North America is the largest regional market for regenerative medicine market.
Northbrook, IL -- (SBWIRE) -- 09/14/2021 -- The Key Growth Elements in Detailed?
The Growth in Regenerative Medicine Market is largely driven by the rising prevalence of chronic diseases, genetic disorders, and cancer; rising investments in regenerative medicine research; and the growing pipeline of regenerative medicine products.
Over the last few decades, the incidence and prevalence of chronic diseases such as CVD, cancer, diabetes, ulcers, and genetic disorders such as cystic fibrosis have increased significantly across the globe. Diabetes and obesity can result in the increased incidence and complexity of wounds such as infections, ulcerations (leg or foot ulcers), and surgical wounds, which require treatments and incur exorbitant medical expenses.
Worldwide Growth Opportunities in Terms of Revenue:
The Global Regenerative Medicine Market is expected to reach USD 17.9 billion by 2025 from USD 8.5 billion in 2020, at a CAGR of 15.9%.
Opportunity: Implementation of the 21st Century Cures Act;
The 21st Century Cures Act was signed into law in the US in December 2016. Among other objectives, this new law has been enacted to advance regenerative medicine research and medical innovation and covers various provisions that may impact the development and approval of several products in the coming years.
Tissue-engineered products segment accounted for the largest share of the regenerative medicine market.
Based on products, segmented into tissue-engineered products, cell therapies, gene therapies, and progenitor and stem cell therapies. The tissue-engineered products segment accounted for the largest share in the regenerative medicine market in 2019. The increasing adoption of tissue-engineered products for the treatment of chronic wounds and musculoskeletal disorders and the rising funding for the R&D of regenerative medicine products and therapies are the major factors driving the growth of this segment.
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Regional Growth, Development and Demand Analysis:
The regenerative medicine market is segmented into four major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2019, North America accounted for the largest share in the market. The growth in the North American regenerative medicines market can be attributed to rising stem cell banking, tissue engineering, and drug discovery in the region; expansion of the healthcare sector; and the high adoption of stem cell therapy and cell immunotherapies for the treatment of cancer and chronic diseases.
Major Key Players Mentioned in the research report are:
The major players operating in Regenerative Medicine Market are 3M (US), Allergan plc (Ireland), Amgen, Inc. (US), Aspect Biosystems (Canada), bluebird bio (US), Kite Pharma (US), Integra LifeSciences Holdings Corporation (US), MEDIPOST Co., Ltd. (South Korea), Medtronic plc (Ireland), Anterogen Co., Ltd. (South Korea), MiMedx Group (US), Misonix (US), Novartis AG (Switzerland), Organogenesis Inc. (US), Orthocell Limited (Australia), Corestem, Inc. (South Korea), Spark Therapeutics (US)
Novartis AG (Switzerland) is one of the the largest player in the regeneartive medicine market in 2019. In order to maintain its position in the market, the company has been focusing on the innovations, and breakthrough product approvals for the treatment of cancer. For instance, in August 2017, Novartis received the FDA approval for CAR-T cell therapy, Kymriah (CTL019), which is used for the treatment of cancer. Kymriah got the EU approval in August 2018. Novartis also focused on the inorganic strategies in order to enhance their dominance in the regenerative medicine market. For instance, Novartis received EU approval for one-time gene therapy, Luxturna, developed by Spark Therapeutics, to restore vision in people with rare and genetically-associated retinal disease.
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Recent Developments in Regenerative Medicine Market;
– In February 2020, Integra Lifesciences (US) launched AmnioExcel Plus Placental allograft membrane.
– In November 2019, Stryker Corporation (US) acquired Wright Medical (US) to strengthen its product portfolio.
– In March 2019, Smith & Nephew (UK) acquired Osiris Therapeutics (US) to strengthen its product portfolio.