DUBAI, UAE, May 15, 2023 /PRNewswire/ — According to the latest research report published by Extrapolate, the global Regenerative Medicine Market is poised to experience substantial growth and accrue a market size of USD 127.86 billion by 2032, recording a CAGR of 17% between 2023 and 2032. This is a significant increase from the base market size of USD 31.05 Billion in 2022, owing to the increasing utilization of stem cell technology.
Several advances in biological therapies have shifted the preference from traditional treatment methods toward personalized medicinal strategies. This has created significant opportunities for regenerative medicine industry participants involved in developing biological therapeutics.
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Trending Now: PHC Group Presence in Regenerative Medicine Expands, Epredia and Aiforia Join RegenMed Hub Innovation Accelerator
PHC Group, a global healthcare company and leader in diagnostics and life sciences will join the Regenerate OR Innovation Accelerator to expand its presence in regenerative medicine. The RegenMed Development Organization (ReMDO) and the Wake Forest Institute for Regenerative Medicine (WFIRM), two organizations in the Innovation Quarter that are accelerating the discovery and translation of regenerative medicine therapies, announced on January 18th, 2023, at a special event.
The companies work together to provide slide imaging and AI-based solutions that enable researchers to explore and extract information beyond the scope of human visual perception. Diagnostic microscopic imaging and artificial intelligence (AI) have created a link between drug discovery, translational, and clinical research programs aiming to better understand disease states.
Growing Approval of GMP Certification to Augment Growth Prospects for Cell Therapies
The cell therapies segment accounted for the most significant global market share and is anticipated to continue its dominance during the forecast period. The increasing GMP certification approvals for cell therapy production facilities are the major factor driving the growth of the regenerative medicine market segment.
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Musculoskeletal Segment to Experience Significant Growth Due to Increasing Frequency of Genetic Disorders
The musculoskeletal segment was the leading contributor in 2022 and is predicted to continue its dominance during the projection period, owing to an increase in the frequency of genetic disorders. Furthermore, the growing knowledge of musculoskeletal regeneration, along with the prevalence of orthopedic disorders, has contributed to the growth of the segment. Furthermore, research and development of regenerative and advanced cell therapies for musculoskeletal diseases have received significant funding in recent years, increasing growth opportunities.
Surging Stem Cell Technology Adoption Globally to Fuel Market Growth
The emergence of stem cell technologies has given rise to a new market platform for tissue engineering and regenerative medicine. Unexplored areas of stem cell technologies, such as umbilical cord blood stem cells, offer lucrative opportunities to the tissue engineering and regeneration industry. Every organ regeneration and tissue engineering procedure demands the use of proliferative and differentiated cells. In addition, cord blood stem cells are undetermined cells derived from allogenic stem cells and autologous stem cells.
Moreover, stem cell research has received significant attention and has been extensively researched in the field of medicine. ExCellThera Inc. and Ossium Health recently announced a collaboration to evaluate and advance opportunities to use adult stem cells from deceased donors from Ossium Health’s world-first bone marrow bank in conjunction with ExCellThera’s ECT-001 cell expansion and rejuvenation technology in April 2021. Such developments are expected to boost the regenerative medicine market growth.
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North America to Aid Market Growth Due to Supportive Private and Government Funding
North America dominated the regenerative medicine market share in 2022 and is projected to continue its dominance in the near future. The availability of government and private funding and the presence of advanced technology frameworks to support development is attributed to the high market growth. In the United States, there is an increasing prevalence of diseases such as cancer and diabetes that can now be cured by various stem cell therapies. According to the Heart Disease & Stroke Statistical Fact Sheet 2020, congenital heart defects are expected to affect at least 40,000 infants in the United States each year.
Asia Pacific to Grow at the Fastest Rate Amid Accelerated Healthcare Industry Development
Asia Pacific is expected to grow at the fastest rate in the upcoming years due to the rapid adoption of cell-based approaches in healthcare and the region’s growing geriatric population. Government initiatives to advance technology and increase disposable income are creating growth opportunities in the region. According to a BioSpectrum article published in November 2021, 8.5 million people in Asia suffer from chronic diseases such as diabetes, cancer, and respiratory conditions. The rising prevalence of diseases presents a potential opportunity for regenerative medicine market growth throughout the region.
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Competitive Landscape
The global market for regenerative medicine is fiercely competitive. Small and large businesses are focusing on collaboration to create tissue models for research and therapeutic purposes. As a result, companies are investing heavily in novel technologies, ultimately driving the market’s growth.
Prominent players in the market include:
- 3M
- Amgen Inc.
- AstraZeneca
- Boehringer Ingelheim International GmbH
- Eli Lilly and Company
- Hoffmann-La Roche Ltd
- Integra LifeSciences
- Merck KGaA
- Meso Numismatics, Inc.
- Novartis AG
- Pfizer Inc.
- Verita Neuro Pte Ltd
Key Points from TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact on Global Regenerative Medicine Market
Chapter 5. Global Regenerative Medicine Market Overview, By Product Type, 2018 – 2032 (USD Million)
Chapter 6. Global Regenerative Medicine Market Overview, By Material, 2018 – 2032 (USD Million)
Chapter 7. Global Regenerative Medicine Market Overview, By Application, 2018 – 2032 (USD Million)
Chapter 8. Global Regenerative Medicine Market Overview, By End User, 2018 – 2032 (USD Million)
Chapter 9. Global Regenerative Medicine Market Overview, By Geography, 2018 – 2032 (USD Million)
Chapter 10. North America Regenerative Medicine Market Overview, By Countries, 2018 – 2032 (USD Million)
Continued…….
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