Regenerative Medicine Market size is set to surpass USD 125 billion by 2027, according to a new research report by Global Market Insights Inc.
The market growth is attributed to the growing prevalence of chronic diseases such as cancer, skin disorders and several infectious conditions. For instance, according to the World Health Organization, globally, about 9.6 million people died due to cancer in 2018. Significant portion of approved regenerative medicines indicated for cancer treatment therapy will offer industry expansion opportunities with increasing prevalence. Thus, higher product adoption to reduce disease-associated mortality rate will excel the product demand during the forecast period. Additionally, numerous clinical applications of stem cell therapy and tissue engineered products in treatment of chronic ailments such as diabetes and arthritis for better patient outcomes will result in unprecedented product demand.
Prominent industry leaders are continuously focusing on product innovation with integration of advanced technologies. Such developments are aimed towards offering simplified and convenient treatment for various diseases. Several technological advancements in discovery of regenerative therapies, such as acceptance of artificial intelligence (AI) in development and manufacturing and 3D bioprinting to fabricate functional tissue will stimulate the industry growth potential.
The regenerative medicine market was resilient to incidence of COVID-19 pandemic. The companies operating in the industry have experienced significant growth in product revenues. New product development and launches indicated for different disease areas will continue to drive the industry value.
Development of potential stem cell therapies for treatment of severe diseases will propel the market revenue
Cell therapy segment in the regenerative medicine market is expected to witness 19% growth rate through 2027 led by the continuous advancements in stem cell therapies to expand applications in newer disease areas. Development of potential therapies for ophthalmic diseases and neurovegetative disorders will offer significant growth opportunities to the segment. Moreover, ability of stem cell to cure heart failure and several ongoing studies to develop such therapies will lead to lucrative the segment growth in the coming years.
Browse key industry insights spread across 120 pages with 143 market data tables & 11 figures & charts from the report, “Regenerative Medicine Market Size By Type (Cell Therapy, Tissue Engineering, Gene Therapy), By Application (Oncology, Dermatology, Musculoskeletal, Neurology, Cardiovascular, Wound Healing, Ophthalmology), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Increasing product availability for treatment of musculoskeletal disorders with rising number of patients will fuel the market value
Musculoskeletal segment was valued at USD 11 billion in 2020. Rising prevalence of musculoskeletal diseases such as osteoarthritis, rheumatoid arthritis and several orthopedic disorders are contributing to the product demand. According to the World Health Organization, approximately 1.71 billion people were suffering from musculoskeletal disorders including 343 million with osteoarthritis and 14 million with rheumatoid arthritis. Further, rising geriatric population susceptible to age-related musculoskeletal conditions will continue to foster the segment expansion during the forecast timeframe.
Growing product accessibility with continuous R&D will create the growth opportunities for North America region
North America regenerative medicine market is poised to expand at more than 18.5% CAGR through 2027 owing to the increasing usage of innovative treatment therapies along with growing prevalence of chronic diseases. Furthermore, rising treatment accessibility with developed infrastructure and higher spending capacity will impel the product demand in the region. In addition, continuous developmental activities by organizations resulting in new product launches in the region will further improve the accessibility, thus benefiting the industry progression.
New product launches by prominent players will enable them to capture notable market position
Some of the companies operating in the market include Novartis, GlaxoSmithKline, Smith and Nephew. These industry participants are involved into different strategic initiatives such as mergers and acquisitions, and new product launches to gain a competitive edge.