Regenerative Medicine Market to Grow with a CAGR of 9.45% through 2028
Rising number of
clinical trials for regenerative therapies and rising awareness for stem cell
therapeutics is expected to drive the Global Regenerative Medicine Market
growth in the forecast period, 2024-2028.
According to TechSci Research
report, “Regenerative Medicine Market - Industry
Size, Share, Trends, Opportunity, and Forecast, 2018–2028F”, the Global Regenerative Medicine
Market stood at USD 14.67 billion in 2022 and is anticipated to grow with a
CAGR of 9.45% in the forecast period, 2024-2028. The is experiencing lucrative
growth due to the increasing elderly population and the rising prevalence of
chronic conditions like diabetes and cancer. Moreover, advancements in medical
technologies, particularly in tissue engineering and stem cell therapy, are
driving market growth. Additionally, governments worldwide are taking
initiatives to promote research and development in regenerative medicines,
accompanied by growing investments by industry players, which are expected to
positively impact market growth during the forecast period.
The emergence of
stem cell technologies has provided a new platform for the tissue engineering
and regenerative medicine market. However, there are still unexplored areas in
stem cell technologies, such as umbilical cord blood stem cells, which offer
lucrative opportunities for the tissue engineering and regeneration industry.
Successful organ regeneration and tissue engineering require highly
proliferative and differentiated cell types. Cord blood stem cells, derived from
both allogenic and autologous sources, possess advantageous characteristics
with regard to immune responses. They do not activate an immune response from
the body after implantation. Another type of stem cell is adult stem cells
(ASC), which are highly undifferentiated cells that can be modified into
various cell types. Derived from bone marrow tissues, these stem cells have
better replacement properties than normal cells. The third type of cells,
Embryonic Stem Cells (ESC), holds immense potential in the industry.
However,
ethical challenges arise due to their collection from babies/fetuses, limiting
their commercial and research use. Nevertheless, increasing awareness about
tissue engineering and stem cell therapies is expected to address these ethical
concerns in the future. Furthermore, stem cells obtained from foreign sources,
known as xenogenic cells, show great potential in the regenerative medicine
industry. However, they face ethical issues from society. Over time, it is
anticipated that these ethical challenges will dissipate as xenogenic cells
have the potential to be transformed and practically used in tissue engineering
and regeneration.
The increasing prevalence of
chronic conditions, such as heart conditions, diabetes, and cancer, is
projected to drive market growth. For instance, according to data published by
the Centers for Disease Control and Prevention, 37.3 million individuals in the
U.S. are afflicted with diabetes. Factors contributing to the rising prevalence
of this condition include evolving lifestyles, an aging population, and
sedentary habits. Stem cell biology offers promising solutions for diabetes
treatment, utilizing various types of stem cells, including embryonic,
germline, mesenchymal, and induced pluripotent cells. Advancements in molecular
medicines have led to the development of gene-based cell therapy, employing
targeted delivery of DNA as medicine to address a wide range of disorders.
Furthermore, gene therapy demonstrates significant potential in treating both
type 1 and type 2 diabetes, as well as cancer, by restoring gene functions.
Presently, gene-based therapies are utilized in the treatment of cancer, cardiovascular
diseases, infectious diseases, genetic disorders, monogenic diseases,
ophthalmological indications, and central nervous system conditions, thereby
fostering market growth. Government initiatives worldwide are anticipated to
provide support for market expansion. For instance, the Canadian Government has
announced a funding of USD 20 million to advance regenerative medicine, stem
cell, and genomics research within the country. The Stem Cell Network will
allocate USD 4.3 million in funding to support research initiatives addressing
health challenges associated with cancer, type-1 diabetes, muscular dystrophy,
blood disorders, multiple sclerosis, cystic fibrosis, and heart disease.
Additionally, Genome Canada will provide USD 16 million in funding to support
ten research projects aimed at revolutionizing drug discovery and biomedicine
by 2035. Despite these developments, the market's growth is hindered by the
need for a more skilled workforce to handle the associated equipment. While
there has been significant demand for regenerative medicines in recent years,
market growth is impeded by a workforce gap caused by a shortage of skilled
laborers with the necessary expertise. Moreover, high costs, coupled with a
lack of awareness and ethical concerns surrounding embryonic stem cells, act as
adverse factors impacting market growth.
