The growth in Regenerative Medicine Market is driven primarily by the rising prevalence of chronic diseases and genetic disorders and increasing government investments in regenerative medicine research. The other factors supporting market growth include the growing pipeline of regenerative medicine products and the rising demand for organ transplantation.
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 (2019–2024).
Based on type, the biologics market is segmented into cell-based immunotherapy & cell therapy products, gene therapy products, and tissue-engineered products. The cell-based immunotherapy & cell therapy products segment dominated stem cell therapy market in 2019. Increasing research and funding and the rising adoption of cell-based immunotherapies for the treatment of cancer are the major factors driving the growth of regenerative stem cell therapy market segment.
Based on applications, into musculoskeletal disorders, wound care, oncology, ocular disorders, diabetes, and other applications. In 2019, the musculoskeletal disorders segment accounted for the largest stem cell therapy market share. The large share of this segment can be attributed to the increasing prevalence of orthopedic diseases, rising geriatric population, increasing number of stem cell research projects, and the rich pipeline of stem cell products for the treatment of musculoskeletal disorders.
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What Drives the Market?
The growth of the global market for Regenerative Medicine is primarily influenced by the following factors:
- Rising Prevalence of Chronic Diseases and Genetic Disorders
- Rising Government Investments in Regenerative Medicine Research
- Product Approvals and Growing Pipeline of Regenerative Medicine Products
Geographical growth scenario of Regenerative Medicine Market:
Geographically, the market has been studied for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is expected to grow at a rapid pace in the coming years. There has been a tremendous increase in cell-based research activities in the past decade. Increasing research activities in the field of regenerative medicine and growing awareness of personalized medicine have also resulted in the establishment of Stem Cell Banking and tissue engineering. North America has both public and private banks that store a limited number of cells and tissues.
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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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