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(Health-NewsWire.Net, June 18, 2020 ) The Regenerative Medicine Market is projected to reach USD 38.7 billion by 2024, at a CAGR of 23.8% during the forecast period.
Market Dynamics:
Driver: Rising Prevalence of Chronic Diseases and Genetic Disorders;
Over the last few decades, the incidence and prevalence of chronic diseases such as CVD, cancer, and diabetes and genetic disorders such as cystic fibrosis have increased significantly across the globe. Currently, CVD is the leading cause of death, globally. According to the WHO, around 17.9 million people die each year from CVD, accounting for around 31% of total deaths worldwide. Owing to the growing adoption of sedentary lifestyles, changing dietary habits, and the presence of many people with major risk factors for CVD (such as hypertension and obesity), the incidence CVD to increase significantly in the coming years.
Similarly, the incidence and prevalence of cancer and diabetes have increased significantly across the globe over the last few decades, and this trend is expected to continue in the coming years. According to the International Diabetes Federation (IDF), about 415 million people were suffering from diabetes globally in 2015, and this number is expected to reach 642 million by 2040. In 2018, cancer was the second-leading cause of death globally and was responsible for an estimated 9.6 million deaths (Source: WHO).
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Regenerative medicine is the discipline of medicine that focuses on the regeneration or replacement of organs, tissues, and human cells to re-established normal functionality. Regenerative medicine aims to renew or replace cells in human tissues and organs that have been damaged and are unable to function due to injury or illness.
Market Segmentation in Depth:
Based on type, the regenerative medicine market is segmented into cell-based immunotherapy & cell therapy products, gene therapy products, and tissue-engineered products. The cell-based immunotherapy & cell therapy products segment accounted for the largest market share in 2018. This can be attributed to the rising adoption of cell-based immunotherapies for the treatment of cancer.
Based on application, the regenerative medicine market is segmented into musculoskeletal disorders, wound care, oncology, ocular disorders, diabetes, and other applications. The oncology segment is expected to witness the highest growth in the forecast period. The increasing prevalence of cancer across the globe and growing investments by government and non-government bodies in cancer research are contributing to the growth of the oncology segment.
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Geographical Analysis in Depth:
Based on the region, the regenerative medicine market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America accounted for the largest market share in 2018 and is also projected to witness the highest growth in the forecast period. The increase in this market can be attributed to the rise in stem cell banking, tissue engineering, and drug discovery and the high adoption of stem cell therapy and cell immunotherapies for the treatment of cancer and other chronic diseases.
The major market players are Kite Pharma (US), Novartis (Switzerland), Vericel Corporation (US), Integra LifeSciences (US), Wright Medical (US), MiMedx (US), Osiris Therapeutics (US), Stryker Corporation (US), and Spark Therapeutics (US).
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