Global regenerative medicines market expected to generate revenue of around USD 26.30 billion by the end of 2024, growing at a CAGR of around 18.59% between 2017 and 2024. Regenerative medicines include the process of regenerating human cells, organs, and tissues to restore its normal function.
Sarasota, FL -- (SBWIRE) -- 02/01/2019 -- With the presence of a large pool of participants, the global regenerative medicines market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Celgene Corporation, NuVasive Inc., Vericel Corporation (Genzyme), StemCells, Inc., Japan Tissue Engineering Co., Ltd, Anika Therapeutics Inc., Baxter International Inc., DePuy Synthes Inc., Medtronic Inc., and Arthrex Incorporation are some of the key vendors of regenerative medicines across the world. These players across regenerative medicines market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the regenerative medicines market study.
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Citing an instance, in September 2018, NEGTEC – the creator of Sakura Bloom cryptocurrency venture, declared launching of crowdfunding portal as well as donation-based crowdfunding service for encouraging the introduction of novel regenerative medicine and medical device to clinics & hospitals.
In another move that can contribute significantly towards regenerative medicines market earnings, in September 2018, IME Medical Electrospinning – a medical tech firm- set up a new plant for regenerative medicine in Holland.
As estimated in this report, the global regenerative medicines market stood at US$ 7.97 billion in 2017. Witnessing a tremendous rise during the period from 2017 to 2024, the revenue in this regenerative medicines market is expected to reach US$ 26.30 billion by the end of the forecast period.
Ability To Regenerate Damaged Tissues & Body Organs To Spur Market Growth
"Growing ability to regenerate damaged tissues and whole organ through replacement of damaged tissues and organs is likely to impel the growth of regenerative medicines market in the years ahead," says the author of this regenerative medicines market study. Apart from this, regenerative medicines are used to prompt the repair mechanism of the human body to heal its tissues or organ parts. In addition, massive use of the product in growing tissues and organs in labs for implantation in the human body unable to heal itself is likely to boost regenerative medicines market trends in the near future.
Presence Of Major Product Manufacturers To Aid Regional Dominance
Regionally, North America has been leading the worldwide regenerative medicines market and is anticipated to continue on the dominant position in the years to come, states the regenerative medicines market study. Increase in the amount of organ transplants and massive research activities witnessed across application landscape such as oncology, orthopedic musculoskeletal spine, and cardiovascular diseases are the key factors behind the dominance of the North America regenerative medicines market. The presence of key market players in North America is another significant factor that is supporting the progression of this regional regenerative medicines market. In addition, rise in the investment for research programs pertaining to developing of new regenerative medicines by various manufacturers along with constant technological innovations are likely to result in vast business growth.
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The global regenerative medicines market is segmented as follows:
Biologically Derived Materials
Genetically Engineered Materials
Orthopedic and Musculoskeletal Spine
Central Nervous System
The Middle East and Africa