Regenerative Medicines Market: Global Market Size, Trends, Competitive, Historical and Forecast Analysis, 2020– 2030.Increased adoption of regenerative medicine, technological advancement, shortage of organs for transplantation with involvement of stem cells are expected to drive the regenerative medicine market growth.
The global regenerative medicine market is expected to reach USD 172.17 billion by 2030 from USD 13.22 billion in 2019, at a CAGR of 26.2%.
Increased pipeline of regenerative medicines along with growing government investments are likely to drive the overall regenerative medicine market growth. Also, rising demand for organ transplantation and increasing awareness about the use of regenerative medicinal therapies in organ transplantation along with implementation of the 21st Century Cures Act, a U.S. law enacted by the 114th United States Congress in December 2016 are creating growth opportunities in the market. However, high cost of treatment and stringent government regulations are expected to hinder the market growth.
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Top Companies: Integra Lifesciences Corporation, AbbVie Inc., Merck KGaA, Medtronic, Thermo Fisher Scientific Inc., Smith+Nephew, Becton, Dickinson and Company, Baxter International Inc, Cook Biotech, and Organogenesis Inc and others.
Based on product type, the market is segmented into cell therapy, gene therapy, tissue engineering, and small molecules & biologics. Based on material, the market is divided into synthetic material, biologically derived material, genetically engineered material, and pharmaceutical. By application, it is categorized into cardiovascular, oncology, dermatology, musculoskeletal, wound healing, ophthalmology, neurology, and others. Geographically, it is analyzed across four regions, i.e., North America, Europe, Asia-Pacific, and RoW.
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The use of regenerative medicine is highest in North America, particularly in the U.S., owing to increasing prevalence of chronic disorders, rise in demand for artificial organs due to organ failure, and presence of advanced healthcare infrastructure. Although the use of regenerative medicine in Asia-Pacific and RoW is low, the adoption rate is expected to increase due to higher unmet medical needs and gradual improvement in the healthcare infrastructure to treat chronic disorders.
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