According to Fortune Business Insights, the global Regenerative Medicine Market size is projected to reach USD 151949.5 Billion by 2026, at CAGR of 26.1% during forecast period; Increasing Usage of Regenerative Medicine for Treatment of Chronic Diseases to Fuel the Market
/EIN News/ — Pune, India, May 18, 2022 (GLOBE NEWSWIRE) — The global regenerative medicine market is likely to expand considerably in the coming years due to growing applications in the treatment of chronic diseases. According to a report published by Fortune Business Insights, titled “Regenerative Medicine: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 23,841.5 Mn in 2018. Fortune Business Insights states that the market will reach US$ 151,949.5 Mn by the end of 2026, thereby exhibiting a CAGR of 26.1%.
Recent developments in treatment of acute and chronic diseases can be attributed to advances in regenerative medicines. Regenerative medicine mainly focus on identifying the root cause of the disease and aims at locating, repairing, and regenerating the non-functioning body cells. As most of the chronic and acute diseases are inclined towards the elderly and geriatric population, the growing geriatric population serves growth of the global regenerative medicine market repot in the coming years. The ability of regenerative medicine to reduce the burden for some of the most severe chronic diseases will create a high demand for the products in the coming years. Furthermore, applications of regenerative medicine in treatment of diabetic ulcers and chemotherapy will favor the growth of the market in the forthcoming years.
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November 2018: Novartis received EU approval for one-time gene therapy called Luxturna, which has been developed to restore vision in people with unique and genetically-associated retinal disease.
Report Scope & Segmentation
|Forecast Period||2019 to 2026|
|Forecast Period 2021 to 2026 CAGR||26.1%|
|2026 Value Projection||USD 151,949.5 Million|
|Market Size in 2018||USD 23841.5 Million|
|Historical Data for||2015 to 2017|
|No. of Pages||125|
|Segments covered||By Product, By Application, Geography|
|Growth Drivers||CELGENE CORPORATION, Medtronic, and American CryoStem Corporation Account for the Highest Market Share in Terms of Revenue|
|Regenerative medicine (RM) involves using cells, tissues, or genetic material to treat and manage diseases.|
|Increasing Usage of Regenerative Medicine for Treatment of Chronic Diseases to Fuel the Market|
Integra LifeSciences’ Latest Product Offering Will Favor Market Growth
The advancements in regenerative medicine have fueled their demand across the world. Increasing product launches have contributed to the rising uptake of regenerative medicine across the world. In 2017, Integra LifeSciences announced the launch of Integra Dermal Regeneration Template Single Layer ‘Thin’. The product was aimed at repairing dermal defects in a one-step procedure. The medicine will also aid in reducing hospital stays. Fortune Business Insights has identified Integra’s latest product offering as a major market growth driver. The report includes product launches, similar to Integra’s latest medicine and gauges the impact of these products on the global regenerative medicine market trends in the coming years.
In spite of the COVID-19 pandemic and the imposing of lockdown restrictions worldwide, the production and distribution of regenerative medicine has not been affected as the hospitals and clinics are functioning on a regular basis and there is a high demand for this medicine which can be used for cell repairing, tissue engineering, and other purposes. Thus, the COVID-19 pandemic has no major impact on the regenerative medicine market growth, which is one of the driving factors for the growth of this market.
Regenerative medicine may be defined as the process of replacing or “regenerating” human cells, tissues or organs to restore or establish normal function.
Growing prevalence of chronic diseases, genetic disorders, and cancer
The incidence and prevalence of chronic diseases such as CVD, cancer, diabetes, ulcers, and genetic disorders such as cystic fibrosis have increased significantly across the globe, over the last few decades. The increased incidence and complexity of wounds such as infections, ulcerations (leg or foot ulcers), and surgical wounds, can be a result of diabetes and obesity, which will require treatments and incur exorbitant medical expenses.
On the basis of product, this market is divided into cell therapy, gene therapy, tissue engineering, and platelet rich plasma. Based on application, the market is classified into orthopedics, wound care, oncology, and others. By distribution channel, the market is categorized into hospitals, clinics, and others. In terms of geography, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Click here to get the short-term and long-term impact of COVID-19 on this market.
Opportunity: Implementation of the 21st Century Cures Act
The 21st Century Cures Act was signed into law in the US in December 2016. Among other objectives, to advance regenerative medicine research and medical innovation this new law has been enacted and covers various provisions that may impact the approval and development of several products in the coming years
Novartis Receives EU Approval for Luxturna
The severity of chronic diseases has led to the demand for efficient medicines. The ability of regenerative medicine to treat severe life-threatening diseases in an efficient manner has created a huge demand for the products across the world. Increasing drug approvals have contributed to the rising uptake for regenerative medicines. In 2018, Novartis received usage approval from the European Union for its latest regenerative medicine ‘Luxturna’. The drug was used to treat and restore sight for people with vision impairment. Luxturna was widely useful in treatment of rare retinal diseases. Fortune Business Insights states that the approval for Luxturna will contribute to the growth of the global regenerative medicine market size in the forthcoming years.
Rising Development of Therapeutics to Propel the North America Market Growth
North America region is projected to expand speedily in the regenerative medicine market share owing to the increasing number of research done by the medical institutions in the development of therapeutics and the rise in the number of clinical trials performed in this region.
Asia Pacific region is projected to show a rapid growth in the market on account of the surge in the infrastructure and facilities related to stem cell research in the developing nations such as India, Japan, and others. Further, the increasing aging population, medical necessities, and the improved standard of living of people are other important factors contributing in the growth of this market.
Rising Adoption of Advanced Technologies by Key Players to Boost Competition
The key players in this market are focusing on adopting advanced technologies for the research and development of the regenerative medicine across several regions in the market. This will help to increase the competition among the leading companies and diversify their portfolio and expand their market footprint.
List of Key Players Covered in the Regenerative Medicine Market Report:
- Integra LifeSciences Corporation
- CELGENE CORPORATION
- American CryoStem Corporation
- Tissue Regenix
- Avita Medical
- Osiris Therapeutics Inc.
- Wright Medical Group N.V.
- Smith & Nephew
Quick Buy – Regenerative Medicine Market
Table of Content
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Drivers
- Market Restraints
- Market Opportunities
- Prevalence and incidence of diabetes, by key countries
- Advancements in insulin delivery devices
- Pricing Analysis, by key players
- Technological Advancements
- Key mergers & acquisitions, by key players
Global Regenerative Medicine Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Cell Therapy
- Gene Therapy
- Tissue Engineering
- Platelet Rich Plasma
- Market Analysis, Insights and Forecast – By Application
- Wound Care
- Market Analysis, Insights and Forecast – By Distribution Channel
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia pacific
- Latin America
- Middle East & Africa
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This news story originally appeared at Books - Reality Syndicate Viewers on 20 May 2022