Future Trends, Drivers & Opportunity: Rising Demand for Organ Transplantation, Implementation of the 21st Century Cures Act, Rising Government Investments in Regenerative Medicine Research, Rising Prevalence of Chronic Diseases and Genetic Disorders
Regenerative Medicine Market Analysis:
Global Regenerative Medicine Market was valued at USD 19.10 Billion in 2018 and is expected to witness a growth of 22.72% from 2019-2026 and reach USD 98.10 Billion by 2026.
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What is Regenerative Medicine Market?
The field of regenerative medicine comprises of abundant strategies, which mainly includes use of materials and de novo generated cells, as well as various amalgamations thereof, to substitute the lost tissue, efficiently replacing it both anatomically and functionally, or to contribute to tissue restoration. The main objective of regenerative medicine is to propagate replacement tissue or organs for patients who have sustained an injury or have had a disease that permanently damaged their tissue. National Institutes of Health defines regenerative medicine as a process of creating living, functional tissues to repair or replace tissue or organ function lost due to age, disease, damage, or congenital defects.
Regenerative Medicine can be perceived as an interdisciplinary field of research and clinical applications which mainly focuses on the repair, replacement or regeneration of cells, tissues or organs. Regenerative Medicine mainly restores impaired function resulting from any cause. Regenerative medicine has the ability to rectify or substitute tissues and organs impaired by age, disease, or trauma, as well as to normalize congenital defects.
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Regenerative Medicine Market Outlook
Over the last decade, stem cell biology has experienced a breakthrough in scientific and technological developments that will together have foremost and continuing influence on regenerative medicine. These entails capability to produce pluripotent stem cells from adult body cells and to cultivate mini-organs from these or from adult stem cells in well-defined culture conditions. Both methodologies offer ways to develop functional cells of human tissue that could be used for transplantation and tissue repair.
Government policies favoring regenerative medicine is one of the major reasons which has been driving the market growth. The European Union (EU) and Dutch government have prioritized regenerative medicine as an area of key strategic relevance. Apart from this, rapid increase in aged population has also boomed the market in North American region. The North Carolina Tissue Engineering and Regenerative Medicine Society is an organization in the U.S. working to improve and advance basic research, commercial development and education in the field of regenerative medicine. In the U.S., two major government agencies NIH and CIRM gather funds for academic translational stem cell research and regenerative medicine development. Increasing global healthcare expenditure is also expected to fuel the market.
Lack of awareness and ethical issues regarding the use of Embryonic Stem Cell for R&D is expected to hinder the market for regenerative medicine. The market growth rate is highly influenced by the adoption rate of cell therapy in the market, as it is an integral part of regenerative medicine. After conducting a survey, following statistics were fetched in terms of major hindrances in stem cell research.
A survey was conducted and the respondents had above rating on a scale of 1-5, where 1 stands for not limiting and 5 stands for major limitation. Respondents rated Expense as the most limiting hindrance in stem cell research. Thus, high cost of investment could be one of the major restraints of the market followed by issues of assay sensitivity, robustness and reproducibility; difficulty of culture/propagation; and then difficulty of handling.
Global Regenerative Medicine Market Segmentation
The Global Regenerative Medicine Market is classified on the basis of Therapy, Product, Application and Region. The gist of breaking down the market into various segments is to gather the information about various aspects of the market. On the basis of Therapy, the market is bifurcated on the basis of Cell Therapy, Immunotherapy, Tissue Engineering, and Gene Therapy. The Cell Therapy is expected to be dominating in the market. The reason for this could be growing stem cell research and development.
In terms of Product, the market study encompasses various aspects such cell-based products and acellular products. Growing funding for new stem cell lines is boosting the growth of cell-based products in the global market. With growing R&D work occurring in Asian countries, the Asia Pacific region will grow at the fastest pace. Another reason for the growth rate could be rising awareness and establishments of bio-banks/stem cell banks.
Regenerative Medicine Market Competitive Landscape
The Regenerative Medicine Market study report offers a valuable insight with an emphasis on global market including some of the major players such as Organogenesis Inc., Osiris Therapeutics, Inc., Vericel Corporation, Stryker Corporation and NuVasive, Inc. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above mentioned players globally.
Since tissue engineering and regenerative medicine arose as an industry about two decades ago, a wide range of therapies have received Food and Drug Administration (FDA) authorization of commercial availability. Advent of stem cells have boomed the market for regenerative medicine. Geopolitical policies have increased the scope for regenerative medicine.
The case of Japan justifies the attention it has been getting lately. The Japans initiative that included the reform of law based on regenerative medicine is attracting business toward the country. The creation of the Forum for Innovative Regenerative Medicine (FIRM) in 2014, comprising 185 firms as of January 2016, and the participation of an increasing number of organizations from the United States, Canada, the United Kingdom, Sweden, and Australia, represented a significant breakthrough.
The field of regenerative medicine is expected to provide new opportunities bring numerous opportunities across. Various key industry players have come ahead to invest in regenerative medicine. The concept of regenerative medicine is actively being implemented in across various applications such as Oncology, Cardiology, Orthopedic & Musculoskeletal Disorders, etc.
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