies, initiatives to cure uncommon diseases, and the growing need for individualised care.
- The global market is segmented based on product into platelet rich plasma, tissue engineering, gene therapy, and cell therapy.
- The industry with the most market share in 2021 was cell therapy.
- The North American market, which was estimated at $10.50 billion in 2021, is expected to continue to dominate during the projection period.
- Since purchasing Wright Medical Group N.V., Stryker has dominated the global market for tissue engineering.
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Segments
Cell Therapy to Lead Due to Increasing Benefits in Treatment Diseases
On the basis of product, the market is segmented into cell therapy, gene therapy, tissue engineering, and platelet rich plasma. Cell therapy accounted for the largest part in 2021 owing to increasing benefits in treating diseases such as autoimmune diseases, cancers, infectious diseases, and joint injuries.
Orthopedics to Head the Segment Due to Increasing Prevalence of Osteoarthritis
Based on application, the market is categorized into orthopedics, wound care, oncology, rare diseases, and others. Orthopedics segment held the maximum global regenerative medicine market share in 2021 due to gradual increase in the prevalence of osteoarthritis and bone related injuries.
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Hospitals to Head Due to Increasing Number of Surgeries
Based on distribution channel, the market is segmented into hospitals, clinics, and others. Hospitals segment is expected to dominate the market during the forecast period due to increasing number of surgeries and government support and initiatives.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Regional Insights
North America to Lead the Market Owing to Increasing Technological Innovations
North America is expected to dominate the market share due to technological innovations, rapid adoption of cell and gene therapy, and new product approvals.
Europe is anticipated to have the second largest market share in the forecast period due to emergent guidelines of government and therapies. Presence of numerous research institutes and increasing government funding are expected to boost the market growth in Europe.
Asia Pacific is projected to grow with maximum CAGR due to the rising cases of chronic diseases, government initiatives for technological advancements, and improving disposable incomes.
Competitive Landscape
Partnership Strategies by Key Players to Progress Market Route
Partnership strategies by the regenerative medicine players are predicted to progress market grip. In terms of cell and gene therapy, Gilead Sciences Inc. and Novartis AG are dominant companies in these segments due to CAR T-cell therapy pipeline. In August 2022, bluebird bio received the FDA approval for Zynteglo (betibeglogene autotemcel). It is the first cell-based gene therapy that can be used for treating adult and pediatric patients suffering from beta-thalassemia who regularly require red blood cell transfusions.
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List of Key Players Profiled in the Report
- Integra LifeSciences Corporation (U.S.)
- Bristol-Myers Squibb Company (U.S.)
- Tissue Regenix (U.K.)
- Smith & Nephew (U.K.)
- MIMEDX (U.S.)
- Novartis AG (Switzerland)
- Allergan Aesthetics (AbbVie Inc.) (U.S.)
- Stryker (U.S.)
- American CryoStem Corporation (U.S.)
- Kite (Gilead Sciences, Inc.) (U.S.)
- AlloSource (U.S.)
- bluebird bio, Inc. (U.S.)
- CRISPR Therapeutics (Switzerland)
- Janssen Global Services, LLC (Johnson & Johnson Services, Inc.) (Belgium)
- Tegoscience (South Korea)
Table of Content:
- Key Insights
- Global Financing of Companies Active in Regenerative Medicine
- Prevalence of Chronic Diseases, by Key Countries/Regions, 2021
- Pipeline Analysis, By Key Players
- New Product Launches
- Key Industry Developments: Mergers, Acquisitions & Partnerships
- Technological Developments
- Impact of COVID-19 on the Global Regenerative Medicine Market
- Global Regenerative Medicine Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Product
- Cell Therapy
- Gene Therapy
- Tissue Engineering
- Platelet Rich Plasma
- Market Analysis, Insights and Forecast – By Application
- Orthopedics
- Wound Care
- Oncology
- Rare Diseases
- Others
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospitals
- Clinics
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Market Analysis, Insights and Forecast – By Product
- TOC Continued…!
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