Global Regenerative Medicine Market Expected to Reach $39,325 Million by 2023, Says Allied Market Research
PORTLAND, Oregon and PUNE, India, June 11, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, Regenerative Medicine Market by Product Type, Material, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global regenerative medicine market was valued at $5,444 million in 2016, and is estimated to reach $39,325 million by 2023, registering a CAGR of 32.2% from 2017 to 2023. North America is the highest contributor in the regenerative medicine market in 2016; however, Asia-Pacific is expected to witness the highest growth rate during the forecast period.
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Currently, majority of the available treatments for degenerative or life-threatening diseases do not provide a cure or are palliative; however, regenerative medicines have the capability to replace or regenerate the tissues and organs that are injured or diseased. Moreover, the utilization of nanomaterials in wound care, drug delivery, and immunomodulation create growth opportunities for the regenerative medicines market.
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The major factors boosting the market growth include technological advancements in tissue and organ regeneration, increasing prevalence of chronic diseases and trauma emergencies, prominent potential of nanotechnology, and emergence of stem cell technology. Moreover, utilization of nanomaterials in wound care, drug delivery, and immunomodulation has opened growth avenues for the regenerative medicine market. However, stringent regulations, operational inefficiency, and high cost of regenerative medicine treatment are the key factors affecting the market growth. Furthermore, advancements in stem cell technology and achieving core competency in the emerging economies are expected to fuel the market growth. Developed nations have adopted technological advancements in tissue engineering and regenerative medicine sectors, which would aid the expansion of the global market.
The cell therapy segment accounted for a significant share of about three-fifth the overall regenerative medicine market in 2016 due to the widespread adoption of cell therapy for treatment of several diseases such as musculoskeletal, cardiovascular, oncology, wound healing, and others. Small molecules and biologics has emerged as the fastest growing segment during the forecast period as these biologics are classic active substances delivering better overall economic return. These molecules have revolutionized the treatment of specific diseases such as musculoskeletal diseases, cancer, rheumatoid arthritis, and non-healing wounds.
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Musculoskeletal and wound healing segment accounted for about three-fifth share of the application market in 2016. Cell therapies are used in the treatment of musculoskeletal diseases such as bone tissue replacement, cartilage, tendon, and ligament repair and replacement. In addition, osteoporosis is one of the most prevalent diseases that require tissue engineering therapies. More than 75 million people suffer from osteoporosis in Europe, the U.S., and Japan every year, which boosts the demand for regenerative medicines.
Geographically, North America accounted for majority of the share of the overall regenerative medicine market in 2016, and is expected to maintain this trend during the forecast period. This is attributed to high capital investment, high disposable income of patients, numerous clinical studies, and favorable government policies for the commercialization of tissue engineering and regenerative medicine products. However, Asia-Pacific is projected to be the fastest growing region throughout the analysis period due to the improving healthcare infrastructure and healthcare expenditures in the emerging markets, such as India and China, to overcome the unmet medical needs in these countries.
Key Findings of the Regenerative Medicine Market:
- Small molecules and biologics segment is projected to grow at the highest rate among the product type segment during the analysis period.
- North America dominated global regenerative medicine market in 2016, and is projected to continue its dominance in future.
- China is expected to grow at the highest rate in the Asia-Pacific region during the forecast period.
- Biologically derived materials segment was the largest contributor among the material segments in 2016.
- The synthetic materials segment generated the highest revenue, and is expected to continue its dominance in future.
The key players operating in the global regenerative medicine market include Stryker Corporation, Zimmer Biomet Holdings, Inc., Medtronic Plc., Athersys, Inc., U.S. Stem Cell, Inc. (Bioheart, Inc.), Organogenesis, Inc. (Advanced Biohealing), Integra Lifesciences Holdings Corporation, Acelity Holdings, Inc., Isto Biologics (Isto Biologics Medical Systems, Inc.), and CryoLife, Inc. Other prominent players in the value chain include Shimadzu Recursion Pharmaceuticals, Inc., Baxter International, Inc., DePuy Synthes Siemens Healthineers, General Electric (GE) Company, Koninklijke Philips N.V., Cloudmedx, Inc., and Bay Labs, Inc.
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