New York, US, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Regenerative Medicine Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Regenerative Medicine Market Information by Type, Material, Application, End User, and Region - Forecast till 2027”, the market to touch USD 152,501.51 Million by 2027 at a CAGR of 21.18%.
Market Scope
The global regenerative medicine market is growing steadily. Factors that influence the regenerative medicine market are increasing advancement in healthcare technology, advanced technology in the regenerative medicine market, increasing prevalence of chronic diseases, and increasing growth in stem cell technology.
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Competitive Landscape:
Some of the profiled companies in the MRFR report are:
- Zimmer Biomet Holdings Inc. (US)
- AbbVie Inc. (US)
- Cryolife, Inc. (US)
- Stryker (US)
- Medtronic Plc (Ireland)
- Baxter International Inc. (US)
- Organogenesis Inc. (US)
- Ocata Therapeutics Inc. (US)
- Integra Lifesciences Holdings Corporation (US)
- Vericel Corporation (US)
- Reliance Life Sciences (India)
Major companies in the global market spend considerably on developing regenerative therapies to cater to the ever-rising clinical needs worldwide. Being extremely competitive, most of these companies focus on launching new and more innovative therapies for the treatment of cancer and various age-based degenerative disorders. Additionally, collaborative activities along with strategic partnerships and agreements for product innovation as well as technology sharing would foster the industry growth in the following years.
The global market frequently witnesses mergers & acquisitions such as Quethera & Universal Cells’ acquisition by Astellas and Agilis Biotherapeutics’ acquisition by PTC Therapeutics. Rising entry of well-known pharmaceutical firms into this field should also fuel a higher number of M&A activities in the near future.
Top Growth Boosters
With multiple programs and large-scale investments by private agencies and government supporting R&D activities, the industry's progress has been quite smooth over the years. The National Institutes of Health (NIH) gives strong support to the scientific research community via its NIH Regenerative Medicine Program, NIH Stem Cell Unit, NIH Stem Cell Libraries & Projects, and more. Likewise, initiatives undertaken by the companies to raise funds for their R&D activities pertaining to regenerative medicines also facilitate market progression. A significant opportunity in recent years has been the emergence of the 21st Century Cures Act in the United States. This law supports the innovations in regenerative medicine research, while covering several provisions that could facilitate the development as well as approval of multiple products in the ensuing years.
Furthermore, vendors are collaborating to bolster their research and development capabilities to focus more on the commercialization of advanced therapies, ensuring their availability in the global industry. To illustrate, in July 2021, Orchard Therapeutics collaborated with Pharming Group N.V. to develop and commercialize OTL-105, which is an investigational ex vivo autologous Hematopoietic Stem Cell gene therapy that helps treat HAE (Hereditary Angioedema).
The global market also witnesses frequent technological innovations in stem cell-based therapies, which has changed how researchers perceive regenerative medicines. Innovations in the stem cell therapy have paved the way for further developments in the regenerative medicine segment. For example, haematogenic stem cells are increasingly being utilized for the treatment of blood disorders and leukemia. Plus, nanotechnology has emerged as one of the most powerful tools for regenerative medicine and engineering stem cells. Some of the latest nanofabrication techniques are enabling researchers to design nanofiber scaffolds.
Market Restraints:
Despite the fact that gene and cell therapies help save lives and are highly effective, especially compared to the conventional treatments, their demand still remains weak as they are expensive and require huge reimbursements as well as coverages. This factor can emerge as a significant market restraint in the future.
COVID 19 Analysis
The COVID-19 pandemic has interestingly given way to attractive opportunities for many of the players in the regenerative medicine industry, thanks to the urgent requirement for advanced therapies to curb SARS-COV-2. Numerous initiatives are being implemented in the gene and cell therapy manufacturing sector, which also includes the T-cell therapy space. These developments and innovations in the field could act in favor of the global market in the next couple of years.
Browse In-depth Market Research Report (171 Pages) on Regenerative Medicine: https://www.marketresearchfuture.com/reports/regenerative-medicine-market-2220
Market Segmentation
regenerative medicine market has been divided based on type, material, application, and end user.
Small Molecule & Biologic, gene therapy, tissue engineering, and cell therapy are the key types of regenerative medicine considered in the MRFR report.
The materials studied in the report include biologically derived, genetically engineered, synthetic, and others. The lead in the market has been procured by the biologically derived segment, which should capture a CAGR of 21.39% between 2021 and 2027.
Top applications covered in the MRFR study include diabetes, wound care, musculoskeletal disorders, ocular disorders, oncology, and others. The largest share in the market belongs to the oncology segment, which is presumed to touch USD 52,481.78 million by 2027-end, given the extensive pipeline of regenerative medicine along with the surge in regenerative medicine-based research activities worldwide.
Some of the key market end-users are specialty centers, academic & research institutes, hospitals, and more. The higher share in the market is owned by the hospitals segment, which was worth USD 23,617.00 million in the year 2020.
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Regional Analysis
Asia Pacific (APAC), Europe, North America, and Rest of the World (RoW) are the primary markets for regenerative medicine.
The American market for regenerative medicine is the highest gainer, on account of the escalating number of clinical trials, emergence of the 21st Century Cures Act, and the rising monetary assistance given by the top investors. Supportive government regulations, and the strong presence of institutions like the American Board of Regenerative Medicine (ABRM) and the American Academy of Regenerative Medicine (AARM) promote the growth of the regenerative medicine market.
Asia Pacific is another significant market for regenerative medicine, given the advances in the healthcare infrastructure, rise in cross-country research programs, and high focus on training the researchers in stem cell-based research and tissue engineering fields.
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