According to Precedence Research, the regenerative medicine market size is expected to hit around US$ 23.7 bn by 2027, growing at a CAGR of 16.1% from 2020 to 2027
OTTAWA, June 29, 2021 (GLOBE NEWSWIRE) -- The global regenerative medicine market size was valued at US$ 7.6 billion in 2020. Regenerative medicine is a part of translational research in the fields of molecular biology and tissue engineering. Regenerative medicine is the division of medicine that promotes methods to repair, regrow or replace injured or diseased tissues, organs or cells. Regenerative medicine comprises of the formation and use of remedial stem cells, manufacturing of artificial organs, and tissue engineering. The combinations of tissue engineering, cell and gene therapies can strengthen the natural healing procedure in the places it is desired most, or occupy the role of a permanently injured organ. Regenerative medicine is a rather new field that connects experts in chemistry, biology, engineering, computer science, robotics, medicine, genetics and other domains to find explanations to some of the most interesting medical problems confronted by humankind.
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The rising prevalence of chronic diseases and the rising focus on cell therapy products are the key factors that are estimated to fuel the growth of the global regenerative medicine market in the next few years. In addition, the increasing funding by government bodies and development of new and innovative products are anticipated to supplement the growth of the overall market in the next few years.
The growing demand for organ transplantation across the globe is anticipated to boost the demand for regenerative medicines in the next few years. In addition, the rapid growth in the geriatric population and the significant rise in the global healthcare expenditure are predicted to encourage the growth of the market. The presence of a strong pipeline is likely to contribute towards the market’s growth in the near future.
Factors such as increasing prevalence of chronic disorders and genetic disorders, increasing popularity of stem cells, increasing number of trauma emergencies is driving the growth of regenerative medicine market. An illness or disorder that usually persists for 3 months or longer and might get worse over a period is termed as chronic disorder. Chronic diseases mostly occur in the elderly people and can typically be controlled but not repaired. The most prevalent types of chronic ailments are heart disease, arthritis, cancer, diabetes, and stroke. Cardiovascular disorders are the biggest cause of deaths worldwide. As per the WHO data, deaths due to cardiovascular disorders represent almost 31% of the deaths globally. Almost 85% of these demises are due to stroke and heart attack. Diabetes is another most prevalent chronic ailment that affects millions of people globally. According to International Diabetes Federation (IDF), around 463 million adults (age group: 20-79 years) are battling with diabetes and by the year 2045 the number will rise to a staggering 700 million. Furthermore, approximately 75% of all health care expenses are owed to chronic ailments. Four out of the five most costly health conditions are chronic disorders such as cancer, heart disease, pulmonary conditions, and mental disorders. Regenerative medicine approaches such as stem cell therapy can cure the chronic ailments such as diabetes and arthritis, which otherwise require lifetime of medications.
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The role of regenerative medicine in post trauma recovery is constantly evolving as more and more research is showing positive results. The use of regenerative medicine can be a landmark moment in the history of healthcare that will transform the treatment of chronic ailments and trauma related conditions. Thus, the high incidence of chronic ailments is driving the growth of regenerative medicine market.
The report covers data for North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. In 2020, North America dominated the global market with a market share of more than 47%. U.S. represented the highest share in the North American regionprimarily due to constant activity in the field of drug discovery and tissue engineering. Moreover, early adoption of latest healthcare technologies also contributed to the high market share of the United States.
Europe was the second important market chiefly due to favorable reimbursement scenario and presence of latest healthcare infrastructure.The presence of skilled researchers in the European region is also expected to boost the demand for regenerative medicine market in the near future. Asia Pacific is anticipated to grow at the maximum CAGR of around18% in the forecast period due to high incidence of trauma cases and chronic disorders. Latin America and the African and Middle Eastern region will display noticeable growth.
Key Market Players and Strategies:
The major companies operating in the worldwide regenerative medicine are Integra Life Sciences Corporation, Aspect Biosystems, Amgen , Inc., Medtronic plc, AstraZeneca, Novartis AG, Smith & Nephew plc, MiMedx Group, Shenzhen SibionoGeneTech Co., Ltd., and Baxteramong others.
High investment in the research and development along with acquisition, mergers, and collaborations are the key strategies undertaken by companies operating in the global regenerative medicine market. Recently Fuse Medical, Inc., an evolving manufacturer and supplier of innovative medical devices for the spine and orthopedic marketplace, declared the launch of FuseChoice Plus and FuseChoice Umbilical and Amniotic Membranes, and FuseChoice Plus Amniotic Joint Cushioning Fluid, the newest additions to a wide-ranging line of biologics product offerings.
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