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(Health-NewsWire.Net, September 03, 2020 ) According MarketsandMarkets Research - The Regenerative Medicine Market is estimated to be valued at USD 13.3 billion in 2019. This market is projected to reach USD 38.7 billion by 2024, at a CAGR of 23.8% during the forecast period.
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. It can be attained by encouraging the body’s own cells to heal, or by treating a patient with laboratory-grown cells and tissues.
It holds potential to treat previously incurable chronic diseases and conditions, including Alzheimer’s disease, Parkinson’s disease, diabetes, heart disease, renal failure, osteoporosis, and spinal cord injuries, among others. Also, using regenerative medicine, entire organs can potentially be generated for transplantation.
Market Growth Opportunities:
- Implementation of the 21st Century Cures Act
- Rising Demand for Organ Transplantation
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Cell-based immunotherapy & cell therapy products segment dominated the regenerative medicine market
Based on type, classified 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 2019 owing to increasing demand for cell-based immunotherapies, establishment of cures act by FDA to streamline the regenerative medicine approval are the major factors driving the growth of this market segment.
Regenerative Medicine 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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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 Regenerative Medicine 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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Mr. Aashish Mehra
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raviraj.tak@marketsandmarkets.com
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