SEATTLE, Nov. 12, 2021 /PRNewswire/ -- The global regenerative medicine market is estimated to account for 25,959.5 Mn in terms of value by the end of 2028.
The field of regenerative medicine encompasses three areas that researchers from all around the world have been investigating: stem cell therapies, adult stem cell therapies, and gene therapy. Regenerative medicine seeks to treat illness by using the body's own ability to make new tissue, organ, or even cells. This field is the subject of regenerative medicine research all over the world. While the field of regenerative medicine continues to grow, there has been a lot of interest from the pharmaceutical and biotech industries with the hopes of finding treatments for age-related illnesses such as Alzheimer's and Parkinson's disease. However, the field of stem cell therapies is relatively new with researchers discovering and testing ways of producing new stem cells from adult cells in the human body. These stem cells are then injected into the patient in hopes that the new cells will grow and multiply and thus cure the patient of an illness or disease. Stem cell therapies has been successful in many cases, but scientists continue to research and test more effective methods. Another area that regenerative medicine looks into is the development of new and effective organs for transplant. Scientists and doctors have been trying for years to develop organs that can replace ones that are damaged or destroyed in certain accidents or diseases.
Growing initiatives by key players to launch various regenerative medicine therapies is driving growth of the regenerative medicine market. For instance, in May 2021, The SingHealth Duke-NUS Academic Medical Centre (AMC) has announced the launch of a research institute and disease center that will advance regenerative medicine and introduce cellular therapies to improve patient care.
The increasing focus of key players on R &D of gene and stem cell therapy is again fostering growth of the market. For instance, in October 2021, VectorBuilder Inc. and Landau Biotechnology Co., have entered into a strategic partnership to establish the first primate gene therapy R&D center. The center will build advanced vector screening and optimization platforms to provide unique CRO services to the rapidly growing gene and cell therapy industry.
Growing incidence of bone and joint disorders and orthopedic surgeries around the globe is expected to offer lucrative growth opportunities to the regenerative medicine market. According to Joint-surgeon.com, more than 24,000 orthopedic patients are treated per year. More than 2400 surgical procedures are performed per year. More than 250 international patients are treated per year.
Increasing development and launch of various novel innovative regenerative medicines products is expected to serve potential growth opportunities. For instance, in January 2021, Essent Biologics, a nonprofit biotechnology company, announced its launch to provide human-derived biomaterials and 3D biology data to the regenerative medicine research community.
Growing number of public-private partnerships and agreements among key players is a major trend observed in the market. For instance, in February 2018, The National Institute of Standards and Technology (NIST) and the Standards Coordinating Body for Gene, Cell and Regenerative Medicines and Cell-based Drug Discovery (SCB) have partnered for the development of standards for accelerating R&D and clinical translation of regenerative medicine and advanced therapies.
The increasing focus of key players to invest in the field of regenerative medicine is expected to stimulate growth of the market. For instance, in September 2021, PTC Therapeutics announced that it will provide initial funding of $60 million to the Spinal Muscular Atrophy (SMA) Foundation to discover and develop regenerative medicines for neuromuscular diseases to help restore patients lost function.
Major players engaged in the global regenerative medicine (Bone and Joint) market include Anika Therapeutics, Inc, Baxter International, Inc., Arthrex, Inc., CONMED Corporation, Medtronic, Plc, Smith & Nephew plc, Johnson & Johnson, Stryker Corporation, Aziyo Biologics, Zimmer Holdings, Inc., and Ortho Regenerative Technologies Inc etc.
Global Regenerative Medicine (Bone and Joint) Market, By Technology:
Global Regenerative Medicine (Bone and Joint) Market, By Application:
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