Biologics Market growth is largely driven by the rising prevalence of chronic diseases and genetic disorders, growing government investments in regenerative medicine research, and the increasing number of regenerative medicine companies globally.

What the Market Looks Like?

Predicted to grow at a CAGR of 23.8% during the forecast period, the global Regenerative Medicine market is estimated to reach USD 38.7 Billion by the end of 2024. North America to grow at the highest rate during the forecast period. North America has both public and private banks that store a limited number of cells and tissues.

Rising government investments in regenerative medicine research

The need for newer, better therapies for diseases/conditions such as cancer, diabetes, dermal diseases, musculoskeletal diseases, burns, and CVD has resulted in an overall increase in the number of research activities as well as the availability of funding for regenerative medicine research. Currently, several government organizations are investing in research institutes to develop advanced technologies in cell therapy. For instance, in January 2016, the government of Canada granted USD 20 million to the Centre for Commercialization of Regenerative Medicine. This grant will be utilized for establishing a stem-cell therapy development facility in Toronto, Canada. In addition, the NIH funding for the development of cell therapies is increasing significantly, annually.

The US is the major participant in the global regenerative medicine research sector, with various organizations in the country supporting regenerative medicine research. Since 2004, the California Institute of Regenerative Medicine (CIRM) has sponsored over 750 projects, with over USD 2.98 billion in funding. The NIH also funded USD 4.8 billion for research and development under the 21st Century Cures Act, including funding for regenerative medicine, for a ten-year period starting in 2017. Furthermore, under the 21st Century Cures Act, the FDA launched novel procedures in 2017, such as the regenerative medicine advanced therapy (RMAT) designation, to accelerate the access to the most promising regenerative medicine therapies.

Owing to the importance of regenerative medicine, the number of government and private bodies supporting R&D activities related to stem cell therapeutics and regenerative medicine is expected to increase further in the coming years.

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What Drives the Market?

The growth of the global market for Regenerative Medicine is primarily influenced by the following factors:

The other factors supporting market growth include the growing pipeline of regenerative medicine products and the rising demand for organ transplantation.

Geographical growth scenario of Regenerative Medicine Market

Geographically, the Regenerative Medicine market has been studied for North America, Europe, Asia Pacific, and the Rest of the World. North America accounted for the largest market share in 2018 and is also projected to witness the highest growth in the forecast period.

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Leading market players and strategies adopted

The prominent players in the Regenerative Medicine market include Kite Pharma (US), Novartis (Switzerland), Vericel Corporation (US), Integra LifeSciences (US), Wright Medical (US), MiMedx (US), Osiris Therapeutics (US), Stryker Corporation (US), and Spark Therapeutics (US).

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Regenerative Medicine Market: Rising Government Investments in Regenerative Medicine Research - The Chicago Sentinel