Regenerative Medicine Market Introduction
According to the USD Analytics published latest research report, the global “Regenerative Medicine Market” is expected to grow at a tremendous CAGR of 22.8% during the forecast period 2023-2030.
Regenerative medicine repairs tissue or organs that have been damaged by disease, trauma, or congenital abnormalities, as opposed to the present clinical strategy, which focuses primarily on treating symptoms. The methods used to attain these breakthroughs include tissue engineering, cellular treatment, medical devices, and artificial organs. Regenerative medicine is an exciting field that aims to repair and restore the structure and function of damaged tissues and organs. It also intends to discover cures for permanently injured organs. This strategy seeks to find a way to cure previously incurable injuries and illnesses.
Market Drivers:
The rising acceptance of stem cell technologies, gene treatments, tissue engineering, and technical breakthroughs in regenerative medicine are driving the growth of the global regenerative medicine market. There has been an increase in government programs and clinical studies related to stem cell research, which has aided in expanding the regenerative medicine industry. For example, the Indian Council of Medical Research (ICMR) announced the National Criteria for Stem Cell Research (NGSCR) 2017 in February 2022, created by worldwide criteria. The government has promoted the ethical and scientific conduct of stem cell research through stem cell research standards. The Department of Biotechnology (DBT) has funded initiatives including fundamental stem cell biology, early and late translational research, the development of gene editing technologies for possible therapeutic uses, and the development of animal models for different human illnesses.
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Market Restraints:
However, issues such as the rising expense of stem cell-based research, the dangers associated with stem cell treatment, and the availability of alternatives are projected to limit market revenue growth. According to the Alliance of Regenerative Medicine (ARM) annual report, over 1,000 clinical trials investigating RMs for the treatment of various diseases were underway as of the third quarter of 2019; however, only a small number of trials have received MA, which is expected to limit the regenerative medicine market’s revenue growth to some extent.
Covid-19 Impact Analysis:
The pandemic of COVID-19 is predicted to have a substantial influence on the market. The increasing number of COVID-19 cases around the world is having a profound positive impact on the market, as mesenchymal stem cells are a safe and effective approach to the treatment of COVID-19, according to a 2020 research article titled ‘Mesenchymal Stem Cell Therapy for COVID-19: Present or Future’ published in the scientific journal Aging and Disease. At the beginning of 2020, more than ten studies on stem cell use in patients with coronavirus pneumonia were filed in the official worldwide registry for clinical trials. However, the research is still in its early stages regarding the market under consideration. As a result of these advancements in stem cell research for COVID-19, the need for regenerative therapies is predicted to rise.
Recent Industry Developments:
- Autolus Therapeutics plc announced in April 2022 that the FDA had granted Regenerative Medicine Advanced Therapy designation to its lead gene therapy obecabatagene autoleucel, a CD19-directed autologous chimeric antigen receptor T therapy being investigated in the ongoing FELIX Phase 2 study of leukemia.
- Bristol Myers Squibb and Century Therapeutics announced a partnership on January 10, 2022, to develop and commercialize four induced pluripotent stem cell (iPSC)-derived, engineered Natural Killer cell (iNK) and/or T cell (IT) initiatives for hematologic malignancies and solid tumors. The initial two projects were acute myeloid leukemia and multiple myeloma, which were integrated into an ink or a gamma delta iT platform. Bristol Myers Squibb had the option of adding two more projects, which were nominated subject to the terms of this agreement.
- The RegeneratOR Test Bed was inaugurated in June 2021, bringing together resources to enhance the science of regenerative medicine in the United States.
Segmentation Analysis:
As per the research an analysis, the global regenerative medicine market is segmented by type of technology into stem cell therapy, biomaterial, tissue engineering, and other types of technologies; and by application into bone graft substitutes, osteoarticular diseases, dermatology, cardiovascular, central nervous system, and other applications.
Stem Cell Therapy Segment is Expected to be the Largest During the Forecast Period
There has been a surge in central nervous system research based on stem cells to treat various neurological diseases. Human blood and bone marrow stem cells have been widely exploited in isolating and generating hematopoietic stem cells (HSCs) used in regenerative medicine. Adult stem cells have received increased attention as a potential pool from which undifferentiated stem cells may be extracted and employed in various applications.
Geographical Analysis:
The global regenerative medicine market is segmented into North America, Europe, South America, Asia Pacific, and Middle East & Africa.
North America Regenerative Medicine Market
North America is expected to have the greatest revenue share due to the presence of major businesses and quick technological breakthroughs, and significant expenditures in stem cell and cancer research. The North American region’s major market is the United States. In the United States, there is a rising frequency of illnesses such as cancer and diabetes that different stem cell treatments may now heal. According to the Heart Disease & Stroke Statistical Fact Sheet 2020, congenital heart abnormalities are predicted to impact at least 40,000 babies in the United States each year. Around 25% of them, or 2.4 (according to 1,000 live births), need therapy throughout the first year of life. Furthermore, according to research released in July 2022 by the National Center for Chronic Disease Prevention and Health Promotion, Division for Heart Disease and Stroke Prevention, the prevalence of atrial fibrillation in the United States is expected to climb to 12.1 million by 2030. As a result, rising popularity and demand are projected to propel the market in the area.
Asia-Pacific Regenerative Medicine Market
The Asia Pacific market is predicted to have the most revenue share during the projected period. This is due to increased demand for stem cell therapeutic items, technological advances, a well-developed healthcare system, and the availability of government and commercial financing for stem cell research. Furthermore, many governments in this region are developing policies to encourage the establishment of advanced research facilities and the construction of new infrastructure, such as a research network, to promote stem-cell-based research and the commercialization of regenerative medicine-based products and therapies, which is driving the growth of this segment.
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Competitive Landscape:
The major companies contributing to the global regenerative medicine market growth include AbbVie Inc., Osiris Therapeutics (Smith & Nephew), Integra Lifesciences, Cook Biotech Incorporated, Organogenesis Inc., and Baxter International.
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