Regenerative Medicine Market is anticipated to grow at a CAGR of 23.2%from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Regenerative Medicine Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global regenerative medicine market was estimated to be over US$ 13 billion in 2019. It is anticipated to grow at a CAGR of 23.2%from 2019 to 2030.
The significant growth of the market can be attributed to increasing prevalence of chronic as well as genetic disorders followed by increasing demand of medicines and therapies that can help cure and prevent these disorders. Moreover, increasing private and government investments for research & development of regenerative medicines are anticipated to boost the regenerative medicine market over the forecast period. To obtain better insights regarding the market scenario, prominent players are increasingly focusing on mergers, acquisitions or collaborations with smaller regenerative medicine companies. For instance, in Jan 2020, Amgen announced a strategic collaboration with BeiGene a biopharmaceutical company focused on developing molecularly targeted and immuno-oncology drugs for the treatment of cancer. This strategic collaboration will enable Amgen to expand its oncology presence in China.
In recent years, prevalence and incidences of chronic infectious diseases as well as genetic disorders is increasing. For instance, according to American Cancer Society, in 2019, there were around 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the United States. Such high incidence rates are thus increasing the demand of medicines that can help to prevent or cure such diseases. Such factors are expected to play a pivotal role in fueling the growth of the market during the forecast period.
Moreover, increasing research on embryonic stem cell and gene therapy by various institutes and prominent players is anticipated to further drive the market growth. For instance, a study was carried out by Moa Fransson, Johan Brännström and team in Sweden on ‘Mesenchymal stromal cells that support endothelial cell interactions in an intramuscular islet transplantation model’. Such research studies have been carried out for the development of regenerative medicines globally, in various research institutes, which are anticipated to propel the market growth during the forecast period. Furthermore growing demand of organ transplant along with increasing number of clinical trials and approval of regenerative medicine products are anticipated to drive the regenerative medicine market.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Regenerative Medicine Market by Type (Cell-Based Immunotherapy & Cell Therapy Products, Tissue-Engineering Products and Gene Therapy Products), Application (Musculoskeletal Disorders, Oncology, Ocular Disorders, Wound Care and Diabetes) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/regenerative-medicine-market/254
However, high cost, stringent government regulations for the approval process of regenerative medicine coupled with regulations for approval of product, varying from region to region are some of the factors that might affect the growth of the market adversely. Moreover, ethical concerns associated with the use of embryonic stem cell for R&D of medicines, used in toxicity testing of drugs, are further expected to impede the market growth.
North America is anticipated to hold largest market share in 2019. This largest share can be attributed to factors such as increasing prevalence of chronic and genetic diseases along with rising private-public investments for the R&D of regenerative medicine in this region. Moreover, the presence of prominent players, with strong product pipeline is expected to drive the growth of the regenerative medicine market.
Some of the prominent players in the global regenerative medicine market include Novartis AG, Integra LifeSciences Corporation, Vericel Corporation, MiMedx, Stryker, Spark Therapeutics, Inc., Osiris Therapeutics, Inc., Kite Pharma, Organogenesis Inc. and MEDIPOST among others.
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