Regenerative Medicine Market Growth - CAGR of 9.3% During Forecast Period 2020-2027
Rapidly growing geriatric population worldwide and rising prevalence of cancer, orthopedic, neurodegenerative, and other age-related illnesses are among the key factors driving the global Regenerative Medicine market revenue growth.
Emergen Research has published its latest report titled “Regenerative Medicine Market, By Product (Tissue-engineered Products, Cell Therapies, Autologous Therapies, Allogenic Therapies, Gene Therapies, Progenitor & Stem Cell Therapies), By Application (Immunology & Inflammation, Oncology, Cardiology, Ophthalmology, Dermatology, Musculoskeletal Disorders, Wound Care, Diabetes, Others), and By Region Forecast to 2028”
According to Emergen Research, the global regenerative medicine market size was USD 3.33 billion in 2020 and is expected to reach USD 7.09 billion in 2028 and register a revenue CAGR of 9.3% during the forecast period, 2021-2028.
Steady revenue growth of the global regenerative medicine market is attributed to factors such as rapidly growing global geriatric population, rising prevalence of chronic and acute diseases, increasing prevalence of various cancer types and genetic disorders, and rise in research & development activities in the field of regenerative medicine. Market revenue growth is further supported by factors such as increasing government and private investments in pharmaceutical and biotechnological R&D projects, growing new product pipelines, and increasing applications of tissue engineering, gene therapies, and stem cell therapies in various medical specialties including immunology, oncology, cardiology, diabetes, ophthalmology, musculoskeletal disorders, and dermatology.
Regenerative medicine is particularly a field of medical science that deals with regrowth, repair, or replacement of damaged organs, cells, or tissue. Regenerative medicine offers several advantages over conventional treatment methods, such as faster healing and recovery, reduced pain and inflammation, healthier tissue and bones, and lesser chances of scar tissue formation. Rapid spread of infectious diseases such as the novel coronavirus disease, increasing occurrences of severe accidents and traumatic injuries, and rising volumes of organ transplantation procedures are other major factors expected to boost the global regenerative medicine market revenue growth.
COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Tissue-engineered Products Segment Accounted for Largest Revenue Share in 2020:
The tissue-engineered products segment dominated other segments in terms of revenue share in the global market in 2020. Growing significance of regenerative medicine in treatment of cancer, immunological, cardiac, dermatological, and musculoskeletal disorders, increasing R&D activities in the field of tissue engineering, and rapid adoption of tissue-engineered products to treat chronic wounds are key factors driving revenue growth of this segment.
Musculoskeletal Disorders Segment to Account for Fastest Revenue CAGR:
Among application segments, the musculoskeletal disorders segment is expected to register the fastest revenue growth rate in the global regenerative medicine market over the forecast period. Rise in geriatric population, growing prevalence of orthopedic or musculoskeletal diseases, increasing stem cell research & development projects, and growing stem cell product pipeline for treatment of musculoskeletal disorders are key factors contributing to revenue growth of this segment.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America regenerative medicine market accounted for the revenue share in the global market in 2020. Growing geriatric population, rising prevalence of chronic diseases, increasing prevalence of cancer, infectious diseases, and genetic disorders, and increasing public and private investments in stem tissue engineering, drug discovery & development, and cell banking are among the major factors driving revenue growth of this regional market.
Major Companies in the Global Regenerative Medicine Market Include:
- The 3M Company
- Allergan plc
- Amgen, Inc.
- Aspect Biosystems
- Bluebird Bio
- Kite Pharma
- Integra LifeSciences Holdings Corporation
- MEDIPOST Co., Ltd.
- Medtronic plc
- Anterogen Co., Ltd.
- MiMedx Group
- Novartis AG
- Organogenesis Inc.
- Orthocell Limited
- Corestem, Inc.
- Spark Therapeutics
- APAC Biotech
- Shenzhen Sibiono GeneTech Co., Ltd.
- Smith & Nephew plc
- Stryker Corporation
- Takeda Pharmaceutical Company Limited
- Tego Science
- Vericel Corporation
- Zimmer Biomet
For the purpose of this report, Emergen Research has segmented the global regenerative medicine market based on product, application, and region:
Product Outlook (Revenue, USD Billion; 2018-2028)
- Tissue-engineered Products
- Cell Therapies
- Autologous Therapies
- Allogenic Therapies
- Gene Therapies
- Progenitor & Stem Cell Therapies
Application Outlook (Revenue, USD Billion; 2018-2028)
- Immunology & Inflammation
- Musculoskeletal disorders
- Wound Care
Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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