Browse over XX market
data Figures spread through XX Pages and an in-depth TOC on "Global
Regenerative Medicine Market”
The Global Regenerative Medicine
Market is segmented into therapy, material, application, end user, regional
distribution, and company.
Based
on application, the market is categorized into cardiovascular, oncology,
musculoskeletal, wound healing, ophthalmology, and others. The oncology segment
holds the largest market share in 2022 and is projected to exhibit lucrative
growth during the forecast period. The market's growth is primarily driven by
the escalating global prevalence of cancer. For instance, as per an article by
Macmillan Cancer Support, the number of people with cancer in the U.K. is
estimated to be around 3 million, and this number is expected to exceed 3.5
million by 2025. Furthermore, the increasing demand for personalized treatment
is anticipated to fuel the market growth of regenerative medicines.
Based
on region, North America segment is expected to grow during the forecast
period. North America is projected to hold the largest revenue share, driven by
the presence of key players and rapid technological advancements, coupled with
significant investments in stem cell and oncology research. The United States
stands as the dominant market within the North American region. Notably, there
is an escalating prevalence of diseases, such as cancer and diabetes, which now
have potential cures through various stem cell therapies in the United States.
According to the heart disease &
Stroke Statistical Fact Sheet of 2020, it is estimated that at least 40,000
infants in the United States will be affected by congenital heart defects each
year. Of this population, approximately 25%, or 2.4 per 1,000 live births, will
require treatment within the first year of life.
The increasing burden of
chronic diseases offers new opportunities for market players. Leading industry
participants are prioritizing research and development activities to introduce
innovative stem cell therapies, thereby fostering the growth of regenerative
medicines in the market. For example, a December 2021 article titled "NIH
researchers identify potential age-related macular degeneration (AMD) drugs
with stem-cell-based research tool" highlights the identification of two drug
candidates that may slow down dry age-related macular degeneration (AMD), a
leading cause of blindness with no existing treatment, through the use of a
stem cell-derived model. Consequently, ongoing research on regenerative
medicines is anticipated to drive market expansion in the region.
Major companies
operating in Global Regenerative Medicine Market are:
- Stryker Corporation
- Athersys, Inc.
- Integra Lifesciences Corporation
- Isto Biologics (Isto Biologics Medical Systems, Inc.)
- Organogenesis Inc.
- CryoLife, Inc.
- Medtronic plc
- U.S. Stem Cell, Inc.
- Zimmer Biomet Holdings, Inc.
- 3M Company
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“The global regenerative medicine market is experiencing
significant growth, primarily driven by the increasing adoption of stem cell
technologies, gene therapies, and tissue engineering. Technological
advancements in regenerative medicine have also played a crucial role in this
expansion. Government initiatives and clinical trials focusing on stem cell
research have further fueled the market's growth. Regenerative medicines
possess a unique ability to alter the fundamental mechanisms of diseases.
Ongoing regenerative therapy trials offer promising solutions for specific
chronic indications with unmet medical needs. Remarkable progress in molecular
medicines has led to the development of gene-based therapy, utilizing targeted
DNA delivery to combat various disorders. Gene therapy shows great potential in
treating cancer and type 1 & 2 diabetes by restoring gene function.
Currently, gene-based therapies are employed in the treatment of cancer,
oncology, infectious diseases, cardiovascular disorders, monogenic diseases,
genetic disorders, ophthalmological indications, and central nervous system
diseases. These factors have significantly contributed to the expansion of the
regenerative medicine market.,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“Regenerative Medicine
Market- Global Industry Size, Share, Trends, Opportunity, and Forecast,
2018-2028 Segmented By Therapy (Stem Cell Therapy, Gene Therapy, Tissue
Engineering, And Small Molecule & Biologic), By Material (Synthetic
Material, Biologically Derived Material, Genetically Engineered Material, And
Pharmaceuticals), By Application (Cardiovascular, Oncology, Musculoskeletal,
Wound Healing, Ophthalmology, And Others), By End User (Hospitals, Specialty
Centers, Academic & Research Institutes), By Region and Competition”, has evaluated the future
growth potential of Global Regenerative Medicine Market and provides statistics
& information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Regenerative Medicine Market.
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