In 2022, Novartis announces collaboration with Alnylam to explore targeted therapy to restore liver function.
Northbrook, IL 60062 -- (SBWIRE) -- 05/10/2023 -- The Global Regenerative Medicine Market in terms of revenue was estimated to be worth $12.2 Billion in 2022 and is poised to grow at a CAGR of 27.2% from 2022 to 2027.
Market growth is driven by the availability of funding and rising investments in R&D, increasing clinical trials for stem cell and CAR-T cell therapies, and rising advancements in tissue-engineered products. However, the high treatment cost of RM therapies and issues associated with commercialization and regulatory compliance factors are expected to restrain the market growth during the forecast period.
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Regenerative Medicine Industry Dynamics
Drivers: Availability of funding and rising investments in R&D
The rising need for improved therapies for cancer, diabetes, skin diseases, musculoskeletal diseases, chronic wounds, burns, and CVD has resulted in increased research activities. Additionally, this has caused a surge in the availability of funding for regenerative medicine research. The new cell therapies, gene therapy, and tissue-engineered products are expensive in manufacturing & development; therefore, there is a rising need for funding. According to the Alliance for Regenerative Medicine (ARM), in 2021, investments reached USD 22,700 million, with key investors like Amgen, Sanofi, and Gilead Sciences, easily surpassing USD 19,900 million in 2020.
Restraints: Shortage of skilled professionals
As regenerative medicine progresses, the skills required are also expected to evolve. Regenerative medicine biomanufacturing is experiencing rapid growth, leading to a gap between the skill sets required by laborers in the workplace and an inability to hire for those skills in the market. Despite robust funding in the cell and gene therapies (CGT) market space, manufacturing there therapies has become challenging due to the shortage of skilled personnel. A limited workforce and restricted knowledge associated with manufacturing novel and emerging therapies contribute to the slow commercialization of CGTs.
Cell therapy products segment accounted for the largest share of the regenerative medicine market, by product"
Based on products, the global market is segmented into cell therapies, gene therapies, and tissue engineering products. The cell therapies products segment accounted for the largest share in the global market. The increasing GMP certification approvals for cell therapy production facilities is the major factor driving the growth of this segment.
Musculoskeletal disorders segment accounted for largest share in the regenerative medicine industry, by application
Based on applications, the global market is segmented into musculoskeletal disorders, oncology, dermatology & wound care, ophthalmology, cardiovascular diseases, and other applications. The musculoskeletal disorders segment accounted for the largest market share. This can be attributed to the rising research on musculosketal regeneration and prevalence of orthopedic disorders.
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North America is the largest regional market for the global cell therapy regenerative medicine industry
The global market is segmented into four major regions, namely, North America, Europe, Asia Pacific, Latin America and the Middle East and Africa. In 2022, North America accounted for the largest share in the global market. The growth in the North American 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.
Prominent players in the global market include Novartis AG (Switzerland), Biogen (US), Sarepta Therapeutics, Inc. (US), Gilead Sciences, Inc. (US), Amgen, Inc. (US), Smith & Nephew plc (UK), MEDIPOST Co., Ltd. (South Korea), JCR Pharmaceuticals Co., Ltd (Japan), Takeda Pharmaceutical Company (Japan), CORESTEM Inc (South Korea), Vericel Corporation (US), MiMedx (US), Organogenesis Inc. (US), Medtronic plc (US), Orthocell Ltd. (Australia), Mesoblast Ltd (Australia), BioRestorative Therapies, Inc (US), Pluri Inc. (Israel), Tegoscience (South Korea), Anterogen Co., Ltd. (South Korea), bluebird bio, Inc. (US), APAC Biotech (India), Shenzhen SiBiono Genetech Co., Ltd. (China), Aspect Biosystems (Canada), and Athersys, Inc. (US).
- In 2022, Novartis announces collaboration with Alnylam to explore targeted therapy to restore liver function.
- In 2020, AbbVie acquired Allergan to enhance its product portfolio in immunology, hematologic oncology, neuroscience, and Allergan aesthetics.
- In 2022, MiMedx announced the launch of Axiofill, an Extracellular Matrix (ECM) Particulate product derived from human placental tissue. Axiofill is a human placental-derived particulate product available for surgical recovery procedures.
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