Regenerative Medicine Market — Global Industry Analysis, Size, Share, Growth, Trends, and Forecast (2020 to 2026) – UnivDatos Market Insights (UMI)
The global regenerative medicine market is anticipated to gain a market worth of US$ 178.62 billion by 2026, expanding at a CAGR of 31.5% during the forecast period 2020-2026. The major reasons that escalate the adoption of regenerative medicine are the growing prevalence of genetic disorders and chronic diseases and technological advancements in the regenerative medicine field. Increasing acceptance of regenerative medicine for organ transplants paired with increasing pipeline activity is considered as one of the major opportunity areas for market players. The emergence of stem cell technology, untapped potential of nanotechnology, increasing prevalence of chronic diseases & trauma emergencies, advancement in monitoring devices and surgical technologies, rise in incidence of degenerative diseases, and shortage of organs for transplantation and increase in focus on stem cells and growth in R&D activities in emerging economies are expected to supplement the market growth. The high cost associated with regenerative medicine and ethical issues related to the usage of stem cells and regenerative medicine acts as the major restraints for the growth of the overall market. Healthcare expenditure as a proportion of gross domestic product (GDP) is on the rise. In the US, healthcare spending is expected to grow by 1.3% points faster than GDP annually, to reach 20.1% of GDP by 2025. This would lead to the rise in the entry of players and this domain and affect the regenerative medicine market.
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Regenerative medicine (RM), from tissue engineering (TE) to cell therapy, offers valuable treatment options, which are rarely considered in daily clinical settings. The doctors, surgeons, clinicians and, in general, health-care policies are not prone to substitute conventional approaches with innovative therapies without extended and thorough experiments. Tissue engineering and/or regenerative medicine are fields of life science employing both engineering and biological principles to create new tissues and organs and to promote the regeneration of damaged or diseased tissues and organs. Major advances and innovations are being made in the fields of tissue engineering and regenerative medicine and have a huge impact on three-dimensional bioprinting (3D bioprinting) of tissues and organs. 3D bioprinting holds great promise for artificial tissue and organ bioprinting, thereby revolutionizing the field of regenerative medicine. Based on product type, the global regenerative medicine market is bifurcated into Cell therapy, gene therapy, tissue engineering and small molecule and biologics. Cell therapy regenerative medicine dominated the market, with a 60% share in 2019. However, the Gene Therapy segment is expected to witness the highest CAGR growth of 33.9% during the forecast period 2020-2026. Based on material type the global Regenerative Medicine market is segmented into synthetic materials, biologically derived materials, genetically engineered materials and others (pharmaceuticals). Biologically Derived Materials dominated the material type segment, generating revenue of US$ 16.59 billion in 2019. Cardiovascular, Oncology, Dermatology, Musculoskeletal, Immunology and Inflammation, Ophthalmology, Neurology, Others are the major application of Regenerative medicine. The application of regenerative medicine for the treatment of Oncology disorder generated revenue of US$ 15.50 billion in 2019.
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For better understanding of the overall adoption rate of regenerative medicine in major markets, detailed country-level analysis has been conducted for major regions/countries including North America (US, Canada, Rest of North America), Europe (UK, Germany, France, Spain, Italy, Rest of Europe), Asia-Pacific (China, India, Japan, Australia and South Korea, Rest of Asia-Pacific), and the Rest of the World (Brazil, South Africa and others). Based on the estimation, North America dominated the global Regenerative Medicine Market, generating revenue of US$ 12.10 billion in 2019. Surging research activities in the field of regenerative medicine, the introduction of CAR-T cell therapies, the emergence of advanced technologies in tissue engineering and stem cell therapy and rising awareness of personalized medicine have resulted in the establishment of stem cell banking and tissue engineering. The increasing demand for regenerative medicine in the treatment of chronic diseases, cancer, and enhancement in nanotechnologies would drive the market for regenerative medicine in the North American region.
Some of the major players profiled in the study include Athersys, Inc., Corline Biomedical AB, Mesoblast, Nuvasive, Inc., Cook Biotech, Integra LifeSciences Corporation, Organogenesis, Osiris Therapeutics, Inc., Stryker Corporation, U.S. Stem Cell, Inc., Spark Therapeutics, Pfizer, REGENXBIO, Abbott Laboratories, Roche, Sarepta Therapeutics, Gilead Sciences. These companies are entering into partnerships and mergers & acquisitions to increase their market share. Some of the key players are also expanding their businesses by increasing their expenditure on R&D. The industry has also witnessed the emergence of numerous start-ups in the respective field.
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