iCrowdNewswire Mar 2, 2021 9:30 AM ET
According to the latest report by IMARC Group, titled “Regenerative Medicine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global regenerative medicine market grew at a CAGR of around 16% during 2014-2019. Regenerative medicines refer to an interdisciplinary field that plays a vital role in tissue and organ transplants. It uses stem cells developed in laboratories to potentially replace damaged cells or stimulate the body’s repair mechanism in an attempt to regenerate human cells, tissues or organs to restore normal function of the damaged parts. Apart from being applied for restoring the structure and function of diseased and injured tissues and organs, they can also be utilized by scientists for applications in cell therapy, gene therapy and tissue engineering. As a result, it is widely being used across the oncology, cardiology, dermatology and ophthalmology segments of the healthcare sector.
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Global Regenerative Medicine Market Trends:
The market is primarily driven by the increasing prevalence of chronic medical ailments and genetic disorders across the globe. Stem cells are widely being used for treating various conditions, including arthritis and Parkinson’s disease, as they offer the possibility of regenerating the diseased cells and organs. This has provided a boost to the applications of regenerative medicines, thereby providing a thrust to the market growth. Moreover, there has been a significant increase in the geriatric population on the global level. The elderly are more prone to developing numerous health conditions, such as oncological, dermatological and cardiological disorders, while having higher chances of requiring organ transplantation. Regenerative medicines find extensive applications in organ transplantation as their usage is expected to minimize the risk of organ rejection by the body after the transplant while considerably improving the recovery speed of the patient. The market is further driven by technological advancements in regenerative medicines, which have led to the advent of 3D bioprinting and stem cell treatments for vision loss and heart repair. This is being supported by the increasing investments in research and development (R&D) by various private and government organizations. The advancements in biologics, stem cell-based therapies and tissue engineering are further expected to drive the market growth. Some of the other factors creating a positive outlook for the market include the increasing number of clinical trials and significant developments in the healthcare infrastructure. On account of the aforementioned factors, the market is anticipated to witness strong growth during 2020-2025.
- On the basis of the type, the market has been divided into stem cell therapy, biomaterial, tissue engineering and others.
- Based on the application, the market has been classified into bone graft substitutes, osteoarticular diseases, dermatology, cardiovascular, central nervous system and others.
- On the basis of the end user, the market has been categorized into hospitals, specialty clinics and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players Allergan plc (AbbVie Inc.), Amgen Inc., Baxter International, Inc., BD (Becton, Dickinson and Company), Integra LifeSciences Corporation, Medtronic plc, MiMedx Group, Inc., Novartis AG, Osiris Therapeutics, Inc. (Smith & Nephew plc), and Thermo Fisher Scientific Inc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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