According to a new report published by Allied Market Research, titled, “Regenerative Medicine Market by Type, Material, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the regenerative medicine market size was valued at $10,107.32 million in 2020, and is estimated to reach $83,196.72 million by 2030, growing at a CAGR of 23.4% from 2021 to 2030.
Regenerative medicine is a process of replacing human cells, tissues or organs to restore or establish normal function. It is field that brings together experts in biology, chemistry, genetics and medicine. This is a promising field which working to restore structure and function of damaged tissues and organs. It includes cell therapy involves the use of cellular materials such as stem cells, autologous cells, xenogeneic cells, and others, for the therapeutic treatment of patients. Cell therapy is used to replace damaged cells, deliver therapies to target tissues/organs, stimulate self-healing, and various other applications in regenerative medicine.
The major factors boosting the regenerative medicine market growth include technological advancements in tissue and organ regeneration, increase in prevalence of chronic diseases and trauma emergencies, prominent potential of nanotechnology, and emergence of stem cell technology. In addition, increase in incidence of degenerative diseases and shortage of organs for transplantation are expected to boost the growth of the market. The prominent potential of regenerative medicine to replace, repair, and regenerate damaged tissues and organs has fueled the market growth. In addition, technological advancements in regenerative medicine production and advancement in the stem cell therapy procedures propel the growth of the market. Rise in prevalence of musculoskeletal diseases and increase in dermatological treatments propel the growth of the market. Moreover, utilization of nanomaterial’s in wound care, drug delivery, and immunomodulation has opened growth avenues for the regenerative medicine market.
However, stringent regulations, operational inefficiency, and high cost of regenerative medicine treatment are key factors that hinder the market growth. Furthermore, advancements in stem cell technology and increase in R&D activities in the emerging economies are expected to fuel the market growth during the forecast period. Developed nations have adopted technological advancements in tissue engineering and regenerative medicine sectors, which help in the expansion of the global market.
Moreover, rise in development of pharmaceutical and medical device industries and improvement in healthcare spending are anticipated to drive the growth of the regenerative medicine market. In addition, increase in demand for regenerative medicine led to development of innovative technologies in the healthcare sector, thereby propelling growth of the market.
Moreover, initiatives taken by governments for development of advanced stem cell therapies and development of the healthcare sector for manufacturing of regenerative medicine are the key factors that boost growth of the market. Furthermore, surge in geriatric population, who are more vulnerable to chronic disease, propels the market growth.
The regenerative medicine market is segmented on the basis of type, material, application, end user, and region. On the basis of type, the market is divided into cell therapy, gene therapy, tissue engineering, and small molecule & biologic. The XXX segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to increase in prevalence of cancer cases and advancements in R&D activities in pharmaceutical & medical device industries.
By material, the market is fragmented into synthetic material, biologically derived material, genetically engineered material, and pharmaceuticals.
By application, the market is classified into cardiovascular, oncology, dermatology, musculoskeletal, wound healing, ophthalmology, neurology, and others. The xxx segment acquired top position in the market in 2020, and this trend is expected to continue during the forecast period, owing to large number of regenerative medicine products offered by key players and increase in demand for cell therapies for treatment of various disorders.
By end user, the market is classified into hospitals & clinics, ambulatory surgical centers, and others. The XXX segment led the market in 2020, and this trend is expected to continue during the forecast period, owing to advancements in technology in the healthcare sector.
North America accounted for a majority of the global regenerative medicine market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to high capital investment, high disposable income of patients, numerous clinical studies, and favorable government policies for the commercialization of tissue engineering and regenerative medicine products, increase in number of approvals for regenerative medicine products, presence of key players, and development in technology for healthcare in the region. Asia-Pacific is anticipated to witness lucrative growth, due to the improving healthcare infrastructure and healthcare expenditures in the emerging markets, such as India and China, to overcome the unmet medical needs in these countries.
Key Findings Of The Study
- By type, the XXX segment was the highest contributor to the market in 2020.
- On the basis of application type, the XXX segment dominated the regenerative medicine market in 2020, and is expected to continue this trend during the forecast period.
- Depending on end user, the XXX segment was the highest contributor to the market in 2020.
- Region wise, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.